When implementing voucher code strategies there are some things you need to consider:
What exactly will your code offer?
What do you hope to achieve from it?
Can you afford to cut your margins?
Once you’ve considered these things you can begin implementing a voucher code strategy.
Key strategic codes
Some of the key strategic codes we suggest to trial are explained below:
Stretch and save: e.g., Spend £60 and save £5. You might want to use this if a partner has an average order value of around £50 - by driving up the average order by £10, you are incentivising the user to spend a little bit more but at the same time making a bit more profit.
Free delivery: This might be particularly useful if you feel your products are as price-competitive as possible. It’s a way for you to make use of the large user bases that the code sites tend to have.
Generic: e.g., Save 10% off all products. These are particularly useful if you want to drum up interest during a specific campaign.
Range specific: e.g., Get £5 off the last year’s top product. These kinds of codes can help you clear stock levels of a product that isn’t selling as well as you had hoped or if it’s now out of season.
Bespoke codes: e.g., Save 10% with the code “Tiscali” entered at the checkout. Offering bespoke codes encourages users to engage with the partner in question and promotes a solid relationship between the partner and advertiser.
New customers codes: e.g., £10 off first order over £20 at La Redoute. This encourages new users rather than repeat customers.
Incentivized: e.g., Buy any product using this code and get an entry into our competition/get a free gift. These types of codes help you to engage with voucher code partners even if you are unable to offer money off your products.
Using voucher codes without devaluing your brand
You can use voucher codes strategically to boost sales and attract customers without devaluing your brand.
They are a powerful way to attract and convert customers - but some types work better than others. Here’s how to use them effectively:
Free delivery - Customers really dislike paying for shipping. In fact, many abandon their baskets when they see delivery costs. That’s why free delivery codes are consistently popular - often even more appealing than discounts on products themselves.
Create urgency with time-limited offers - Want to encourage quick action? Use short-term or quick expire codes to create a sense of urgency. These limited-time offers can nudge customers to complete their purchase sooner.
Boost basket value with Stretch and save - Try offering a reward for spending more, like £5 off when you spend £50. These types of codes can increase your average order value and feel more rewarding than a flat percentage discount.
Free gifts - If you don’t want to offer a discount, you can offer a free product instead, like a box of chocolates with every flower order. It’s a great way to add value without cutting into margins.
Attract new customers - Welcome new shoppers with a first-purchase discount. It’s a simple and effective way to grow your customer base.
Tips for a successful voucher code campaign
Once you’ve considered your voucher code strategy don’t forget to upload your voucher codes to the My Offers tool located under the Toolbox menu on the platform.
It’s most important to test and monitor the performance of voucher code partners to really tune in to what works for you and what works for them. The voucher code tracking allows you to see if a voucher code was used against a transaction in your marketing campaign. You can see this on the Transaction report in the Awin platform.
Watch our webinar for more information on how to develop your voucher code strategy.