Discount codes - should we use them?
The psychology behind the codes: What exactly makes us feel like we’re saving money?
We all use discounts in one way or another, especially when we want people to buy a certain product. Occasions such as Black Friday, Cyber Monday and other fabricated ‘holidays’ all encourage people to shop more.
Discounts are everywhere, and as you may have noticed, they can be used in a variety of ways. We will take you through the psychology of discount and which kind of discounts are the most effective. Let’s start by explaining how these discounts work.
Many discounts work using the principle of urgency. Discounts are generally available for a limited period of time, we then believe that this is a limited occasion or opportunity that we simply must seize. If the customer doesn’t buy the product now, at the discounted price, they are likely to miss out on crucial savings. Urgency is a factor and a strong reason why discounts such as these are effective.
Moreover, people seek out positives while avoiding negatives… what exactly do we mean? The frustration of missing out on a discount is certainly a negative people want to avoid.
Discounts always represent a small window of opportunity to make additional profit on a customer’s order. Use them wisely, and you can maximize your potential profit — however, it may take a little know-how in order to navigate the constantly changing, vast amount of information available on the web.
Different types of WWW discounts
Buy 2 and get one for free! Are you aware of this type of offer and if so, how often do you implement it? Even if the third product is cheaper, it still works. People don’t want to miss out on this occasion, even if they don’t actually need so many items.
Oh yes! Sometimes shipping costs are low but customers are unaware of the exact cost. In such a case it’s good to promote the idea that even if you buy one product, we will send it to you for free.
We all love lower prices. -$10 for your favourite jeans or – $100 off if your order exceeds a minimum of $1000. Come one, who could pass that up?
Today only: 50% off on the entire range or collection of products. Is there anyone who passed by a shop offering such a deal without poking their head inside?
When should we use discount codes?
Don’t make a habit of giving out discounts to everyone, everyday. Create occasions! You can think about a special offer for a special day! Mother’s day, valentine’s, cat’s day, etc. The occasion can be “whatever”, but try to give the impression that it’s temporary, so people have to act NOW to buy your product at the reduced rate.
Where to implement your codes?
On your website – that’s obvious. But should you inform people at the very beginning about an upcoming discount? It’s more effective to offer the discount in small steps. For example, on Mother’s day. If customers are interested right from the beginning, then they will buy your product. But if they got stuck during the checkout phase and then decide to quit their order and leave, you can send them a pop up with an additional offer! How so? Use QuitSnap. Their free trial version is available to check out, take a look at the many possibilities this powerful tool offers.
To reinforce your message, you can engage bloggers or influencers to help promote the promo. You can give them personalized codes, so they can post information about it on their social media accounts. It’s very popular, take a look at how sellers are using Instagram.
As you can see – there are many possibilities when and where you can use promo codes. If you are waiting for something else, than don’t. Go to QuitSnap or use the red button below and personalize your own option.