Make Sure To Track Those Discounts And Promotions
January 11, 2018
If your company uses discounts or promotions to entice people to purchase, it can often be challenging to track each discount- especially if you use many different discounts through the year.
Tracking each and every discount or promotion and their corresponding redemption rate is vital to knowing your marketing stats. Here are three reasons why you should be tracking every discount:
1) It tells you which discounts or promotions were effective. This will allow you to "fix" discounts that aren't receiving your targeted response, and to improve on your winners even more.
2) It tells you which ads or media were effective. For example, if you run a "20%" discount through different types of ads, by using unique tracking codes, you can tell quickly which ads or media was effective, and which ones failed (either because of demographics, timing, or reach.)
3) It tells you your total investment and return for a particular discount or promotion campaign. Say, for example, you invested $500 to run an ad for a 20% discount. Based on your response, you can tell how many new and repeat customers you received, the total revenue generated, and the total costs (ad expense plus discount) you invested to receive the revenue. These numbers are very important to gauge the success or failure of a campaign.
It's usually easy to set-up registers and websites to track and report data on redemption events. Make sure your employees are trained properly how to track this vital information.
Thank you for reading,
Cheers,
Chris
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