Effective marketing strategies can reconnect price sensitive consumers with brands
SAN ANTONIO, September 30, 2021: A new study by Vericast, a leading marketing solutions company that delivers actionable insights and operational expertise at scale, reveals consumers are increasingly cautious and price sensitive, trading brand loyalty for the best value.
The Vericast 2021 Deals & Coupons Report highlights consumer sentiment towards coupons, discounts and deals. The recent online survey of nearly 2,000 people found that 60% 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%) are switching brands to save money, while more than half (53%) 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. “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%) 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% of consumers feel more positively towards brands that offer discounts or coupons, 30% will be more loyal to that brand, and 39% 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.
To view the full report, download the Vericast Deals & Coupons Report.
About the Study
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.
Vericast is reimagining marketing solutions one business-to-human connection at a time. By influencing how over 120 million households eat, shop, buy, save and borrow, Vericast fuels commerce, drives economic growth and directly accelerates revenue potential for over 70,000 brands and businesses. While its award-winning portfolio of products, technology and solutions — including Illumis™, Household Connect ™, Valassis Consumer Graph™ and Harland Clarke ChecksCX™ — are a piece of the Vericast story, its people are the true differentiators; trailblazers in data intelligence, marketing services, transaction solutions, campaign management and media delivery.