Whether you’re just launching a new brand or you’re ready to begin building brand loyalty, adding promotional codes into your marketing strategy is not just helpful – it’s essential. Promo codes can incentivize a potential buyer to make a purchase and can reignite the interest of past buyers. Utilizing coupon codes in your marketing strategy will help build brand recognition and lead to more conversions.
A promotional code is a series of alphanumerical characters that is used to incentivize potential buyers to purchase an item at a discounted price. These codes can offer anything from a percentage off the total cost of your order to free shipping. Before we dive into the most popular types of promo codes, let’s briefly discuss the 3 ways businesses can offer promo codes:
Public codes can be utilized by any potential customer and are usually used to attract new customers to make a purchase.
Private codes are used to target a specific type of buyer such as a previous or repeat customer.
Restricted codes are sent to a specific recipient and are typically utilized in cases where an apology voucher needs to be sent.
Now that we’ve covered the basics, let’s dive into the details. There are a few different types of promotional codes you can utilize in your marketing strategy:
Percentage-based Promo Codes
A percentage-based promo code entices consumers with a percentage discount on all items, or a select group of items. These codes can be sent publicly or privately to consumers. While these codes can exclude certain high-demand items, clearance items, or may require a minimum purchase, the percentage-based promo code is a customer favorite because of its versatility. A welcome code for a percentage off a customer’s first order can be the first step to building brand loyalty.
Set Dollars-off Promo Codes
A round dollar amount off the final price may be utilized instead of the classic percentage-based promo code. These codes usually permit customers to take a certain dollar amount off a higher dollar amount (I.e., $10 off $50). While not as common as percentage-based, these can persuade a buyer to a higher purchase value than originally intended to take advantage of the discount.
A customer may be more likely to complete a purchase if the cost of shipping is not added onto the final total. Removing the cost of shipping lowers the chance that a potential buyer will abandon their cart. In order to make free shipping work in your favor, we’d recommend using this tactic in conjunction with a minimum purchase requirement.
Providing a free gift can be another great tactic to persuade a potential customer into completing their purchase. Some retailers will offer free samples of current products with a purchase, which can encourage customers to make future purchases of a full-sized product. Offering free samples of new products is also a great way to test how well a new product will be perceived by the market.
While there are many different types of promotional codes, the bottom line is that utilizing a promo code in your marketing strategy can increase your bottom line. A promo code helps move customers further down the funnel of the customer journey. They may incentivize a new customer to make their first purchase and can also persuade existing customers to repurchase their favorite item at a discounted price. Promo codes help build brand loyalty and recognition, and BuzzShift can help integrate them into your marketing strategy. Whether you’re in search of a recommendation on which promo code works best for your business or a plan on how to advertise your next promotional offer, our team has the expertise to make it happen. Reach out today to start the conversation!