If you missed savi’s recent Coupon Academy webinar, you really missed out! Our experts delved into a range of marketing and coupon strategies, and we featured an intriguing segment on consumer psychology from behavioural scientist Phillip Adcock, shedding light on how people respond to coupons.
Here’s a short recap of the key insights and top ten things we learned:
- The Evolution and Endurance of Coupons: From Coca-Cola’s first coupon in 1888 to today’s digital and mobile coupons, the appeal of discounts remains strong. Despite the digital shift, 87% of UK adults still use coupons.
- Mobile Coupons Are the Future: With Gen Z leading the way, 60% prefer mobile coupons over printed ones. Mobile devices are now essential for coupon distribution and redemption.
- Consumer Cost-Saving Behaviour: In an era of rising living costs, 64% of shoppers spend more on groceries but actively seek discounts. Coupons are vital to customers for cost-savings.
- Advantages for Brands and Retailers: Coupons boost sales, provide valuable customer data, offer measurable ROI, and are cost-efficient. They are effective in both physical and digital formats.
- Understanding Shopper Psychology: Effective marketing engages the brain’s survival, emotional, and rational parts. Emotional triggers, cognitive biases, and visual appeal significantly influence purchasing decisions.
- Leveraging Cognitive Biases: Coupons’ inherent use of biases like hyperbolic discounting (preference for immediate rewards) and loss aversion (fear of loss) make their promotions more impactful.
- Quality Perception and Material: When it comes to printed coupons, the quality of paper stock impacts the perceived value of the products. Thicker paper can enhance the perceived value of the promoted items.
- Effective Use of Numbers: The placement and presentation of numbers on promotional materials significantly impact shopper perception. Higher and right-aligned numbers are perceived as more significant.
- Face Recognition in Marketing: People are naturally drawn to faces, especially those making eye contact. Including human faces in marketing materials can increase engagement and focus attention on the message.
- Emotional Connection with Mobile Coupons: Mobile phones, being personal devices, make digital coupons more relevant and effective. The emotional connection enhances mobile promotions.
These insights underscore the importance of adapting to consumer preferences and leveraging both traditional and modern coupon strategies. savi has built features into mobile coupons such as countdown timers, reminders, and store-finders that effectively tap into shopper behaviours like FOMO or desiring instant gratification, making them a powerful tool for shopper activation.
To watch a recording of the Coupon Academy or find out more about running coupon campaigns contact one of our team here.
