Offering Coupons and Discounts
Utilizing coupons and discount codes for your LMS can be both a useful tool to entice potential customers and a headache to maintain.
The usage of coupons and discounts has been a marketing practice for decades. Major companies like Coca-Cola have used them for decades. You probably still get coupons from numerous establishments in the mail.
The statistics support the use of offering discounts to potential customers, but the question is do you need them for your learning management system?
Pros of Using Coupons and Discount Codes
The obvious pro to using coupons and discounts is to entice people who may be interested in purchasing your products. Offering an exclusive deal gives people an incentive to purchase a product sooner rather than later.
Some of the benefits to using coupons and discounts include:
- Attract new customers and increase revenue
- Re-engage current customers and build trust
- Differentiates you from the competition by offering something they don’t
- You can use the data from coupon offerings to further personalize your marketing efforts
Consider the Cons
A major problem with the online coupon industry is the sharing of coupon codes. Many of us have likely come across a website where users post their code for other people to (hopefully) use.
Some other cons of using coupons and discounts include:
- Lose traffic to your site from users leaving to search for a coupon code
- If users feel they are not getting the best deal, they will not buy right then, leading to a loss in sales
- It’s a time-consuming process with a learning curve
- Customers may become reliant on codes, reducing the value of your brand
Taking away coupons after you’ve been offering them can also backfire. JcPenny saw a 23% drop in sales in 2012 for getting rid of their coupon campaigns. If you plan to offer them, keep in mind your users will notice if you take them away.
Should You Use it for Your LMS?
If leveraged correctly, coupon and discount codes can be beneficial for your LearnDash site or other LMS.
It’s more about HOW you use coupon codes, rather than IF you should use them.