by Je Yaranon on August 2021
One wouldn't need to be a genius to know that having quality product is the priority when selling goods. It stands alone at the top.
That’s not to say it’s the be-all, end-all, of course. The challenge of selling paints a broad field, and good businesses have a couple of tools in their back pocket to generate marketability, regardless of what's at their disposal.
Among those is the way you add interest around the item, which, as always, is primarily done with the simple, tried and tested style of giving out special offers. How can it not be? It’s consisted of two words that can induce curiosity: “special” and “offers.”
Before the internet basically took over everything, some of those offers commonly came in a coupon, oftentimes found in brochures and flyers, or pages of magazines, newspapers, and calendars, among others, and you’d need to cut them out. The content ranges from discounts, freebies, and varying inclusions.
Cut-up coupons still exists today, but like any other thing in our digitally driven world, such have transitioned digitally. In this case, it’s in the form of electronic vouchers and promo codes.
What are electronic vouchers and promo codes?
Electronic vouchers and promo codes are store-certified redeemable digital cash, discounts, or offers that are online-based. Both are usually distributed digitally in a variety of ways, with leading ecommerce platforms simply flashing it on their screens as clickable pop-ups.
Vouchers look like your usual gift cards, while promo codes, as the name suggests, are number and/or letter combinations.
The use, meanwhile, varies between clicking on the coupon or entering the code during an online checkout and presenting either one during a face-to-face payment.
How does it benefit businesses?
It can attract new customers
Giving out discounts or promos not only entices a healthy number of consumers, it’s also a reliable way to help your name get spread. As more flock into your offers, and see how legit and great it is, there’s a very good chance they’ll tell their friends or family. Good ‘ol boost via word of mouth.
It can cultivate customer loyalty
Customer loyalty is one of the things businesses strive for, and it can be a task. It’s not just built through selling quality products alone. They should also know that they are being valued beyond you saying “Thank you. Please come again.”
You must also show your gratitude concretely, like giving them special offers. Think of it as a way to give back.
Customers who aren’t exactly ‘loyal’ may turn into one as well. If they like your promos, they’ll keep coming back to check what you have next in line.
It can be easily promoted
Outside of planning the overall economics, the effectiveness of the promo/voucher campaign will rely heavily on how it can be distributed. That won’t be much of a problem with links because it can be sent through multiple channels – email, SMS, messaging platforms, etc.
Posting it across websites and social media platforms is easy as well, and as such, it can act as an added promotional tool.
It can help promote specific products
Good things happen when you pair a product with a special offer. You will instantly add interest in the item. What’s great is this works for items that are not popular among customers and ones that you want to introduce.
It can increase sales
Much like physical gift cards, electronic vouchers (and some promo codes) can be sold as an item. If planned and executed properly, they sell fast and well, which then likely translates into an added profit. Even better, it will be used to purchase from your store.
How can you offer e-vouchers and promo codes?
Growing curious? You should. It’s a worthy investment that opens an opportunity for profit and a way to endear your business to current and potential customers.
Begin by outsourcing a payment solution with a provider that can generate AND accept e-vouchers and promo codes, be it for online or physical stores. Make sure they support all points so you and your customers can easily input the offers upon checking out.
Here at VeritasPay, part of our payment solutions is a voucher management tool that offers exactly that. It’s fast, quick, and simplified for everyone.
As VeritasPay continues to provide high-quality payment solutions and promote cashless transactions, the company is also dedicated in bringing in fresh and informative content. We’ll be continuing to share new articles about our products, services, and varying subjects within the industry as we move forward.
Contact us here to know more.