Show Me the Savings!
“Free Soda!” That was the message from Coca-Cola in 1887. For 150 years, shoppers have been saving money with coupons or other brand offers, starting with Coca-Cola enticing them to try their product with a free voucher. (The cost of the soda at that time was just 5 cents!)
There is a common saying in the marketing industry: “When times are good, you should advertise. When times are bad, you MUST advertise.” The same can be said for couponing. While recent years have seen a perceived decrease in the number of coupons available, that is not the case, and the number of coupons is likely to continue to increase.
A recent survey executed by 84.51,
Kroger’s agency partner in data science and media, found that over 71% of shoppers are looking for sales and coupons to bring down grocery costs.
You might be thinking, “My budget – it’s so stretched!” There are ways to be efficient when distributing offers within a smaller budget. Consider targeting offers based on loyalty vs trial, such as higher coupon values for possible new buyers, and lower coupon values for loyal or repeat buyers. It’s a strategy as old as time, but when so many shoppers are being faced with tightened purse strings, it’s key that brands support their most loyal customers, to prevent them from switching to private label or a less premium brand.
Alternately, solutions such as Ibotta, Shopkick, Rakuten, and more offer additional opportunities for shoppers to save. There are shoppers that use Ibotta before each and every shopping trip, who are willing to try new products because they found them on the app. This provides the perfect opportunity for new brands and products to get into the hands of shoppers who are hungry for new solutions and savings at the same time.
Beyond shoppers, savings solutions could be utilized to build and maintain relationships with retailers and other complementary branded items. For instance, if you are a food brand, consider partnering with retailers to feature private label ingredients, building out a full meal solution that drives shoppers to retailers. Shoppers are as busy as ever, looking for quick and easy solutions, – so think about ways to make their life easier. Offering them a solution will be a win-win-win situation for everyone.