Top 5 Ways to Track ROI of Your Digital Coupons

One of the reasons marketers stay awake all night is to determine ROI. With ROI, business owners can determine whether their methods of outreach are yielding the desired results. It is not easy to track ROI.

Data collected can be inaccurate when customers aren’t conscious of your ad campaign. Customers who aren’t aware of the marketing efforts that attracted them to your products may provide survey answers to do with modes of marketing you don’t even use. Another challenge to tracking ROI is the modes of marketing that lack associated metrics. It thus becomes impossible to collect data in any other way, except consumer surveys.

Enter Digital Coupons

Promo codes are great because they offer digital inbound marketing. They also create a direct link between customer conversion and a particular marketing campaign. You can track anyone engaging with your company by using digital coupons. Plus, thanks to websites like Raise it has never been easier for customers to find coupons for popular stores like Home Depot for example, so do not be afraid to use coupons and other promotional strategies to drive sales.

The calculation of ROI is essential for online store owners who want to figure out coupon investment returns. There are various ways to track digital coupons’ ROI.  Here are the best five:

1. Customer Information

Before you offer customers promo codes, ensure to ask for essential details. It will help you to see who makes use of your coupon. You can thus estimate the ROI of your coupon codes by observing the number of customers who responded to your strategy.

2. Exclusive Coupons

If you have many marketing channels, providing exclusive coupons to specific channels is another effective way of tracking the ROI. It will enable you to split test your marketing strategy. When a product has a promo code in one site and none in another, you can quickly determine the effectiveness of your promo codes.

3. Tracking codes

Making use of coupons with tracking codes is another effective strategy of tracking ROI. The system enables you to identify individual buying habits of your customers. This way, you will determine how efficient your promo codes are, and consequently the returns on investments.

4. Coupon Software

There are software that can do all the ROI tracking for you. These systems will calculate the number of distributed promotions, coupon views, the number of people who redeemed your coupons, and how much your promo codes cost the business. After coming up with all the figures, the system will determine the average checkout total.

5. Compare Sales

It is one of the simplest ways of tracking the ROI of promo codes. All you have to do is to compare product sales before and after using coupon codes. Once you have the figures, minus the gains from the costs and divide the answer you get by the coupon expenses of your business. The final value is the ROI of your coupon codes.

With positive ROI figures, coupons can increase sales and broaden your customer base. Even so, the promo code strategy requires the right timing. This way, you will be able to get customers who only need an extra push towards purchasing your product. Track your digital coupons ROI using any of the above fool-proof methods.