Access/Promo Codes Best Practices

Goals

To understand the best practices for using access/promo codes in marketing in order to guide a client strategy report.

Early Findings

  • Best practices in using promo codes to drive sales include targeting the right people with personalized offers and sending promo codes for products that a customer has indicated interest in previously.
  • Promo and access codes are generally more effective when there is a sense of urgency attached and when it is time sensitive.
  • One of the most effective ways of using coupon is to cross-sell and up-sell to existing customers that are already familiar with service offerings.
  • Companies often use access codes and promo codes to target customers or potential customers with unfinished orders or that have abandoned their cart in order to help push them into becoming customers.
  • Companies also use emails to send automated messages to customers containing coupons. Companies sometimes "use Reward Coupon email campaign to send coupon codes to frequent customers as a thank-you gift."
  • Access or promo codes marketing strategy requires a clear goal for it to be effective. For instance, "Do you want to entice first time buyers? Do you want to increase purchase volume? Are you hoping to drive traffic into stores?"
  • The goal of the coupon will help in devising the right strategy. For instance, an access code aimed at getting new customers to try a service should clearly inform the customer that they are under no obligation to continue and that they can cancel at any time to alleviate some of their concerns and show that the company is credible.

Proposed next steps:

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Based on the availability of data, we propose continuing this research by dedicating additional research into the following: 1) Promo/Access Codes marketing best practices for digital services; 2) 2-3 case studies of how companies are using promo codes to market to consumers effectively; 3) research into if service providers that use promo codes have an alternative path to purchase or if service providers use promo/access codes to get people onto/in their platform.