Coupons market is huge. Any product on the planet can be purchased at half price if you hunt for the right coupon code. The discount can either be a percentage or a specific dollar amount. Promo codes also provide customers with free shipping or gift-wrapping. This marketing strategy essentially gives customers yet another reason to buy your products. According to Microsoft, a promotional code, sometimes known as coupon code or discount code, is made up of a combination of numbers and letters. It’s used for specific purposes, such as a holiday marketing campaign.

What are the different types of promotional codes? There are three different types of promotional codes store owners can choose from.

Public codes – Anyone can see or use a public promo code. These are useful for enticing new customers and encouraging previous shoppers to come back for more.
Private codes – Stores use private codes to target a specific group of people. Commonly provided to loyal customers for special shopping opportunities, such as first-time shoppers, private codes are a good way to bring in new customers.
Restricted codes – A code that is restricted is targeted to a single user and can only be used once. For instance, you might send a customer a restricted code as an apology for a delayed shipment or as a thank-you for making their 50th purchase with your site.

Most people don’t think of promo codes and ROI together, but we disagree. If you’re not using smart codes to track the Return on Investment of your marketing strategy, you’re missing a trick! The beauty of promotional codes is that you can fit so much information inside them. It’s easy to generate QR codes and barcodes which are uniquely linked to each individual customer, for example. And you can use that unique information, together with data from the point of sale, to see exactly how customers are interacting with your promotions. Set up your campaign so that customers receive different codes, depending on how and where they download the code. Let’s say one customer spots your promotion on Facebook and downloads a QR code to their smartphone to use in-store. Another user clicks a link on your website, gets the code by email, and types it in at the online check-out. Those two customers have received two different codes. By tracing which codes they use, you can link customer profiles to the download method and shopping styles they prefer. You can even track the time between receiving the code and applying it to a purchase.

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But it’s not just about the customer! Promotional codes bring a wealth of advantages to your brand’s marketing strategy. Here are just a few of the marketing objectives you can achieve: Increase online followers, raise brand awareness and brand loyalty, direct online users to your points of sale, on and offline, motivate users to engage with campaigns, surveys and subscriptions, collect customer information and qualify sales leads, measure ROI to inform your future marketing campaigns.

How Do Coupon Companies Make Money?

Coupon companies promote discounts from participating businesses directly to consumers, providing a valuable service for both groups. Businesses profit from working with coupon companies by boosting traffic in their stores and encouraging first-time visits. Consumers benefit from direct cost savings for goods and services in the market. However, coupon companies themselves have to make money to survive and grow. Some make money through direct sales, while others look to alternative sources to generate income from free giveaways.

Web-based coupon companies can make money through affiliate programs and relationships with other deal distributors. In an affiliate relationship, a large online retailer or coupon company pays another website to lead traffic to its own deals. Smaller coupon companies can list the deals of larger coupon distributors, sending their own traffic on to the larger company and receiving a commission on any resulting income.