Every customer appreciates a promo code because they often feel like they’re getting something for nothing. The reality is a savvy small business owner understands how to use promo codes to increase the overall value of a purchase. Small business owners often have questions about how to create promo codes along with the way to leverage these codes. Once they understand how to implement these codes, they’ll see business improve.
The Low Cost-High Value Model
The key to a great promotion is it should not be costly to the small business – in fact, the small business should recoup the cost of the promotion pretty quickly into the promotion. There are several ways to achieve this model. An example of this is creating a promo where a customer purchases more than one item. While the overall purchase price is less than otherwise would be normally, the overall value is more than customers initially would pay. The reason? Customers see the value in the lower price for the overall increase in goods.
Varieties of Promo Codes
Ecommerce requires different promo codes, and there are plenty of distribution mechanisms. For example, a social media promo code would be something for customers to insert into the cart before purchase. However, it’s not just online promotions, but in person promotions as well. QR codes are a great tool for in person purchases as well.
Promo Code Distribution
Social media is the best way to distribute promo codes to a younger audience. However, many older customers have at least Facebook capability. It’s imperative to understand how customers access information about a business and place promo codes strategically with this information. Whether it is social media, the company website, or even through partners, distribution of promo codes yields larger gross revenues because the distribution is a relatively inexpensive proposition.
Promo codes are something every small business utilizes, despite the vehicle of the promotions changing. Preveer consultants understand how to help small businesses develop viable promotions. Get the right promo code protocols for your business today. Email here.
