Use Event Rental Software To Offer, Manage, and Track Coupons and Discount Codes

In 2020, it was found in a Nielsen survey that 88% of consumers used a coupon or discount code within the past year. How many times have you gone online to buy a product or service? It may be very rare that you may not have Googled around while doing online shopping, especially if you were trying to find some sort of deal that would save you money.

Now that COVID-19 restrictions have been fully lifted, more and more people are planning, hosting, and attending events. Some are finally carrying out their celebration that was planned for 2020 or 2021 but was postponed due to the pandemic and some are celebrating literally any occasion just because they now can. 

It’s now more imperative than ever for event rental companies to offer a decent deal or discount to their customers. The point is not to lower your standard pricing, but rather introduce offers designed to attract prospective clients by having the option of using coupon codes and special deals on your site.

In a very competitive industry like event rental services, it’s crucial to offer customers great value: make sure they feel that they are getting their money’s worth. Dynamic pricing makes sure you charge the right amount for your products and helps you tap into new markets without any fear of losing existing ones. You should focus on communicating the different values you provide to your potential clients. Once this message is clearly communicated to them, charging different prices for similar services or products should not be such a big issue.

It may be hard for event rental companies to figure out how to balance the actual value of products relative to the perceived rental value. It is important for you to charge as much as you can for your rentals so that you cover both costs and profit margins, but if clients feel like they’re getting a steal from you, they will feel even more inclined to rent from you again! If they do decide they want their next event to have the same rentals or similar ones, let them know that you won’t drop prices but instead find a way to give them a discount. Nothing makes prospective customers happier than feeling respected by an honest seller!

You might not realize it, but you could be damaging your own ability to generate high sales if you don’t demonstrate your pricing strategy correctly. For some event rental companies on the smaller side, potential clients may become more inclined to work with larger businesses in their area who are more well established than you without thinking about the alternatives. This would therefore put you at a disadvantage because your small business starts out with a lower optimum price threshold than other firms which could spell disaster for your money-making strategy.


What to consider before providing discounts

Before you discount prices so that they’re lower than other folks in the industry, make sure you have an understanding of not only what is going on within your local market, but also with your direct competition so that you can be fairly confident customers will see your business as offering them a good value for money.

Discounts can be great for sales. They’ll build up the image of your store in the public’s minds that ‘you are the store with the best deals. It could potentially lower your prices or increase amounts bought because of discounts. It is also a good way to attract new customers, but make sure you don’t go overboard with them because it will work against you in the long run when people no longer feel like renting at full price from you and are always expecting a discount.


Managing discounts and coupon codes 

In order to create the proper strategy for marketing, you must know the needs of all of your different categories of clients on a deeper level. You’ll then know what kind of incentive they may be interested in. For example, if it’s a newly engaged couple renting out your event rental equipment for an engagement party in their home, you may want to offer them a discount on another service or product for a later date so that they will continue renting from you for their upcoming events, such as their bridal shower, wedding ceremony and reception, and so on. 

A great way to provide a discount and attract new clients to your event rental company is by offering incentives or conveniences, such as a wait staff as a service for your event. Offering a discount will entice engaged couples planning their wedding reception to book more inventory items through your company, then utilize the wait staff at their cocktail hour since you’ll be handling that for them anyway. Your goal is to fill up the venue with as many rented items as possible, so if you can convince them to get more things from you, it’s really a win-win situation!


Using event rental software to create and use coupons and discount codes

You can create coupon codes within Rentopian which will allow clients to receive discounts based on certain parameters. You can decide on the amount of the discount or which percentage is applicable, as well as if you’d like to restrict coupon codes to a particular date range or limit how many times they can be used. The fields below provide more information on these settings:

  • Discount value: The numerical discount amount applied to the customer order.
  • Unit: The discount unit. Choose whether the unit will be a percentage of the total amount due or a fixed dollar amount per order.
  • Location: If your company has multiple locations, you will be able to determine where to apply your special offers.
  • Total quantity available:  The number of coupons that can be claimed before the promotion expires.
  • 1 Per Client/Unlimited Use: Defines whether the customer can use the coupon only once when they place an order, or if they can use it multiple times.
  • Start date: Start date of the promotion. The coupons created will be valid starting from the date specified here.
  • End date: The promotion will end on {{coupon_end_date}}. After this date, the coupon will become invalid.
  • No expiration date: The coupon never expires unless you choose to deactivate it.

Track and analyze using event rental software

Discounts might seem like a good way to get your audience to notice you and potentially drive sales, but with so many websites and businesses offering discounts these days, it can be difficult for businesses to stand out from the crowd. It’s key to move away from this approach. Carefully thought-out discounts based on what you know about your target customers will help your business stand out far more. Once you understand who your audience really is, marketing directly to them and creating offers they are going to be interested in is essential!

It’s important to see how your offers are making an impact on your bottom line, so that you aren’t over-discounting and ending up in the red. Many offer discount codes these days, and it can be tempting promote this. But if you are offering them too frequently or without proper notice to potential clients, then you might as well not have done it at all! These coupons give businesses a leg up when it comes to customer acquisition, but only if they are used with intention and forethought.

Using Rentopian Event Rental Software, you can find out just how many people are actually taking advantage of your company’s coupons and discounts. The Report Coupon Usage tool gives you the ability to pinpoint which days and times your discount rates were used the most by customers.

When to offer coupons and discount codes

If you find that business is off a bit one month, consider implementing some last-minute promotional discounts across all of your social media networks. A strategy such as this can benefit both you and the customer by increasing their awareness of the offer while simultaneously providing some flexibility when they may need it most, like if they’re planning a last-minute dinner party and don’t have enough dishes, utensils, or even chairs for that many people.

Special promotions and special offers are a great way to help fill up your schedule during the months when there isn’t as high demand. Seasonal/holiday promotions and special offers give your customers something to look forward to, as well as chances for them to come back even more often! Why not offer a special 10% discount for all grads on graduation day? Or even better, a 15% discount on all orders placed during an off-season when there isn’t much demand? This could increase conversions or repeat bookings and bring in new ones for the less busy times!

Final Thoughts

Discounts or coupons are a great way to tell people about your event rental products and increase your orders. To help spread the word about your inventory and services, you may take advantage of promotional discounts. However, it’s also a good idea to keep track of how exactly these promotions are affecting your business’s financial health. Rentopian gives you a stress-free way to manage any challenges involving discounting and coupon codes for your event rental business needs. Please contact us for a free trial account to experience this powerful tool that can help you manage and grow your event rental business!