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August 11th, 2014, 03:49 AM #1How-to: 7 Benefits of Voucher Codes
How popular are online coupon, promo and voucher codes these days?
Well, it’s easy to find they’re flourishing. For example, if you search to see if Forrester Research has looked into the subject, not only do you find reports that confirm voucher code popularity, you also find some voucher codes to save you $405 on an upcoming Forrester event.
According to VoucherCodes.com, the UK’s number one discount voucher website, over four million visitors per month hit their pages looking for money-saving voucher codes.
With voucher codes being so popular, it would seem that every advertiser out there should be taking advantage of them. Here’s why:
It’s Easy to Get Started
You’re already advertising and no matter what channel you’re advertising through, all you have to do is come up with a voucher code, slap it on, and you’re ready to go!
What do you love more than a good, solid customer referral? Every time one of your customers shares your voucher code, there’s an increased chance for some great customer referrals. Do a search for voucher codes and you will see there are a lot of people sharing a lot of voucher codes out there.
Conversion Rates Will Improve
Voucher codes drive shoppers to try new products and brands, help convince them to finalize a purchase, and have been shown to lead online shoppers to return to an abandoned shopping cart.
Brand Loyalty and Reputation Will Spread
What better way to show that you care about your customers and want their business than to provide a special code that they can use to save money? It’s like they’re part of the insiders’ club, or in the VIP suite. Customers will tell their friends about your voucher code and that will not only increase brand loyalty, but also spread the word that you are a quality retailer.
Tracking Will Get a Boost
If you use an Ecommerce system, you can easily track your voucher codes to see which ones have been redeemed, which ones have been shared, and which ones have been ignored. Use different codes for different channels or campaigns and you can see which ones are performing and which are wasting of your advertising dollars.
Use Them for A/B Testing
Put a different voucher code on the same offer that you send out through different channels, or on different places on the same page, and you’ll be able to easily see which ads and channels are outperforming the others. Put different voucher codes on different email formats, emails with different messaging, or even try different voucher codes on a 10%, 15%, and 20% offer and see which one is performing best.
A/B testing should be part of every campaign and voucher codes can help provide the insight you need.
Order Values Will Increase
Research has shown that when customers save money through an offer, many will typically increase their order, often times far beyond the value of their original order. Throw in a voucher code and your customers will most likely increase the size of their purchase even more. You can also restrict the use of the code until they spend a certain dollar amount and customers will spend more to get access to that voucher code.
For all of these reasons, it just makes sense for every advertiser to get on board with voucher codes!
Learn more about CAKE’s Ecommerce Tracking & Attribution features and how they can track your performance marketing spend.
If you’re already using CAKE’s Ecommerce tracking, learn how to enable voucher code support.
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