Matt Jones from MyVoucherCodes, guest blogs for apt to discuss the five ways SMEs could benefit from using voucher codes.
5 Ways Your SME Could Benefit From Voucher Codes
From brand exposure to a cost-effective tool – the following will outline the benefits you should recognise about voucher codes and what they do for SMEs. In today’s market, discount offers are becoming more socially acceptable; if you were to ‘Buy 12 Krispy Kreme Doughnuts and get 12 Free’, how can you judge something so rewarding? You simply can’t. From trends to success and pitfalls we will show you why using promotional codes can be seen as the marketing armoury for the victory of small businesses.
Optimised costs via multi-platform marketing
It’s inevitable for smaller companies to get distracted by short-term profit increase once they introduce voucher codes. Instead of being side-tracked, they should incorporate these discounts into a long-term marketing strategy – this can be done by using them as an advertising device to drive brand coverage, and customer engagement, rather than as a quick money booster. Yes, it’s important to make money, however being dependent on figures and sales should not be a priority for SMEs. Bigger, more reputable businesses can focus more on profits due to them already having a large and loyal customer base; it will be a lot harder for an SME to reap the same benefits at first. From the outset, allocate a segment of your advertising and marketing budget towards a voucher campaign. Promo codes provide a discount substitute for existing and new customers; this old-fashioned method of advertising is an online alternative that builds up retention. Setting aside funds to use this tool will enhance exposure as your brand loyalty and client base grow, as well as amplifying revenues in the long-term.
Greater basket value
That smug grin that beams across your face when you find a bargain – embrace it, your consumers do. This feeling is a psychological result of discovering and gaining a discount. Thankfully, this could be in your favour. Saving money can trigger a reward sensation that may subsequently incline consumers to pay out more. More goods in the bag equals increased AOV (average order value); especially if you’re offering a deal above a certain figure, for example ‘1/3 off when you spend over £25’. Studies show that around 20% of shoppers abandon their purchases, exit the basket and leave the site if they cannot locate a valid discount code – that’s a substantial loss of potential trade. Furthermore, make sure your users can find the redemption box easily, as well as allowing them to add and check the validity of the code is valid at any step of the journey.
Brand exposure
Promotional codes create specific channels for your products to be visible to a very influential audience. Websites for Voucher Codes are likely to have enormous active databases, for instance over six million people are subscribed to MyVoucherCodes.co.uk. Producing a voucher code campaign is an extremely cheaper alternative to TV advert campaigns; with a difference of only a few million in audience. Over 50% of adults in the UK used voucher codes in the previous year; this provides accessibility to a substantial segment of the marketplace and it’s down to discount codes.
Reach a receptive new audience
An essential factor when launching a new product or service is exposure; this is where voucher codes come in. A report by ComScore stated that 35% of consumers found a product through finding a promotional code first; this indicates just how useful discounts can be. Previously the voucher code market has had a high barrier to entry, resulting in only big box merchants finding it affordable.
Build a relationship through voucher codes
The key to being remembered is consistency; regular discounts will keep people coming back for more. Plus, providing an offering to both new as well as existing customers will trigger commitment. This will lead to consumers talking and sharing your promotion with their networks across a variety of different social media platforms such as, Facebook, which will increase exposure. Once a brand is recognised for great deals; people are more inclined to write feedback about experiences they’ve had on review sites like Trustpilot and your own site. The best way to spark engagement is through discount codes – this will most likely be done via online social profiles, so remember to utilise this.
Working with voucher codes without devaluing a brand is easily done, whether it’s offering free delivery or a stretch and save method inclusive of an incentive/freebie. Discount codes for SMEs entice engagement, outreach, expansion of databases and experiences. For new and existing customers promotions are a great way to build relationships with a brand; sparking retention whilst optimising costs at the same time.