Online voucher codes have boomed in popularity in recent years, with nearly one in seven shoppers now using them to keep costs down. It’s no real surprise considering the squeeze on consumers’ wallets. However, if you’re looking for ways to boost sales, these cost-cutting measures could help you improve your business.
Gain new & keep existing customers
Small businesses have enough expenses to consider, without adding to their strained budget with unnecessary marketing tools. However, without the right techniques, you won’t be found by potential customers. It can cost a small fortune to advertise and search for new target markets.
However, by offering an online coupon or voucher code, in turn your brand will be advertised on numerous discount sites like My Favourite Voucher Codes, allowing you to be found by a plethora of new people. Voucher codes can also help retain existing customers, as a discount on their future order will entice them to come back – helping you achieve positive growth in returning customers.
The quickest and easiest way of getting your discount code out to the huge network of voucher code sites is to join one of the affiliate networks that have agreements in place with voucher code sites so you do not have to contact all of the discount sites yourself. There are 6 main affiliate networks that you can join including Affiliate Window, Trade Doubler, Webgains, Commission Junction, Affilinet and Linkshare and a few minor networks.
These networks will charge a set up fee and then a small commission per sale generated, so once you have paid your set up fee, you only then pay for each sale that is generated, so this type of marketing can be very cost effective. Or alternatively, if you have a website that gets a large amount of visitors, then it is worthwhile considering joining one of these networks as a publisher and then generating revenue through displaying banner adverts or text links.
Increase average order value
If you’ve got plenty of customers, but they’re all spending smaller amounts, voucher codes could help you increase the value of their order. For example, a ‘save £5 when you spend over £50’ may encourage customers to meet the minimum requirement and spend more. However, it’s important that you get the balance right as a minimum order could also put people off – run a split test to make sure you get your coupon right.
Promote certain products
You may have particular products that you want to sell, they may have a high profit margin or be old stock you want to get rid of. By creating a discount code for these specific products, you’re likely to sell them faster and boost sales.
Run an offer for a limited time
By creating a sense of urgency, customers are more likely to respond, So make sure you put an expiry date on your voucher. If you put the expiry in the small print, customers probably won’t notice it, so it will have no impact on their behaviour. However, by using the colour red, the world sale and emphasising when the offer ends, customers are far more likely to impulse buy.
My Favourite Voucher Codes is one of many similar websites, but the difference is that this company donates 20% of net profits to charity. If you’re looking to increase your turnover and do a good deed, get in touch with My Favourite Voucher Codes.