The Best Deals , Coupon Codes Offers

In recent series of survey, Consumer research firm confirmed that 91 percent of customers who redeemed a coupon with a retailer intended to revisit that brand again. Even more interesting, 62 percent of customers surveyed said that they would be likely to share localised deals with friends and 63 percent said that coupons add more value to their shopping experience than any other form of mobile marketing

Here are five fantastic benefits in which coupon helps you to boost your business

Attract more customers and generate additional traffic

Studies show that there is a vast improvement in effectiveness when you offer at least 20 percent off on any product, because people prefer buying things on sale, discounts serve as a ploy to attract more people to your store.

Minimise advertising costs for business

Your Company’s name, address, and other pertinent information should be featured prominently on the coupon. Doing so will have prospects perceive your company as one that offers deals, leading them to visit your website for other discounts.

Database of customers

You can use coupons at the customer acquisition stage to acquire customer data (phone number, email address, locations etc.) and build a database of customers who are interested in coupons, deals and discounts.

New customers for business

Coupon marketing is very effective at attracting new customers, who will certainly boost your sales. Once a new customer visits your website, you have an opportunity to turn them into a repeat visitor.

Move older products

Sometimes, certain products don’t work well: this could be for a number of reasons, ranging from price to product visibility. By offering mobile coupons, redeemable on such products, you will be re-introducing them to consumers.

Promo Codes: Discounts vs. Benefits, for Ecommerce

OCTOBER 23, 2015 • ABHI JADHAV

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Shoppers will be looking for discounts on holiday items in the next few weeks. If designed right, a promo code can offer the discounts shoppers seek, and help merchants increase sales and profits. Creating a promo code isn’t as simple as sticking a 10 percent off label on everything. It needs to be designed to drive maximum benefit to your business.

In this post, I’ll address how to create an effective promo code.

What Is a Good Promo Code?

A good promo code is one that helps a site’s shoppers as well as the business itself.

A promo code should be attractive to shoppers. There are three rules to remember to accomplish this. The promo code should be:

• Easy to remember;
• Easy to calculate;
• Easy to apply.

I’ll touch on each of these. An easy-to-remember promo code uses everyday words. For example “Thanksgiving2015” or “BlackFriday2015” are easy to remember. “PROMOA342” is not. Make it easy on the shoppers, not on you.

The promo code discount should be easy to calculate by using round numbers. For example, 10 percent off is much easier to compute than 14 percent off. Similarly $20 off all orders over $100 is easy to calculate.

Finally, the easier the promo code is to apply, the more it will be used and the more transactions you will have. This means it should have minimal restrictions on date, product type, locations, and other factors. Do not make your shoppers think. When they think, they hesitate. And when they hesitate, they might leave your site without purchasing.

Holiday Business Goals

Not all businesses will have the same goals for the holidays. Some might want to obtain a certain gross profit while others might want to drive awareness. Three common goals of ecommerce merchants are:

• Hitting a certain gross profit target;
• Acquiring new customers while not losing money;
• Moving surplus inventory.

These three goals can be boiled down to the same promo code calculation with a few variations. I’ll use an example to explain. You will need access to your analytics data to adapt this calculation to your situation.

Sample Promo Code Calculation

Assume a company, Cool Widgets, sells gadgets on its website, which has the following key metrics.

• Monthly traffic: 25,000 visitors.
• Average conversion rate: 3 percent.
• Average order value: $100.
• Gross profit margin: 50 percent.

Based on its marketing efforts, Cool Widgets expects to receive 20 percent of its monthly traffic on Black Friday. It is considering offering a straight discount across all products, and it assumes the conversion rate will increase as the discount increases.

While that is a reasonable assumption, there will likely be a point where, despite increasing the discount rate, the conversion rate will stabilize. But let’s say that conversion does increase as the discount offered increases.

So what needs to be calculated is the incremental benefit Cool Widgets should expect as a result of offering a promo code.

First, if Cool Widgets did not offer any discount on Black Friday, it can expect to make $7,500 in gross profit on Black Friday. Here’s how we arrive at that calculation.

Calculate Cool Widgets’ expected gross profit as: Traffic x Conversion Rate x Discount Rate x Average Order Value x Gross Profit Percentage. (5,000 x 3% x $100 x 50% = $7,500.)

So, offering discount promo codes needs to generate more than $7,500 of gross profit to be worthwhile. Cool Widgets believes that offering a discount of 5 percent across the board will increase the conversion rate from 3 percent to 4 percent.

Calculating the incremental benefit is easy.

Offering a discount of 5 percent across the board will increase the conversion rate to 4 percent, which will produce an extra $2,000 of gross profit.

So Cool Widgets stands to make an extra $2,000 if it offers a discount of 5 percent across the board. By repeating the above calculation for a range of discount rates and conversion rates, we can now determine which discount rate will drive the maximum benefit.

Applying the calculation for a range of discount rates and conversion rates, Cool Widgets can determine which discount rate will drive the maximum benefit.

The highlighted cells, above, show how the incremental benefit changes by discount rate offered and by conversion rate increases. Plotting the same table on a chart makes it clear what the peak for Cool Widgets benefits is.

A discount of approximately 30 percent will give Cool Widgets the maximum incremental benefit of $7,500.

A 30 percent discount will produce the maximum incremental gross profit of $7,500 to Cool Widgets, assuming that the conversion rate will increase as the discount offered increases. So Cool Widgets now has a formula to double its projected gross profit on Black Friday from $7,500 to $15,000.

This is a simplistic model that assumes a straight discount across all products. To apply it to your business, tweak the model for the goals you want to hit, such as acquiring new customers at breakeven or getting rid of surplus inventory.

Depending on the nature of your business, here are a few things to consider when building your promo code model.

• Memberships. Existing members show more loyalty than non-members. If members account for most of the site’s revenue, then offering a promo code may not increase overall conversion rate by much.

• Product mix. If the mix of products on the site have a large price variance, then the average order value may be misleading and the products may need to be evaluated using multiple discounts and conversion rates.

• Channel focus. If the Black Friday traffic will have a different channel mix — i.e., paid search, organic search, social, email — compared to an average month, then adjust the conversion rate based on the expected channel mix.

In short, taking time to carefully design your promo codes can pay off for your business this holiday season. And while you can include a slew of wrinkles into the model to increase the accuracy, the basic idea is to get to a ballpark figure of what the discount percent should be, and not necessarily to get it down to a decimal point of accuracy.

Among the most rewarding strategies that businesses use to increase sales is by use of coupon codes, (also referred to as promotional codes).  With the current recession and constant fluctuation in product prices, there is no doubt that every shopper will want to come up with whatever means possible to save money on the goods they purchase. Well, even the ones that can afford the goods will always look for these discounts. You can always use this coupon codes app to incentivize purchases.

In the past, coupon codes were physically available on papers, but since more and more people have shifted to online shopping, businesses have also started to sell their products and offer the coupon codes online.

One advantage that comes with the coupon codes is that you will not only get a discount on the product you purchase, but you will at times get incentive on the shipping costs too.  Considering that reduction in shipping costs can be very advantageous to the shopper, most people try to find out if the online coupon codes are able to offer such incentives. Besides the price reduction, another benefit that comes with the code is that a shopper can purchase one product and get another one completely free or with the price reduced by a half. This can be the same item that was purchased by the shopper or another product which the store wants to promote.

With coupon codes, you can always shop at a time thatmost convenient for you. Some coupon codes can last for weeks before they expire, but others take up to several months. This will give a shopper enough time to look for the best deals andpurchase a product when theyalready have the money.

How to find coupon codes

The good thing with coupon codes is that they are very easy to find. All you need to do is go to online platforms like Google or Bing and type the word’ coupon codes’ or’ promo codes.’ You can then get access to hundreds of online sites that avails the coupon code to shoppers. By signing up, you will be getting emailnotifications for any coupon code deals that come around. This can be perfectalternative compared to purchasing newspapers every time you want to find if there are any coupon codes available. Most retailers also offer the coupon code deals on their websites. If you prefer offline shopping, there are printablecoupon codes that you can use to get products reductions in your favorite local store.

Why use coupon codes?

The use of coupon code can be a perfect way to save money on both online and offline shopping. Considering that they are also very easy to find, you wouldn’t want to miss out in case such opportunities come along. If you are smart shopper, you can always find the best coupon code deals on the goods you want to purchase. Coupon codes can come in handy, especially when you want to have as minimal expenses as possible.