Tips on Managing Your Online Coupon Promos
Digital coupons, also called coupon codes is an appealing way for attracting customers to make an online purchase.
What is a coupon code?
It is a code that consists of letters or numbers that online shoppers enter into a promotional box on a website’s shopping cart page to obtain discount on their purchase. Coupon codes are online shopping’s version of the traditional discount or savings coupon. Coupon promotions are becoming popular to a growing number of online customers to reduce shopping costs.
For online store owners, offering of coupon codes is growing as an effective technique to drive customers to their online stores and boost profits. To ensure you hit your goal for this type of marketing campaign and make it really profitable, it is advisable to determine the coupon type to offer, allocate a specific budget for this promotion and set a minimum redemption requirement. Here are great tips on successfully running your coupon code promotion:
1.Pick a coupon type
“What type of coupon should I offer?” This is often the first thing that pops up in the mind of small business owners when they think of running a coupon promo. Offering of coupon codes on a specific product is the way to go if you are selling a range of products. However, this could only attract a small number of consumers who would be interested to make a purchase.
You can also play around by giving out smaller items for similar coupons or offer a certain percentage or dollar- off on a sum of the entire order. For this type of coupon promo, vendors often offer $5 to $10 discount on orders not more than $100, but purchases that exceed $100 are usually shifted to a percentage discount.
2. Decide on a minimum redemption requirement
It is important to take note of your current order value and always be on top of it for you to profit. For instance, assuming the average order value on your e-store is $50 then you need to make it $60 as your minimum redemption value, to ensure profit when you give out a $10 off.
3. Set a coupon promo budget
Though you’re offering a discount, remember that your ultimate goal is to profit. Setting and sticking to your budget for this campaign will get you out of the mess of losing your profits. Therefore, the key here is to pre-set the value of your total campaign by either setting a maximum dollar value or by setting a limit to the total number of redemptions.
And if you’re a small business owner seeking for away to promote this marketing campaign via cost-free methods, you can broadcast it to the world by spending extra effort rather than spending big bucks.
Try these tips to promote your coupon code campaign minus the cost:
1. Spread the word on twitter
Twitter is a great yet cost-free media outlet to let your market and your existing customers know about your coupon promo. Great deal followers and shopaholics are more likely to retweet your message.
You may want twitter to help you with their twtQpon for added service to engage customers with special reward coupons. It works by creating a link using the service, the moment customers click on that link, immediately, they are directed to the image of your twitter coupon page and will eventually land on your specific URL once they decide to redeem it.
2. Utilize the power of blogs and E-mail marketing
Announce your deal to your existing customers through email newsletters where you can present the details. In addition to promoting it on your business site to attract new sign-ups, you may want to broadcast the complete information of your sweet blast on your business blog. You can also gain a potential wider reach when you include it in your current ads.