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4 Common Mistakes to Avoid While Offering Coupon Codes

4 Common Mistakes to Avoid While Offering Coupon Codes

The coupon codes are an excellent tool for the business, and that is why almost every company is using them. Promo codes for shopping help in bringing new customers and make them loyal. But it is important to use these coupons carefully because if you use this tool, incorrectly it can cost you a lot. It can set back your business, and you could lose some serious money. That is why is essential that you consider the advantages and disadvantages of these coupons before you using them.

Some mistakes are pretty standard. It is important to avoid then if you want to benefit from these coupons. Here are some of the common mistakes that you should avoid at all costs while creating the coupon codes.

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1. Unable to Comprehend the Cost of Customer Acquisition

Customer acquisition is a concept that is pretty fundamental. It is also the principle that drives the campaigns for coupons. It is the cost of the amount of money that you will require to spend to gain the customers. It is important that you think carefully about the CAC that is suitable for the business. The finances of the company are an important deciding factor in determining the CAC. You should be careful and avoid setting the price that is too high because it will harm the financial condition of the company. If the price is too high, then it is like paying too much for advertisement. It is important to crunch the numbers carefully. You should also understand what are going to gain and what you may lose. Know the price of offering coupons before you make the offer.

2. Offering A Steep Discount

Before providing a discount, it is essential that you do careful calculations. Always provide a percentage of premium that is going to work out well for the finances of the company. You should take your time and analyse the financial condition of the firm before deciding on a discount. If you set a large cut, it will help in bringing a lot of customers even the ones who do not usually shop at your place. But a significant discount can end up putting strain unnecessary strain on the logistics and shipping. It will also put extra pressure on the sales team and it will affect their performance. To make sure that the work of the team stays efficient and the finances of the firm are not strained you need to set the discount percentage carefully.

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3. Offering Unlimited Discount

If you are looking forward to offering discounts that are store-wide, then it is important that you offer it to a limited number of users. If you do not take this precaution, then the shoppers can end up taking too much advantage of the sale and buy more products than you have anticipated. If it happens then it can result in high sales but small revenue which is not good for the business at all.

Giving too much discount will also result in emptying your inventory. If this happens, it will set back the firm. If you are designing the coupon campaign to get rid of older stock, then it is possible that unlimited discount will lead you to order more of the old stock. It will not be beneficial for your business. It will just end up costing you more money than you initially estimated.

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4. Not Offering a Good Enough Discount

Most of the time the mistake is made by providing too much to gain customers, but it is possible that you are guilty of not providing enough. You may lose clientele because you fail to provide the best deals. You do not lose much if your coupon deal is not the best one out there, but it can cause your customers to switch to other places with better deals so it is better to come up with good deals. You can experiment with different deals and determine which one is best for you. It may take some time but in the end, it will be worth all the effort as it will increase the sales and bring in more profit.

By keeping these common mistakes in mind while planning coupon deals and discounts, you can come up with the best offers.

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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