Coupons get a bad rap. Many retailers believe that coupons lower revenue, diminish brand loyalty, attract lower value customers, and train core customers to wait for discounts. In the short term, there is no denying that if you make a direct comparison between an order placed with a coupon and a full-price transaction, coupon codes do deliver lower revenue and margins. This can make it hard for many marketers to justify using coupons as part of their affiliate marketing strategy, since they’ll have to pay affiliate commission and fees on top of the discount, which can shrink margins even more. However, taking a closer look at consumers’ behavior reveals an upside to strategically offering coupons within an affiliate program.