Promo codes are a rising marketing concept that has shown to be extremely successful both new and well-established businesses.
They are vital in attracting new potential customers to your website, and to gain the favor of returning ones. But it’s important to understand that you need to use them in the right way in order for your marketing strategy to work properly.
A previous marketing strategy that is used to attract both new and returning customers is the concept of low pricing your products. This can have a disastrous effect on your overall sales since you will be losing much of your profits. This is where promo codes come in handy and we are going to tell you all about them as a valid marketing strategy.
As we mentioned earlier, lowering the price of your products can backfire on your brand name. This can result in your brand losing value, and instead, it’s better to maintain the right price so that your brand can flourish.
But if you are noticing a lack of sales lately, maybe you should try to rethink your marketing strategy.
Namely, you can use promo codes to attract new customers by offering them a certain percentage of their first buy. You need to market them of course, so we suggest using popular social media platforms for that. Simply share your promo codes and wait for the traffic to increase on your e-commerce store.
What’s more impressive is that you can use promo codes to attract the favor of returning customer. Postmates use promo codes for existing customers to track back to their website. You can do the same and get creative in the process. Some popular types of promo codes can be a $10 discount off a single purchase. The options are endless, and the limit is set by your own imagination.
It’s important to understand that spoiling your customers too much can be bad for your business. While everyone likes to buy something cheaper, your business still needs to grow. There are a few situations where you can use promo codes because playing it smart will only benefit you.
Use Promo Codes When You Need to Empty Your Inventory
The most obvious situation where you use promo codes is when you need to sell your inventory… fast! For this, you can create coupon codes that you will use to target set products that you need to empty from storage. For an example, you can use a coupon that will give a free product for every purchase over $100.
Showing Your Customer Appreciation
Every brand relies on key people to drive them forward. These people are your loyal customers, and you need to show them your appreciation. The best way to do this is to email your loyal customers with coupon codes designed only for them.
Reward New Customers With Discounts
What way to attract new customers than to give them an automatic discount with their first purchase. People can be picky when shopping online, and giving them a 10$ discount towards their purchase can do a lot of good things for your brand. Firstly, it might convince new customers to shop at your e-commerce store; secondly, it will create a user-friendly, first-time experience that they will like to share with other people.