Who doesn’t love a good deal? Coupons are a shoppers golden ticket into savings land. In a new study of consumer attitudes toward coupons and their impact, Forrester (on behalf of RetailMeNot) discovered that 59% of consumers said that among retail promotional offers, coupons have the most influence over their purchase decision. In fact, coupons beat out straightforward sales (28%) by a wide margin. Sixty-eight percent of consumers felt that coupons positively impact their loyalty to a brand and the likelihood of sharing a promotion with friends. mobile coupon use has doubled from 3 to 4 purchases a year to 6 to 7. Almost half (47%) of respondents say they are likely to try a new brand if they receive coupons. for it on their smartphone. More than a third (36%) are likely to switch brands as a result. Being some what of a shopaholic, I love a good sale too. I plan to save money around the holidays because I know they are going to be a multiplicity of sales and deals where I can get more for my money, which is what everybody wants. Before I became more experience with the sale tactic of stores, I would just buy anything that was one sale, weather I really liked it or not. One day I was out shopping with my cousin and there was a huge sale at my favorite store, Urban Outfitters; where the sale items were an additional 50% off! Who would miss that. I was picking up everything in sight, then my cousin said, “Are you just buying those things because ether on sale, or do you really want to wear all of those clothes?” That was a defining moment in my shopping career, because I had to look at myself and think about the entire item I’d bought just because they were on sale and I didn’t want anybody else to have them. I’ve noticed that sales can turn people into really selfish beings, because most of us know that we are never going to wear or use these things, but we just buy them because we don’t want anybody else to have them. For example, I’d rather buy a jacket I hate just because it’s on sale, when there’s someone out there that might actually like the jacket and benefit from it. Coupons and sales make consumers believe that they need something that we would otherwise know we don’t need. Consumers generally make irrational decisions. The human mind is fascinatingly irrational. Humans rarely make choices in unconditional terms. Understanding this idea can hold great benefits for marketers in employing strategies in each of the four P’s of marketing — especially when it comes to pricing strategy. Why particularly pricing? Because as consumers, we don’t have an internal value measure that tells us how much things are worth. Instead we focus on the comparative advantage of one thing over another and assess value accordingly. As another example once, I’d seen a pair of jeans in Urban Outfitter for $200, which I though was ridiculous and I didn’t even think the jeans were cute, but after going through many sales, they had been marked down to $30. I found myself attempting to buy them. That’s just crazy how the change in price can instantly make something look more appealing. When I’m shopping with my friends we have a job between us that something could be cute, but once we find out it’s on sale, it becomes cuter. I never though anything of it until know, that I’m actually typing this essay. I’ve realized that I’ve made some very unwise decisions when it comes to shopping when sales are going on. I’ve established some rules for myself while shopping. Before even leaving my house, I research what they have in the store so that I can go in with a little but f previous knowledge of what I want to buy, and I only bring enough money to cover what I assume I will buy based on my research. I also take my time in the stores and put my earphones in, because studies have shown that the music they play in stores triggers something in the brain that makes you feel light and free, thus free to spend your money. One I became a smarter shopper I started saving money.
A note from us at I’m In: We can help you save at your favorite stores at I’m In!