SHORTSTACK COUPON CODE
You can use a coupon code strategy to gain market share in a highly competitive industry quickly.
If you compete on price with other businesses in your industry, a coupon code could be the difference between a sale and someone shopping elsewhere. Gain market shareĬoupon codes also provide your brand with a competitive advantage. However, that comes with complications… more on this in the cons section of the article. In fact, 38% of couponers buy something they don’t need.Īll-in-all, coupon codes are a great way of attracting new customers and increasing revenue in the business. You may also find that new customers purchase other non-discounted products or services from your business, creating an ancillary revenue stream from the coupons at a higher margin. This new traffic further contributes to the conversion of prospects into new customers. For example, there are numerous coupon listing sites, and people often share coupons with friends and family on social media. The code is unique and expires automatically, which is a smart use of urgency to inspire action.ĭepending on where you distribute your coupon codes, they can also generate traffic from untapped sources you may have never thought of. They also tap into buyer psychology by creating a feeling that the customer is getting a good deal.įor example, here is a coupon email from Ugmonk that offers new prospects a 15% discount on their first order if they make it within 48 hours. Building enough trust with a prospect to convert them into a customer can be time-consuming and costly.ĭiscount coupon codes can accelerate the conversion process by reducing the perceived financial risk of transacting with your business. Here are the pros of using coupon codes: Attract new customers and increase revenueĬonsumers are naturally pessimistic and distrust brands before purchasing from them. They’re also an excellent way for brands to engage new audiences, re-engage stagnant customer groups, and create a spike in sales. Let’s start with the positive side of things – the pros.Īs I mentioned in the introduction, coupon codes are extremely popular with consumers, especially in the eCommerce industry. I put together this article to help you weigh up the pros and cons of coupon codes and make an informed decision about whether they are right for you. While coupon codes are desirable from a consumer’s perspective, there are numerous downfalls to this marketing tactic that can have an ill effect on your brand. So, yes, in short, coupon codes are an effective marketing tactic…
80% of consumers are more likely to shop from a new brand if it provides a discount coupon, and that number jumps to 89% for millennials.
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