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How to potentially save thousands: The most important thing to do before launching with Promocodes

I can only hope that you are reading this BEFORE you launch because it might just save you some serious money and a serious mistake.

It’s time to talk about promos.

As you probably know, part of a successful product launch involves giving away units at a heavily discounted price (like a dollar) in order to do two things:

1: Get reviews coming in to help conversions

2: Spike your BSR, move up in the rankings and, drumroll, boost conversions

But there is one little thing that new sellers overlook time and time again that can end up costing them THOUSANDS.

Almost every day, someone from the AmazingSeller facebook group asks for help because their whole stock got wiped out just hours after incorrectly setting up thier promotions.

I have read 3 messages in the past 2 days alone of people that have lost upwards of 6 thousand dollars. Here's the kind of message I see all the time:

Read this article, watch the videa and don't let the same thing happen to you:

Three things you need to do to make sure you don’t get wiped out

1) Properly configure your codes (see video and detailed step by step points )

The key thing here is to expand the ‘Customize Messaging’ section and UNCHECK the ‘display page detail text’. This is EXTREMELY IMPORTANT as it makes the promotion private so that it doesn’t display publicly on your Amazon product page.

2) Sit on your promotions

What I mean by this, is set the time for when they go live to, say 9am, and monitor your stock levels to catch any potential problems as they come up. If you want to give away 20 units, monitor until you hit 20 and stop the promotion.

3) Always select money off, not a percentage

Always select a dollar (or pound) amount off, never the percentage.

That's it in short, and now, here are the full steps on how to configure this and how it will save your stock and wallet.

How to properly configure your promotions:

We are going to set up one-time use coupon. This let’s you create a limited number of one-time usage codes. I’m going to go ahead and link to a training video showing you how to set this up.

But before that, here are the step by step instructions (for those who prefer to read):

First, create your promotion.

Click Advertising > Manage Promotions

Click Create a Money Off promotion

Step 1: Conditions section, select:

Buyer Purchases at least this quantity of items: 1

Purchased Items (select the product list you created) And Gets Amount off (in $): (select your amount)

Applies to purchased items

Step 2: Scheduling section:

Start Date (enter your desired start date for the promotion)

End Date (enter your desired end date for the promotion)

Internal Description (whatever you want)

Tracking ID ( leave as is)

Step 3: Additional Options section:

Check the Claim Code box

Check the one redemption per customer box

Claim code (can leave or create your own)

Expand the “Customize Messaging” section and uncheck

Detail page display text

Review and save the promotion

The power of that one checkbox

If you don't uncheck this, your promotion will be visable to everyone! There are special websites that track Amazon promotions and blast e-mail bargin hunters the latest daily deals and, when they see your $1 sale, they go wild.

This is how people loose all their stock overnight or, sometimes, in the space of hours!

Next step, wait for your promotion to be approved

Once you have done all the steps listed, you have to wait for your promotion to be approved. In manage promotions, you can see which promos are active, pending and so on.

Set up the claim codes

After the promotion is set up that you go back to your existing promotions and choose to view it. It takes about 4 hours for promos to appear. Then, and only then, will you see the link to "Manage Claim codes".

So

1) Go to the Manage Claim Codes page.

2) Enter any name for the Group Name and the number of coupons you wish to create under ‘Quantity’.

3) Click Create.

4) Refresh the page to get an updated status. Once the Claim code is available, it will show as ‘Ready’.

5) Click download to get a zip file containing a text file with the single use Claim codes.

Here is a video showing the whole process:

By doing this and keeping an eye on your stock levels, you will be 99% safe against any of these randoms mishaps that come up so often.

I have heard of hackers finding out about discount codes, even when they are set to not display on your product page, so always be careful, even when you do things correctly.

Now launch your promo in safety!