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Promo codes have become a part and parcel of the customer purchase journey. Companies have been using them as a strategy for marketing and increasing conversions and revenue. This article focuses on how promo codes and coupons are helping businesses acquire new customers and show their appreciation to their existing ones.
To entice customers who abandon their shopping carts
Promo codes and coupons are an effective tool to woo those shoppers who abandon their carts midway. Many online companies use this as a strategy for marketing to encourage them to continue their purchase. But it has also been observed that some shoppers deliberately abandon their cart as they expect to receive a promo code or a discount coupon. Companies should be aware of such shoppers who do this regularly.
To minimize marketing costs
Promo codes and coupons are one of the easiest and inexpensive ways of marketing your product or brand. Companies usually prepare a big budget for marketing. It includes putting huge hoardings and billboards, TV and radio advertisements, social media marketing, door-to-door marketing, stage shows, celebrity invites, etc. But with promo codes and coupons, marketing costs are trimmed to a bare minimum.
To build a unique database of customers
Promo codes and coupons are an effective way of acquiring customer data such as their age, name, email id, phone number, geographic, and demographic details.
To increase the selling potential of products
Some products don’t sell as much as others do. There may be several factors responsible for it — such as low product visibility, low marketing costs, price instability, etc. Promotion codes and coupons entice customers to use such products. They increase the selling potential of such products that no longer hold a charming appeal in the eyes of the customer.
Businesses are ailing under the influence of the COVID-19 crisis. The pandemic has rendered offline marketing useless. Trade shows, exhibitions, and new television ads appear to be the things of the past. Digital marketing is the only way forward, which is why promo codes and discount coupons have emerged as the most prominent strategies for marketing brands and products.
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Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.
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