What’s the Difference Between Discounts and Promo Codes?
In a world with so many cool things to buy and so many amazing things to do, it is only natural to want to save as much as you can. However, the cost of daily life tends to come in the way, and things get even more challenging when you start a family.
But even though you won’t get to take that trip to Hawaii you’ve been dreaming about, saving is still a very powerful concept in your life. So why not try to understand the mechanisms behind marketing techniques that could help you save more this year?
Yes, everything you see in stores and online, the sales, discount, coupons, and promo codes, they are all marketing strategies. Their purpose is fourfold, as they are designed to:
- Attract your attention as a customer;
- Promote the brand and gain awareness;
- Increase the edge over competitors;
- Convince customers to buy when on the fence.
While to the untrained eye, all these techniques look similar, they have different targets and purposes. So, let’s have a look at how discounts and promo codes work (since these are more popular nowadays) and how you can benefit using them.
What are Discounts?
The standard definition is a reduced price offered by a company on one or more services or products. In general, discounts and sales are similar, only that they come in a wide range of shapes.
First, you have the standard “x% off” offer, that tells customers that the product(s) or service(s) has a discounted price. With this offer, they don’t have to buy any extra products or get to a certain amount in order to use it; they just buy the discounted product or service.
Next, we have the “x% off for the second or third similar product you buy”. This tends to be used when the retailer is trying to get rid of the old stock of merchandise. So, if you buy three or four similar products, you get to pay a discounted price.
Another type of discount is the one applied around holidays. For instance, a chain of restaurants may slash their prices around Christmas to get more people in. This way, they make sure they are fully booked during a time when people tend to spend more.
The list could go on, but the basic idea is that a discount is easy to spot in the colorful world of retail, and it can help you save if you know how to use this advantage.
What are Promo Codes?
These are just another type of discounts but designed for the online world. They are a series of characters (usually letters and numbers) and you can find them on Instagram accounts (mostly promoted by influencers), blogs, or specialized sites (such as a Nolah mattress discount)
The promo code is very much like the coupon you clip from a magazine, but instead of using it at the cash register, you use it during the online checkout process. But unlike traditional coupons which tend to be used for groceries and low-cost products, promo codes can be applied to all sorts of things (depending on the campaign). This way, you can benefit from discounts on electronics, jewelry, or even vacations which is the reason why people value them more.
Overall, both discounts and promo codes can be used to save money or get a product you really want but can’t afford to pay full price. Furthermore, you can combine a promo code with a sale, and get even a better deal!
So, keep your eyes open and try to stay up to date with the latest discounts and promo codes!