The virtual negotiator tool in an email marketing web tool which allows you to automatically haggle with your customers by offering coupons. This is a type of market-based price setting, where the price is set based on what customers are willing to pay.
The tool’s purpose is to improve ecommerce conversions. To initiate a virtual negotiation campaign, slightly raise the price of the product to the maximum amount people are likely to pay. The product is accompanied by a button offering a coupon. Clicking it brings up a lead box that asks for an email address.
When a coupon is requested, an automated email is sent offering a small discount. If that person uses the coupon code, the campaign ends. If not, a second email goes out the next day, offering a larger discount. If they still don’t buy, you can then send a third email offering an even larger discount.
The tool widens the range of customers willing to by a product, leading to higher conversion rates and better return on investment.
Virtual negotiator tools draw on four integrated resources:
- Ecommerce platform
- Automated email marketing
- Tracking URLs
- Coupon Codes
All four must share data to work together successfully as a virtual negotiation. A point solution email provider alone has no way to know if the coupon actually resulted in a purchase, and therefore cannot work in a virtual negotiator campaign.
AllProWebTools invented the Virtual Negotiator Tool to help our customers get more first-time buyers, and to get repeat buyers to try a new product.
Most email marketing systems can track how many people open an email, and even how many people click a link to your website. But they can’t tell you if a purchase was made, or how much money you made from that purchase.
Because our email marketing tool is integrated with our ecommerce tools, tracking URLs, and coupon codes, this kind of advanced campaign is possible.