When it comes to attracting customers to your business, one of the best ways is to offer online coupons. If we see the statics, more than 96% of people in the world are using coupons during online purchase and this is the data of just 90 days. There are many top notch companies using this strategy to drive customers in to their business. So, being in the online business, it is a question which arises quite often - how to use to enhance sales and is it going to affect the profit margin? So here we have mentioned both the pros and cons of coupons for business. Scroll down and check out:
Here are the major cons:
- The top most con of online coupons is that it is going to cost you some money. The offers included in the from the profit. So, here is the thing, to ensure that you don’t get any loss in your business; you must calculate if the discount coupon is making a major difference in your profits. It does help in attracting the new customers to your business and it also lures the old ones to get back to your products and services. However, you must analyze if you are still making any profit out of the deals that you offer with the coupons.
- Discounts in the shape of promo code are something that the customers of today want and it applies to the existing customers as well. So, your current customers can also wait for the new promo code and this can definitely slow down your business with the existing buyers.
- The discount code will get you lesser profit but the cost of production will remain the same. You must make sure to analyze the fact that you need to improve your sales in the long term. The value of the discount code must be something that is not hampering the profits that you generate from the massive sales.
Now let us check the Pros of online coupons:
- The number one pros of offering is that you get to attract new customers and you also get a chance of selling off the old inventory and making room for the new products. It encourages the buyers to try your products at amazingly affordable rates and it also encourages the existing customers to come back to your store.
- If you use the promo code strategy in a planned way, you can attract people to your social media accounts and build a great customer base.
- Getting promo code for improving your sales requires a strategy that can help your business from the grass root level.
- You can build a long term association with your new customers as well as existing customers by pitching them on social media and get a long term association with them. Each time they will find the notifications from your company over social media, they will be attracted to the discount code and hence you get the chance of sale straightaway.
- It also makes the people who have not been to your business website for long to come up and check out the deals. If they love the discount code they might make a purchase.
Online coupons will definitely help your business in generating more sales however, if you don’t have a strategy on how to make good profit even after the promo code is applied, you will not make grand profit, though you will attract customers. So, develop a strategy that helps in rising sales per customer.