Favourite word for all customers? SALES. Coupons have become a sophisticated marketing tool for many business and acts as a motivator to make more purchases for customers. That is the reason why products are likely to go out of stock once coupons are offered related to them. People tend to shop recklessly when they’ve received a coupon which is why many businesses try to come up with an effect coupon marketing strategy.
Research shows that the higher the value of the coupon (e.g. higher percentage off), the higher the incentive to make purchases, which can multiply your sales easily. What else comes with the incentive to purchase? The psychological factor involved here is the release of the hormone, ‘oxytocin’ within the body. This is a hormone which creates happy feelings, therefore we are likely to buy a product without scanning a lot through its details or specifications.
So what should you keep in mind before creating a coupon code? Below are the list of things to consider.