With the economy succumbing to an extended slump, many businesses are looking for ways to keep their operations afloat. For some that means layoffs or lowering prices across the board. Others will attempt to diversify their lineup of products or services in order to attract more patrons and one-up the competition. Still others may resort to massive marketing efforts in an attempt to reach untapped groups of consumers. But for companies that are trying to save money, provide value to customers, and still turn a profit, offering discounts and deals will require little cost while still enticing the consumer public to buy. However, there is a right way and a wrong way to go about using coupon codes for online purchases. Here are a few tips to ensure that your strategy is a success.
The first way that many businesses go right is by offering promotions that help to get consumers interested in their brand. The first way they go wrong is by failing to place any restrictions on these campaigns. You have to expect that when you create coupon codes and release them to the public, people are not only going to use them; they are also going to share them with their friends and some may even try to take advantage of them multiple times. Without any limitations in place you could quickly find yourself losing money instead of gaining it. This is a problem, especially for a business that is struggling in a tough economy. So you should implement rules and regulations such as one use per customer or purchase, as well as a time limit (good through only a certain date). This will allow consumers to try your brand without encouraging them to take advantage of you.
Of course, you do want to inspire patrons to become brand ambassadors, spreading your company name to their trusted contacts, so you might not want to restrict codes in such a way that they can't be passed around to multiple participants. In other words, don't encode them in a way that means they'll only work one time; or if you do, offer codes to anyone who wants them by, say, requiring a membership with your site in order to gain access to the coupon code. This is a good way to track who is utilizing codes while potentially adding to your contact list for future promotions.
The real trick with promotional codes (or any kind of promotional item) is to formulate a strategy that doesn't make you look desperate. Although both loyal patrons and new customers will no doubt appreciate offers that allow them to save some money on your products or services, you don't want to overplay your hand by offering too many promotions. Consumers may start to think that there is something wrong with your products, that you have ridiculous markups to begin with (how else could you lower prices and still turn a profit?), or that you are in such dire straits that you may not be around to honor your deals or provide customer support. You don't want to give off the stink of desperation, so temper your offers just enough to keep the consumer public interested without raising any red flags.
Guest Author: Sarah Danielson is a contributing writer for Amazon Promotional Codes where you can find the latest promotional codes to save you money on the products you love.