A tight economy and the popularity of coupons has created a group of money savers who love a fabulous bargain. The thrill of getting something at its rock-bottom price while providing for your family equates to a natural high for many people. In fact, the Promotional Marketing Association reported that 96 percent of consumers would continue to use coupons, even if they hit the lottery. This is evidence that couponing is unquestionably an addiction that helps promote brands and save consumers money at the same time. The only way brands can get in on the coupon craze is to offer coupons that consumers want to use and to understand the different types of people who use coupons.
There are four different groups of coupon clippers: The Coupon Addicts, the Suggestible Consumers, the Savvy Shoppers and the Brand Loyal Buyers. When brands identify the psychological need of these four groups to save money, they can certainly increase their profits by providing coupons that appeal to these customers.
The Coupon Addict
This couponer lives for coupons. They most likely scan their neighborhood and beg everyone they know for extra coupons. A shopping trip for a coupon addict can last hours and the total at the register will be next to nothing. Why? Because the coupon addict will buy anything with a coupon, if they can get it at a rock-bottom price. Brands that want to appeal to the coupon addict should provide high value and buy one get one free coupons to attract the coupon addict.
The Suggestible Consumer
The suggestible consumer is a shopper that may buy a product if a coupon is available, even a coupon with a small amount off the purchase. This shopper is generally not brand loyal and is willing to try a product if they have a coupon. To attract this type of couponer, brands should simply offer a coupon, especially for new products. If this shopper likes the item, they will continue to buy it, even if it is not on sale. However, they are more likely to buy a product that has a coupon available.
Savvy shoppers are a different breed of money-saving couponer then the coupon addict. This shopper knows what they like, and what they don’t like. This type of couponer is less likely to use a coupon that doesn’t appeal to her. Instead, this shopper will wait for substantial deals and stock up then. To attract this type of shopper, brands should cycle their coupons about every three months. Doing this allows the savvy shopper to purchase what she needs and then be stocked for three months until the next coupon for the product is available.
Brand Loyal Buyer
The brand loyal shopper is one of the most difficult customers to attract because they are extremely happy with the product they are using, and have little incentive to try anything else. To attract a brand loyal customer, brands have to try extra hard. While a high value coupon may attract a suggestible consumer, a savvy shopper, and definitely a coupon addict, it will do little to attract the brand loyal buyer who is usually not as concerned with the price of an item that they like. The best way to convince this shopper to buy your product is to offer a FREE coupon, or a rebate that makes the product virtually free. This way the shopper feels like there is no risk when buying the product. While this buyer may be hard to sway away from her favorite brand, if the free coupon encourages the brand loyal buyer to purchase the product, the brand may have acquired a buyer who will continue to buy their product in the future, even if it is full-priced.
Brands need to understand the psychology of the couponer to increase their brand’s popularity, and, therefore, their sales. Understanding what makes the couponer tick will help get more of their product in the homes of consumers, which will result in an increase in sales and repeat customers.
About the Author
Post contributed by Guy Ascher for CouponCodes4u. Guy is an avid researcher and freelance writer. He researches how companies can use couponing as a powerful marketing tool and publishes his findings on various marketing blogs.