Unveiling the Discount Code Report in Fairing’s Analytics Suite
At Fairing, we continually enhance our analytics tools to empower our merchants with deeper insights into their marketing strategies and sales performance. We're excited to announce a new addition to our suite of analytics tools: the Discount Code Report. This tool joins the Last Click Report as a core component of Fairing's Insights Tab, providing you with comprehensive insights right within Fairing.
Feature Overview
The Discount Code Report is designed to seamlessly integrate into your existing Fairing analytics setup, accessible via the Insights tab. This report ingests discount code utilization data from Shopify and enriches it with the post-purchase survey data available exclusively through Fairing. This integration allows for a nuanced analysis of how discount codes influence customer behavior and sales outcomes.
Accessible immediately to all Fairing customers, the Discount Code Report requires no additional setup or configuration. It's ready to use directly within your Insights tab, ensuring you can start benefiting from enhanced data analysis without delay.
Key Insights and Use Cases
The Discount Code Report offers valuable insights that can transform your approach to promotions:
- Mismatch Identification and Alerting: Detect when a discount code doesn't align with the intended marketing channel. This is crucial for identifying coupon code leakage—when your codes are found on platforms like Honey or RetailMeNot, which may lead to over-attribution towards certain channels.
- Channel Attribution Accuracy: Assess whether specific discount codes are being used within their designated channels, helping attribute sales accurately and recognize effective marketing efforts.
- Revenue Impact Analysis: Analyze how different discount codes contribute to revenue generation and average order value (AOV), providing a clearer picture of their effectiveness.
- Effectiveness of Discount Codes: Evaluate the impact of discount codes on increasing AOV and whether they justify the associated costs.
Guiding Questions for Analysis
As you delve into the data provided by the Discount Code Report, consider these guiding questions to enhance your understanding and strategic application:
- Does the discount code match the channel it was intended for (e.g., podcast-specific codes)?
- If there is a mismatch (e.g., a podcast code used by a consumer who found you through Facebook), should additional credit be given to the podcast, or is the code potentially compromised?
- Should action be taken to stop the use of a compromised coupon code, or adjust your attribution model for that channel?
- How often is a correctly matched discount code used, and is it a significant revenue driver within its channel?
- Are discounts differentiated enough from on-site offers to effectively track promotional influence?
- How do discount codes affect AOV by channel? Are they achieving their intended effect?
- What is the average discount code amount, and how does it vary across channels? Does this variation reflect channel effectiveness or a naturally higher AOV?
Conclusion
The Discount Code Report is more than just a data analysis tool; it is a strategic asset that can significantly enhance your understanding of how promotions influence customer behavior and sales. By leveraging this report alongside Fairing's comprehensive analytics suite, Shopify merchants can unlock new levels of insight into their business operations and drive growth more effectively.
