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How coupon-based tracking provide brands with deeper consumer insights?

Blog Boostiny Our online journal

Coupon marketing has proven to be a very effective tool to capture the imagination of the newer and the existing customers. As a result, many brands have been using coupons efficiently to drive sales and enhance customer engagements at the store level or in the online shopping world. Furthermore, coupon marketing reaches its peak during marquee shopping festivals such as Black Friday or the holiday shopping season.

Brands have to make a lot of efforts and investments to implement a successful coupon marketing strategy. However, unlike other marketing tools, tracking a coupon marketing campaign’s success is more manageable and gives the brands a clearer picture of its performance. Therefore, brands have started to track coupons to understand the performance of their advertising spending and the return on investment. Let us look at the various benefits of coupon-based tracking and how is it benefitting brands at large.

Various research reports have found that many companies that engage in influencer marketing campaigns do not track the RoI of the activity. This is because some of them find it too tedious to understand the actual value the influencer marketing campaign has generated. But if the brands provide the influencers with a coupon code that they can share with their followers to promote a product, marketers can easily track the campaign’s impact. For example, how many shoppers used the unique code to buy products can easily be tracked. This helps the companies to design their future campaigns more efficiently to drive better results.

The other significant benefit of using coupons, apart from tracking the numbers of codes redeemed, the marketers can have insights and data like the average order value of shoppers when they used the promotion. In addition, brands will have insights like whether the consumer purchased any other products apart from the ones on which the coupon was available. For example, on a voucher with the discount value of $5, did the average bill value go up significantly, or was the response lukewarm? These are the questions that the marketers have answers to when they plan an effective coupon marketing strategy and track it efficiently to help the business grow.

For e-commerce companies, insights like whether the shopper with coupon code shops at first instance or spend more time on their websites than the consumers without promotion is available to make an informed decision. In addition, marketers can check which distribution channel is creating maximum engagement for their brand, be it e-mails, SMS, pop-ups, or social media influencers.

Armed with so much data, brands can go back to their drawing boards and start strategizing new coupon marketing strategies that will enhance their campaigns’ efficacy. E-commerce marketing platform Boostiny’s coupon tracking system allows brands to track and measure the performance of their advertising spends based on actual sales through coupon redemption. In addition, Boostiny’s technology helps brands avoid the complexities and possible issues with the last-click attribution tracking.

As more and more companies have started to rely extensively on coupon marketing, a newer and creative way emerges on how brands use the data to extract the most out of their campaigns every now and then.