If you’ve spent any time running a store (or shopping at them) you’ll know there’s one universal truth in the world of retail; People love a good deal. And if your business happens to operate in the ecommerce space, offering the right deal, to the right customer, at the right time could be the thing that sets your store apart from the competitors.
When it comes to promo codes it’s critical to realize that, as with many marketing activities, there are right ways and wrong ways to use promo codes. If that little bit of information is news to you, don’t worry we’re here to help!
This week we’ll be looking at 4 promo code strategies that’ll keep both your business and your customers happy.
Use Promo Codes as Lead Magnets to Create Better Leads
A lead magnet is a simple, low cost gift that a business provides in exchange for an email address or other contact information. One of the most common “Free Gifts” an organization provides is an eBook, but these can be both expensive to produce and difficult to keep up to date. In comparison, a coupon code is quick to produce and can easily be adapted for a range of different marketing activities.
To get the most out of this tactic, try to collect as much basic information as possible before providing the code. For example, you might try to grab details about a lead’s personal tastes and past shopping habits, or even ask them to share an important date like their birthday. By asking the right questions, you’ll be setting yourself up for a great email marketing campaign that can speak more directly to a customer’s needs.
Email marketing continues to be one of the best ways to build relationships with your customers, and the more precisely you can tailor those messages the faster you’ll be able to grow your store.
Reward your most Loyal Customers with Promo Codes
Research has shown time and time again that it’s far more cost effective to retain existing customers than it is to find ones but that doesn’t necessarily mean that retaining customers is easy. The truth is you’re going to have to put in some work if you want people to keep coming back.
This is another place where promo codes can become your secret weapon. Loyalty based promo codes are such as great tool because they genuinely make a customer feel special and show your customers that you have recognized their repeat business. Essentially, you’re showing that you value them as a customer.
Use Promo Codes to Kickstart Your Social Promotion
In 2019, just about everyone is aware that social media marketing plays an important role in the success of an online business so here’s an idea: Why not leverage your promo codes to encourage people to talk about your business?
The concept is simple… consider what type of social interactions are important to your business and offer a coupon code to any visitor who completes that action. This could mean following your social channel, sharing a page or message, or just providing an honest testimonial. Sounds easy, right?
For these types of promotions, the only thing to consider is that the code you offer should be a straightforward and easy to understand offer, such as a flat rate discount or an additional gift with their next purchase.
Create Exit Intent Promo Codes
We spoke a few weeks ago about the concept of Exit Popups and how combining them with an offer is one of the best ways to give yourself one more shot at converting a visitor.
The great part about using an exit-intent promo code is that, even if they don’t convert after entering products into their cart, you’ve given them a reason to come back. If you want to take this one step further, you can combine exit intent popups with our first point to create highly targeted abandoned cart emails that remind customers of the promo code and what items they were interested in.
And there you have it, four creative ways to leverage promo codes in your business. One final point to consider is that there is such thing as too many promo codes. If you’re not careful, customers can become reliant on discount codes to the point where they literally won’t buy from you without a code. A good promo code strategy is one that uses them intelligently and makes sure that they’re building true customer loyalty towards your business.