Scott Gerber is the founder of Young Entrepreneur Council, a non-profit that promotes youth entrepreneurship. The YEC recenty launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs grow businesses via live video chats.
The online coupon seems like a simple, straightforward way to increase conversions, but that's not necessarily the case. Rock-bottom discounts (see: Groupon) can actually have a negative effect on a booming web business.
Instead of using coupon codes to spur sales at checkout, savvy business owners are finding ways to leverage discounts to track customers, build affiliate relationships and more.
A panel of successful young entrepreneurs shares the strategies that are actually working. Here's what they had to say.
1. Retargeting and Cart Abandonment Strategies
2. Distribute Through Partners
3. Track and Measure ROI
4. Reward Loyal Facebook Fans
5. Track Revenue Sources at Events
6. Encourage Action
7. Customize and Learn
8. Use Coupon Codes in a Crowded Market
9. Discount Coupon Codes Close Sales
10. Ask and Ye Shall Receive
11. Perform Acts of Kindness
12. Consider Customer Acquisition Cost
13. Collaborate With Affiliates
Thumbnail photo courtesy of Flickr, jridgewayphotography
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