The Coupon Conversion metric lets you track to total number of coupons that are being used by your customers. While in the short run, coupons may cause you to lose a marginal amount of revenue per item, coupons will often increase sales volume and in turn increase revenue in total. Monitoring this metric will help your sales team gauge how enticing the coupon offer is.
(Coupons used by customers/Total number of coupons given)x100
Monthly, or as needed
Example of KPI target
64% conversion rate
Ratio of coupons redeemed