As consumers leap from brand to brand in these times where trust is hard-earned, a new study from marketing solutions firm Vericastoffers new insights into this increasingly fickle behavior—revealing that consumers are ever-cautious and price sensitive, and are willing to trade brand loyalty for the best value.
The firm’s newly released 2021 Coupons & Deals Reporthighlights consumer sentiment towards coupons, discounts and deals. The recent online survey of nearly 2,000 people found that 60 percent of shoppers are looking for more coupons, discounts and deals to offset higher prices across shopping categories such as apparel, groceries and dining. Nearly half (45 percent) are switching brands to save money, while more than half (53 percent) are shopping at multiple stores to find the best price.
The study also revealed that today’s shoppers are using more channels than ever to discover value. They want coupons, discounts or deals delivered through multiple channels including direct mail, online and digital paperless/print at home.
“Consumers want coupons and discounts but can’t always find them when and where they want to,” said Sarah O’Grady, vice president of brand marketing at Vericast, in a news release. “Marketers must adapt with a broad and balanced omnichannel approach to satisfy price sensitive shoppers and reestablish brand loyalty.”
Effective marketing strategies can help brands and retailers reconnect with today’s value-hungry shoppers. Three key steps marketers can take to rebuild loyalty:
Identify new behaviors
Higher prices are driving more consumers to proactively seek value and use more coupons, discounts and deals than last year. Marketers must take this into account and understand that a compelling offer may make the difference in a buying decision for a consumer with a tight budget. More than half (57 percent) say coupons, discounts or deals have a high or medium influence on their purchasing decisions.
Go where the people are
Marketers must rebalance their approach to get deals in front of the right audience, not just the deal-savvy. Consumers are looking for deals and coupons in-person, online and through traditional channels.
Make deals part of your loyalty strategy
Report results found that 40 percent of consumers feel more positively towards brands that offer discounts or coupons, 30 percent will be more loyal to that brand, and 39 percent are more likely to make a repeat purchase. The increased demand for value presents an opportunity for marketers to rapidly build loyalty, repeat business and customer recommendations.
“Moving into the holiday season, there is a sense of urgency and big opportunity for retailers to reconnect with shoppers and build loyalty by delivering value wherever they are,” said O’Grady.
The Vericast Awareness-to-Action Study is an ongoing study fielded in conjunction with Prosper Insights & Analytics, a global market research company. The sample was derived via an online survey and all participants were at least 18 years of age and living in the contiguous United States. The data included in this report was fielded July 6 through July 13, 2021 to 1,863 respondents and is balanced by age and gender.