The purpose of coupons, among other things, is to help you do this, but before you do that,Start using coupons on your websiteor your online store, you need to know what the advantages and disadvantages are of offering them to your customers.
According tostatisticsNearly 90% of online shoppers use coupons in some way .
So, take a look at these 5 pros and 5 cons of using coupon codes to increase revenue and find out if they are the right business strategy for you right now!
These are the professionals:
If you use coupons correctly, there are various advantages they can bring to your business.
1. They help you build your customer base and bring new customers to your business
Special offers like coupons are why people want to get to know your business better.
If you want to take your online business to the next level, the absolute most important thing is to build a customer base, and the first step is to offer something of value to your visitors.
Using coupons is also a great way to encourage visitors to try some of your products before purchasing them at full price. You can also speed up conversion if:use countdown popupsTo create a sense of urgency with your coupons.
It will also be easier for them to decide that they want to try a product because they will feel like they are actually saving some money.
Maybe someone wasn't even planning on buying, but when they saw the coupon they immediately changed their mind.
By attracting new customers, you introduce more people to your business, increase sales, boost conversion rates, and more.
2. They help you build an email marketing base and create a strong malaysia mobile phone numbers database marketing strategy for your business
By requiring your customers to leave their name and email address to receive a coupon code, you have the opportunity to collect valuable data and grow your email list using a plugin like .Coupon X.
Creating a strong marketing strategy is another important business goal, and you need to use all the benefits it brings.
By growing your email list, you build long-term relationships with your customers and get the opportunity to remind them of some new offers, products, etc.
You can also create different coupon codes for different marketing campaigns and track their individual progress.
If you need a way to make it easy for your visitors to subscribe, use certain tools to create subscription forms for your website.
One of these tools that can help you create beautiful, responsive forms for your websitePremio plugin Subscription Forms.
It offers many different and beautiful templates that will help you make the entire creation process even faster and more efficient.
You can easily integrate your subscription forms into your email system and choose the form's width, background image, color, font, and more.
It will visually please your visitors and make you look professional.
Collecting emails from customers is important to increase revenue as they are in constant contact with you and your business, receive timely information about new offers and attractive promotions, etc.
3. They help you work on your brand image andincrease brand awareness
When people see the quality of a brand and all the benefits it brings, they constantly talk about that brand.
Therefore, you need to use this to your advantage and continue to work on your brand image by providing great offers to your customers that will encourage them to talk about it with their friends, colleagues and more.
Word of mouth is a powerful weapon and with a discount you can make the most of the opportunity to promote your brand among consumers.
Make a compelling offer, place it in the right place on your website and see the results in the form of increased revenue.
You also meet the expectations of your customers by constantly offering them good deals that they won't want to miss.
4. They help you make room for newer products
Running a business is complex and you need to pay attention to both the space your products fill in terms of storage and the opportunities for them to be promoted and ultimately sold.
Incorporating coupon codes helps you efficiently get rid of unwanted inventory to make room for some new products.
Good organization is sometimes crucial for business development, so you need to pay attention to each segment strategically.
Some products can sometimes be difficult to sell for whatever reason, and coupon codes can easily solve this problem.
5. They help you remind existing customers about your store
Coupon codesEncourage your existing customers to return to your website or online store if they haven't visited for a while.
A good marketing strategy can help you do this because you can use your database to email existing customers various coupons and engage them.
If they come back, there's a good chance they'll make new purchases too.
Therefore, do not forget about the existing customer base, because these are people and new customers who can still help you increase your sales, you just need to “wake them up” from time to time.
These are the cons:
Some may say that including coupon codes may come with some drawbacks, so check them out and decide for yourself.
1. They cost you money and can result in less profit for your business
Offering discounts on certain products means offering them to your visitors at a discounted price.
In other words, since these take a certain amount of money from your pocket, this may affect your earnings.
There will always be someone who will buy a particular product even without the discount, so combining coupons can potentially hurt your online business.
Source:smemarketplace.ng
However, you can control the outcome and create a balance by deciding which products need discounts and whether it will help your business.
You need to find the right coupon strategy that will bring you more good than bad in the long run.
2. They may reduce conversions outside of the sales period
If you use coupons all the time, people will be more inclined to buy your products, but only during sale periods and when prices are reduced.
This can negatively impact your profits, so you need to be careful and always increase your conversions.
Waiting for coupons can easily become a habit for your customers, and you need to create a specific strategy for when and how often you use coupon codes to avoid negatively impacting your business.
That’s why you need to be careful and have a plan in place to meet your customers’ expectations without helping them create habits that are bad for your business.
