{"id":3835,"date":"2024-05-30T11:15:58","date_gmt":"2024-05-30T05:45:58","guid":{"rendered":"https:\/\/www.enactsoft.com\/resources\/?post_type=docs&p=3835"},"modified":"2024-05-30T11:15:58","modified_gmt":"2024-05-30T05:45:58","password":"","slug":"paypal-honey-marketing-strategies","status":"publish","type":"docs","link":"https:\/\/www.enactsoft.com\/resources\/paypal-honey-marketing-strategies\/","title":{"rendered":"Paypal Honey Marketing Strategies | Apply Them to Your Cashback Site"},"content":{"rendered":"\n
\"Paypal<\/figure>\n\n\n\n

Its 2012, the world was just recovering from a 2008 economic crisis. Inflation was high, the cost of living was increasing and consumers were tightening their budgets. They were constantly looking for ways to save money, online.<\/p>\n\n\n\n

There were many coupon platforms back then. But on most platforms, you had to go to the coupon site, search for the brand, and look for the coupons. People were getting it, but it wasn\u2019t the most efficient way to do it.<\/p>\n\n\n\n

That is when the Honey browser extension came in. It changed how people find coupons while shopping online and compare product prices. Here are some numbers to show where it stands today.<\/p>\n\n\n\n

> 17 Million monthly active users<\/p>\n\n\n\n

> 30,000+ brand collaborations<\/p>\n\n\n\n

> $100 Million+ in revenue<\/p>\n\n\n\n

> 17.9% average discount<\/p>\n\n\n\n

> $126 average saving per user<\/p>\n\n\n\n

Amazing, isn\u2019t it? For just a browser extension, it’s a big number, right?<\/strong><\/p>\n\n\n\n

So, how do they do it?<\/p>\n\n\n\n

In this article, we will discuss what made Honey( Now Paypal Honey) unique and what marketing strategies Honey uses to acquire customers.\u00a0<\/p>\n\n\n\n

So, let’s start with the beginning.\u00a0\u00a0<\/p>\n\n\n\n\n

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Get Your Cashback Website Today!<\/h2>\n\n\n\n

Whether you are a startup or rapidly growing business get the cashback solutions in few clicks.<\/p>\n<\/div><\/div>\n\n\n\n

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The Beginning<\/strong><\/h2>\n\n\n\n

Honey was founded by Ryan Hudson<\/strong> and George Ruan <\/strong>in 2012. They developed an extension to automatically find the best coupons without having to go back and forth on the coupon platform. It offered customers the convenience to shop online and get discounts.<\/p>\n\n\n\n

They had a bumpy yet amazing start. The company was still building the Honey extension and it was leaked on Reddit by one of its testers.<\/p>\n\n\n\n

It gave the company a boost, and by the end of 2014, over 1 million users were already using it. Since then, PayPal Honey started to raise $40.8 Million from VCs<\/strong> till 2018 before getting acquired by PayPal.<\/p>\n\n\n\n

They started leveraging digital marketing for growth. Paypal Honey’s marketing team invested heavily in podcasts and YouTube. Honey founders and marketing team have appeared in more than 100+ podcasts and 400+ YouTube channels. They strategically targeted niches like gaming, lifestyle, and entertainment, which perfectly aligned with their target audience.\u00a0<\/p>\n\n\n\n

This growth caught the eyes of PayPal. PayPal acquired Honey in 2020 for a whopping $4 Billion dollars. And it has been a great move for PayPal. They started promoting Honey to their users and according to CEO Dan Schulman, PayPal users have saved over $100 million dollars using Honey.<\/p>\n\n\n\n

You must be thinking is that it, that\u2019s the story of PayPal Honey\u2019s growth? Well, NO!<\/p>\n\n\n\n

There is so much more to it. That was just the tip of the iceberg. It launched some of the unique features and implemented marketing strategies to acquire customers. Let’s take a look at what made PayPal Honey unique and what are the marketing strategy it implemented.<\/p>\n\n\n\n

\ud83d\udc49 What makes PayPal’s Honey unique from other coupon platforms? <\/strong><\/h2>\n\n\n\n

Browser extension is one thing that makes them unique. But it’s not that that other coupon platforms didn\u2019t have that. PayPal Honey used this extension to offer customers more than just a coupon, they offered some amazing features to help customers save more money while shopping online. Here is a list of them.<\/p>\n\n\n\n

\u27a3Automatic coupon application<\/strong><\/p>\n\n\n\n

You will find yourself looking for coupons to save some bucks. But it’s a complicated process, you have to find coupons and test them; some of them work and some of them don\u2019t. So what Honey did is, they used technology to find coupons online and automatically apply the ones that offer the best discount rates. Honey automatically finds the best coupons specific to the product to save you money. <\/p>\n\n\n\n

\u27a3 Price History Tool<\/strong><\/p>\n\n\n\n

Looking at the price history is very important. Sometimes during the festive season, the prices go up and you end up spending more than you should. Honey added this feature to help you understand what is the best time to buy a product. So you can plan your budget accordingly.<\/p>\n\n\n\n

\u27a3Droplist Feature<\/strong><\/p>\n\n\n\n

It is one of the most amazing features when you are buying something you want and not something you need. You can just add items to the droplist and add a budget. Honey will automatically track the prices of these droplist items and alert you when the price drops to your desired price level. You get an email for a price drop and you can simply make a purchase from the link.<\/p>\n\n\n\n

\u27a3 Honey Gold rewards<\/strong><\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Honey Gold rewards<\/a> are like a cherry on the cake. You can earn gold reward coins on eligible purchases. This is over and above the discount that you get. You can use these gold reward coins to buy gift cards.

\u27a3<\/strong> Amazon’s best price<\/strong><\/p>\n\n\n\n

Amazon has many sellers selling the same product. So, it is hard to compare each and every seller. The honey extension will show you if a product is available at a lower price from other sellers. It will consider the factors like shipping cost and prime eligibility to give you the best price.<\/p>\n\n\n\n

\u27a3 Not limited to shopping<\/strong><\/p>\n\n\n\n

Honey browser extension is not limited to shopping online. You can order a pizza or book a flight and honey extension will automatically find coupons to help you save money.<\/p>\n\n\n\n

\u27a3 Honey smart shopping assistant<\/strong><\/p>\n\n\n\n

Honey moves beyond just the extension. You can use its smart shopping assistant on mobile app to earn rewards and save money online.<\/p>\n\n\n\n

\ud83d\udc49 Marketing strategies of PayPal Honey<\/strong><\/h2>\n\n\n\n

Honey instantly became popular when a tester leaked it on Reddit. But that wasn\u2019t it. Honey had built features that no other extension was offering in one place. So, it was time to go to the market and let people know about it. Here\u2019s how they did it.<\/p>\n\n\n\n

\u27a3<\/strong> Referral program<\/strong><\/p>\n\n\n\n

Remember, Honey already had over 1 Million users in just two years of launch. They leveraged it. They inspired users to share Honey extension with their friends, family, and colleagues. They offered some rewards back then. But now after PayPal acquired Honey, they are offering 500 PayPal coins, which converts to $5. You can check the PayPal Honey Referral program here.<\/p>\n\n\n\n

\u27a3 Partnerships with retailers<\/strong><\/p>\n\n\n\n

Today, Honey has over 30,000 partners in a variety of niches in food, shopping, and travel. It attracted a lot of users since they could find coupons for everything they needed. This, combined with other features of Honey helped them reach out to a wide range of audiences.<\/p>\n\n\n\n

\u27a3 Email Marketing<\/strong><\/p>\n\n\n\n

Honey acquired users because of its unique value proposition. But they wanted to activate them and use Honey. So, Honey’s marketing team regularly drops in new deals and updates to attract users to its platform and use it regularly.<\/p>\n\n\n\n

\u27a3 Social media marketing<\/strong><\/p>\n\n\n\n

Honey founders decided to go big on social media. After their tool was leaked on Reddit, it went viral, and they got over 1M users. They understood that they could find their audience on these platforms. They used their unique value proposition and promoted it to acquire new users. They aligned their influencer marketing strategies and paid ads together to get the best out of these social media platforms.<\/p>\n\n\n\n

\u27a3 Content marketing<\/strong><\/p>\n\n\n\n

A lot of people were starting to listen to podcasts and regularly using YouTube. Honey leveraged it, they have appeared on 100+ podcasts and 400+ YouTube channels. It helped them get that extra visibility to its targeted audience.<\/p>\n\n\n\n

\u27a3 Promotion and sweepstakes<\/strong><\/p>\n\n\n\n

Honey collaborates with brands to offer exclusive deals and sweepstakes. It encouraged existing users to use it more and motivated new users to join the platform as they could only find those deals on Honey.<\/p>\n\n\n\n

So, these were the different marketing strategies that Honey implemented to acquire new users and retain existing ones.<\/p>\n\n\n\n

\ud83d\udc49Pros and Cons of PayPal’s Honey<\/strong><\/h2>\n\n\n\n

Pros:<\/strong><\/p>\n\n\n\n