Summary
- Amid rising costs, consumers prioritize value; coupons retain appeal.
- Recent consumer survey results underscore the need for print and digital savings.
- Coupons remain pivotal, with 57% of consumers saying they’re the best introduction to a new product.
In today’s ever-changing marketplace, one constant remains: Consumers are price sensitive. As costs rise and the value of the dollar becomes more stretched, consumers are hunting for opportunities to save. Brands looking to differentiate themselves in this fiercely competitive market should not underestimate the power of age-old marketing tools: coupons, deals, and promotions.
A recent Vericast study1 supports this thinking:
- 57% of consumers feel smarter when using coupons.
- 46% actively plan their shopping around the coupons and special offers they receive.
- 43% have a positive perception of companies that provide coupons, highlighting their influence on brand image.
- 34% would consider switching brands if their go-to brands stopped offering discounts.
Stats like these aren’t just about the appeal of saving money. They paint a portrait of a consumer who wants value in every purchase. It’s not just about a lower price; it’s about feeling empowered, making informed choices, and extracting maximum value from every dollar spent.
The Timeless Appeal of Value and Savings
In a world overflowing with information, loyalty is elusive. Brands face the perennial challenge of cutting through the noise. However, the solution might not be as complex as one might think. The answer lies in understanding the consumer psyche: value and savings. Brands can make consumers’ lives easier in challenging economic times, making them feel in control, valued, and important.
The Unwavering Power of Coupons
While the evolution of technology has delivered countless marketing strategies, the simplicity and directness of coupons remains potent. After all, 57% of surveyed consumers say a coupon or discount is the best way to introduce them to a new product.2 This showcases the potential of coupons not just in driving sales but also in product introductions and brand-building.
But why does the appeal of coupons persist even as the marketplace rapidly evolves and becomes increasingly digitized? According to an August 2023 Vericast study, 66% of respondents believe that in today’s economic climate, the value of coupons and discounts is more crucial than ever before. Additionally, 26% are spending more time looking for coupons and discounts online and in print due to the economy and their current financial situation.3
Simply put, no matter how tech-savvy we become, consumers still love a good deal.
Shifting Loyalties: The Rising Importance of Personalized Offers
Further exploring the consumer mindset, we notice an interesting shift in brand loyalty factors. Vericast’s April edition of the same study highlighted that 56% are more inclined to shop from an advertiser that rewards their loyalty with personalized offers or coupons and discounts.4 This is a significant jump from the 47% recorded in June 2022. Information like this emphasizes the pivotal role of value propositions in consumer choices and brand affiliations.
Essentially, while technology continues to shape and redefine the marketing frontier, the core desires of consumers remain anchored in the sought-after benefits of value and savings. Brands that tap into this timeless consumer sentiment, especially during economically challenging times, position themselves at the forefront of consumer trust and loyalty.
A Marriage of Old and New: The Coexistence of Print and Digital Coupons
According to Vericast’s 2023 CPG + Grocery TrendWatch report, 48% of respondents prefer mailed ads or postcards, yet a strong inclination toward digital coupons also exists, especially with 53% of millennials and 51% of Gen Z indicating their preference. This harmonious balance between traditional and digital methods highlights the need for brands to maintain a dual approach.
From the marketer’s perspective, it’s essential to recognize the strength of a combined strategy. Coupons and promotions remain a top factor in purchase decisions, and savvy marketers need to realize the opportunities this presents.
And Therein Lies a Golden Opportunity
If there’s one message to marketing decision-makers planning media purchases or influencing these choices, it is this: Don’t disregard the lasting appeal of coupons. The modern consumer juggles digital tools with a need for savings.
Vericast is a leader in understanding this dynamic and offering solutions tailored to a promotion-sensitive consumer base. Shoppers dictate the market direction today, and their message is clear: Bring value, personalization, and convenience or they’ll go elsewhere. With a comprehensive blend of data-driven insights, market understanding, and leading-edge technology, Vericast ensures brands can effectively meet these evolving consumer needs.
Navigating Modern Market Dynamics With Time-Tested Tools
As market dynamics shift and consumers become increasingly empowered, brands that understand and provide for their value-driven ambitions will thrive. The age-old coupon, whether digital or print, remains an essential tool in this effort. And as brands navigate these waters, partnering with experts like Vericast can be the key to maintaining a resilient and valuable connection with their customers.
Unlock Deeper Insights With Vericast’s 2023 CPG + Grocery TrendWatch Report
Dive deeper into consumer preferences, understand the evolving market dynamics, and strengthen your brand’s promotional strategy. Tap into detailed data and analytics that can shape your next big marketing move. Don’t miss out on this valuable resource. Download the TrendWatch report now.
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