Promo codes are a combination of numbers and letters that form a specific code. To get a discount or free shipping, enter this code into an ecommerce site. This is a marketing strategy that provides customers with another reason to buy.
Promo codes have been used for years to increase revenue and drive conversions. Visitors rarely complete checkout without seeing the promo codes box. Many will open a separate tab to look for the code and then save money. We will be discussing six ways to get around them, and how to make promo codes an effective tool in your conversion arsenal. VOUCHAIN offers a central infrastructure for retailers and shopping centers, facilitating voucher issuing, management, and thereby ensuring tangible benefits throughout the value-chain and cost efficiency.
WHAT WORKS PROMO CODES IN MARKETING?
Promo codes can be used in many ways to highlight key offers. Promo codes can be placed on your website on your core pages, or in your email marketing campaigns. These offer incentives to your customers to purchase. Promo codes can be displayed in many areas of your marketing campaign. You can use promo codes in different areas of your marketing funnel, such as the header and footer banners, or in the side panels. SaleCycle data shows that 20% of abandonment of carts is due to price. By offering a discounted price with a promo code, you can encourage customers to return to your site and reduce the reason they left.
WHY PROMO CODES WORK
Promo codes allow customers to purchase the item they desire at a lower price, thus improving their shopping experience. Because they can be used in multiple ways, both returning and new customers love them.
Public codes, for example, can be used to acquire customers. This means that banners and overlays are placed on the site to grab their attention. If the reason for abandonment of your basket was price, you can use these codes to entice customers into making a purchase.
KEEP YOUR CUSTOMERS HUSKING
Promo codes are a great addition for cart abandonment emails. They can also play a crucial role in driving conversions.
These are an added incentive for customers to return to make their purchases.
Little Mistress, a SaleCycle client, inserts their promo code in their top banner of their email. This will alert customers that 20% off their order is available.
Don’t be too obvious
Visitors who don’t have a promo code will feel less disadvantaged by having their promo box less prominently displayed on the checkout page. A subtle, expandable link that is less visible throughout the checkout process works better than a brightly colored ‘Promo Box. Visitors can navigate through customer checkouts without worrying about leaving the site to search for a code. A subtler promo box makes it easier.
PROMO CODES – EXISTING CUSTOMERS
Loyal customers make the best customer. A company’s profitability could be increased by 75% if it retains just 5% of its existing customers. Shoppers love VIP access. This is one way to keep loyal customers returning. This is marketing segmentation. However, creating special promo codes for loyal customers will create a feeling of loyalty that is distinctive and give them a real advantage. To create urgency, offer limited-time loyalty codes to get the best results.