Remembear promo code code#

So what needs to be calculated is the incremental benefit Cool Widgets should expect as a result of offering a promo code.įirst, if Cool Widgets did not offer any discount on Black Friday, it can expect to make $7,500 in gross profit on Black Friday. But let’s say that conversion does increase as the discount offered increases. While that is a reasonable assumption, there will likely be a point where, despite increasing the discount rate, the conversion rate will stabilize. It is considering offering a straight discount across all products, and it assumes the conversion rate will increase as the discount increases.

Sample Promo Code CalculationĪssume a company, Cool Widgets, sells gadgets on its website, which has the following key metrics.īased on its marketing efforts, Cool Widgets expects to receive 20 percent of its monthly traffic on Black Friday. You will need access to your analytics data to adapt this calculation to your situation. These three goals can be boiled down to the same promo code calculation with a few variations.

Acquiring new customers while not losing money.

Three common goals of ecommerce merchants are: Some might want to obtain a certain gross profit while others might want to drive awareness. Not all businesses will have the same goals for the holidays. And when they hesitate, they might leave your site without purchasing. This means it should have minimal restrictions on date, product type, locations, and other factors. Similarly $20 off all orders over $100 is easy to calculate.įinally, the easier the promo code is to apply, the more it will be used and the more transactions you will have. For example, 10 percent off is much easier to compute than 14 percent off. The promo code discount should be easy to calculate by using round numbers. Make it easy on the shoppers, not on you. For example “Thanksgiving2015” or “BlackFriday2015” are easy to remember. An easy-to-remember promo code uses everyday words. What Is a Good Promo Code?Ī good promo code is one that helps a site’s shoppers as well as the business itself.Ī promo code should be attractive to shoppers. There are three rules to remember to accomplish this.

In this post, I’ll address how to create an effective promo code.

It needs to be designed to drive maximum benefit to your business. Creating a promo code isn’t as simple as sticking a 10 percent off label on everything. If designed right, a promo code can offer the discounts shoppers seek, and help merchants increase sales and profits. Shoppers will be looking for discounts on holiday items in the next few weeks.

Remembear promo code code#