7 Coupon Code Ideas for Increasing Sales in 2024

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You’re probably not Nigerian enough if you don’t know that one of the fastest ways to get Nigerian customers to come to you is by running a sale.

Okay, but let’s not drag Nigerians too much. Truthfully, it’s not just us. All over the world, online shoppers love sales, discounts and coupons. And there’s just a simple reason why; it makes their purchases cheaper! The idea of a reduced price feels like a steal to shoppers, and for that reason alone, it’s almost too tempting for them to refuse.

That’s why in 2024, you can use coupon code marketing to increase sales, bring more customers to your business and lastly, increase the reach of your brand.

In this article, we’re going to cover 7 epic coupon code ideas for increasing sales in 2024. The best part about these ideas? They always work!

Why Coupon Codes & Discounts are Beneficial for Your Business

I once bought two bottles of the same cream (I didn’t need two bottles at the time!) because the vendor offered the two at a slightly reduced price.

That is the power of discounts.

As a business owner, you’re probably already thinking about why you should be giving away coupons. I mean, you’re thinking it’ll probably cost you money. It might, but if you use them right, there are multiple business strategies for creating coupons without hurting your profit.

But what are the benefits? There are tons, but we’ll list these few to start with.

1. Attracting New Customers: Offering a discount is a great way to get the interest of potential customers who may have been hesitant to try your products or services at full price. You’re giving them an incentive and because your product is great, they’ll come back and won’t mind buying at a full price the next time.

2. Increasing Sales Volume: A discount has the power to make a customer buy more, or make a larger purchase. See the example above. Why? Because when customers perceive that they are getting a good deal, they are more likely to take advantage of the offer and increase their spending.

3. Clearing Inventory or Seasonal Items: If you have excess inventory or seasonal items that need to be moved, offering discounts can help you clear out those products faster. This allows you to free up space for new inventory and maintain a fresh and updated product selection.

4. Building Customer Loyalty: Discounts can be used strategically to reward and retain loyal customers and show your appreciation for their continued support. This fosters a stronger connection between your brand and your customers, increasing the likelihood of repeat purchases and long-term loyalty.

5. Generating Word-of-mouth Marketing: When customers perceive that they are getting a great deal, they are more likely to share their positive experiences with friends and family. This can lead to new customers coming to your business based on recommendations, which can be a cost-effective way of acquiring new customers.

Sales Starter Kit: Best Tips on Running Discount Sales for Your Business Online

7 Coupon Ideas for Increasing Sales

So now? What are coupon codes?

Coupon codes, also known as promo codes or discount codes, are alphanumeric combinations or phrases that customers can enter during the checkout process to receive special offers or discounts on their purchases. These codes can offer discounts such as a percentage or fixed amount off of the purchase, free shipping, or additional free products/services. Customers input the code during checkout, and the discount is applied, resulting in savings or added perks.

How can coupon codes help you increase sales? Let’s talk about 7 ideas!

1. The Welcome Offer

Imagine if, for some time, a customer who comes into your DM to inquire about price is told that they have a coupon code to reduce the price if they purchased at that moment.

Start on the right foot with a warm welcome to new customers by offering them a special discount or free shipping on their first purchase. Create a coupon code exclusively for first-time buyers to encourage them to become loyal customers.

2. The Referral Bonus

Customers are always happy to recommend a business they trust will treat their friends well, but they’re even happier and more excited to do it if you give them something back in return.

Harness the power of word-of-mouth marketing by rewarding customers for referring their friends and family. Give them a unique coupon code that provides incentives for both the referrer and the referred customer, such as discounts on future purchases or exclusive perks.

3. The Social Media Exclusive

Social commerce is at its peak right now; businesses are making sales every single day on social media. It is only natural to expand your reach on different social media platforms and reach more potential customers.

Do this by creating exclusive coupon codes for your followers. Encourage them to engage with your brand by liking, sharing, or commenting on your posts in exchange for special discounts or limited-time offers. This will increase engagement on your posts and spread the news about your brand.

Related: 20 Hacks to Increase your Business Social Media Followers (& Make More Money!)

4. The Limited-Time Flash Sale

FOMO (Fear of Missing Out) is one of the best marketing techniques because you give your customers the impression that they’d be missing out on a sweet offer that won’t come back around again for a while if they don’t take the opportunity at that moment.

Create a sense of urgency and excitement with limited-time flash sales. Offer substantial discounts using time-limited coupon codes, generating a buzz and encouraging customers to make quick purchasing decisions.

5. The Seasonal Surprise

Holidays and events are such a great time to sell!

Embrace the spirit of seasons and holidays by offering themed coupon codes. Create discounts or promotions that align with specific events, such as Valentine's Day, Ramadan, Back-to-School, Christmas or New Year. These seasonally relevant coupon codes generate excitement and encourage customers to make purchases.

Related: 8 Practical Valentine’s Day Marketing Tips for Small Businesses

6. The Order Threshold Bonus

Sometimes, you see people telling their customers that they’d get a discount if they purchase up to a certain amount, say, 50,000. That’s what this is!

Encourage customers to spend more by setting an order threshold for a special bonus. For example, provide a gift or additional discount if they reach a certain spending threshold. This strategy drives customers to add more items to their carts, increasing their overall purchase value.

7. The Post-Purchase Incentive

If you want your customers to come back again after making a purchase, then this is a neat trick!

Encourage repeat purchases and foster customer loyalty by offering coupon codes as post-purchase incentives. Provide discounts for their next order, free shipping, or exclusive access to new products or collections.

How to Create a Coupon Code by Using Your Bumpa App

Creating coupons that you can easily track, without having to do the hard math of calculating the exact discount to add, is an important part of running a successful sale. With the Bumpa app, you can create coupon codes and even discount codes (if you prefer), track your sales, see exactly how much you’ve spent on discounts, and see how many new customers you’ve gotten throughout your sales campaign.

To create a coupon code on the Bumpa app:

1. Go to “More” in the menu tab at the bottom of the screen.

2. Select “Discounts & Coupons”.

3. Select ‘Coupon’ and click on the + button to create a new coupon.

4. Fill in the necessary information.

5. Click on Create Coupon Code.

Once you’ve done this, you can start sharing your coupon with your customers! You can also take advantage of the campaigns feature on the Bumpa app, and share your coupon via email or SMS with your customers.

Download the Bumpa app to get started!

Conclusion

Utilising coupon codes can be a game-changer for your business in 2024, especially if you’re aiming to boost sales. With the ideas above, you have the tools to attract new customers, foster loyalty and drive growth. So get creative, experiment and watch your sales soar!

Happy selling.

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