Springbot’s New Feature Lets You Track Revenue, Cost, & ROI of Promo Codes
Remember the new upcoming feature for promo codes we talked about? It’s here! We’ve officially launched Promo Codes so you can track the total revenue, orders generated, revenue lost, average order value, and return on investment for each of the promo codes you use. This means you won’t have to spend hours manually calculating these metrics for each promo code you use. Unless, of course, you’re into that sort of thing.
Traditionally, the only way to track promo codes was to create a separate coupon code for each person. And tracking what marketing actions generated revenue for each promo code? Forget it.
With the Springbot Promo Codes feature, you can see the overall revenue generated from each promo code, what marketing actions (email campaign, social post, etc) lead to a sale, the demographic data (age, gender, income, etc) of who used the promo code, and even a recap of all the products purchased with that promo code. How cool is that?
On the high-level, Promo Codes gives you the analytics for each promo code you’ve created, including:
- Total Revenue
- Orders Generated
- Cost to You
- Average Order Value
- Return on Investment
Once you get up and running with Promo Codes, use this data to answer questions like:
- Which marketing actions lead to the most coupon code conversions?
- Which products are most often purchased with each coupon code?
- What kinds of buyers are redeeming each coupon code?
Let’s say you have a clothing store, and you use the Promo Codes feature to determine that your recent free shipping email campaign resulted in the most coupon code redemptions for the code “FREESHIPPING2015”. You then see that the top products for that code are 2 dresses and a necklace from your new arrivals, and the top demographics for the code are females ages 25-34 who have never purchased from you before.
Using this data, you could maximize the performance of your promo code by running another email campaign that features the two dresses and the necklace and send it to a custom segmentation of women ages 25-34 from your email newsletter subscriber who have never purchased from you before.