A unique coupon code is a singular, one-time-use promotional code created for a particular customer or transaction. In comparison with generic coupon codes, which get into the hands of more than one customer, unique coupon codes are created for one-time usage and, in most cases, only one customer uses it for a particular purchase or promotion.
Some advantages that unique coupon codes provide to businesses include:
- Personalized: It's possible to tailor unique codes according to an individual customer's preference, behavior, or loyalty level and status, thereby providing a more personalized and targeted promotional experience.
- Tracking and attribution: Unique codes help businesses to track and attribute specific transactions or customers to specific marketing campaigns, channels, or partners. It gives insights into the effectiveness and return on investment from their promotion.
- Prevention of fraud: a unique code could help in the prevention of the fraudulent use of a coupon through sharing, duplication, or resale of a generic code by constraining each use of a code to a unique instance or customer.
- Inventory and budget control: Unique codes permit businesses to more closely monitor the dissemination and redemption of their promotions, with which they are able to level off the inventory and promotional budgets.
The following are the different tools and strategies that businesses can use for coupon code generation and management of unique coupon codes:
- Coupon management software, such as Voucherify or Talon.One, automates the creation, distribution, and tracking of unique codes based on predefined rules and set parameters.
- CRM/Marketing Automation: Existing CRM/Marketing Automation systems can be integrated with the addition of unique code generation for personal and targeted promotions based on customer data and customer behavior.
- Partnership or affiliate marketing: The tracking of unique codes to attribute and help a sale or lead to a partner, affiliate, or influencer, thus doing performance-based commissions or rewards.
Unique coupon codes give businesses the ability to do more targeted, measurable, and secure promotional campaigns, thus driving customers toward engagement, loyalty, and revenue.