For me at least, if I am really interested in purchasing a certain product, a coupon will only be considered after the fact. Regardless if their is a coupon or not I will purchase the product. This is mainly due to impatience, greed and a lack of frugality which most people have in this consumer market as reflected in the current weak economy due to unchecked and rampant credit card usage. Coupons are a powerful tool but rarely ever sway me unless the discount justifies purchasing an item that I was otherwise only slightly interested in. Usually this would require discounts of up to at least forty percent. These are the coupons I redeem the most. Unless its Black Friday I usually have trouble finding these kinds of coupons. Overall coupons in my case do influence my desire to purchase an item but only if they carry a significant discount. Likewise a lack of a coupon for an item I’m interested in will not hinder my desire to purchase it.
Yet coupons do play an immense role when purchasing goods or services for other people otherwise the idea of a ‘coupon’ wouldn’t be so successful. In fact, a significant factor of how influential coupons are in purchasing decisions depends on what media they come in, whether its traditional printed coupons or digital coupons.
A note from us at I’m In: We offer a lot of both printed and digital coupons at I’m In!
Traditional coupons come in forms mainly as store coupons or manufacturer coupons. These coupons are often found in magazines, newspapers, brochures, and any print media. How influential are traditional coupons? I have friends who live by these types of coupons often cutting them out from mailed brochures for their next Wendy’s or Arby’s purchase. The number of coupons that come from print media being redeemed is slowly decreasing. In fact according, to PromotionalCodes.com a digital coupon website, there has been a 5.1 million drop in coupons redeemed from 1992 to 2006 mainly due to the rise of the mobile phone. Printed coupons simply have fallen out favor.
Digital coupons on the other hand have gained significant traction thanks to the Internet and electronic culture we’re used to. These types of coupons can mostly be found on the internet in various forms such as promo codes, discounts and printables. Fancying a new gizmo at Walmart, yet a bit too pricey? Google for a coupon or use a smartphone application that can find one. I often find myself before purchasing an item, googling for promo codes that could possibly give me a discount. The ease of access to the Internet thanks to electronics such as smartphones, PCs and tablets has increased coupon redemption. According to eMarketer.com, a whopping “96.8 million adults will [have redeemed] an online coupon by 2013”. Considering its 2014, this number is likely far higher. Digital coupons overall unlike their older counterpart, have managed to actually become more influential than traditional coupons ever were. This is due to clever marketing.
Take a look at Groupon.com. They provide an innovative twist on how coupons are distributed that actually forces a user to devote in the result by clicking on it. If there isn’t enough clicks the coupon isn’t distributed. Once enough clicks are received the digital coupon is distributed through email to those who subscribed to it. There is a certain gratification in investing an outcome and seeing it come through that influences the user to purchase the product or service the coupon offers once the user wins it. This is just one of the ways in how coupons have overall become more effective in enticing a customer to purchase a service or good. There is a feeling that you get when purchasing a $50 Chinese dinner for $20 or getting that expensive pair of Nikes for a quarter of the price. It feels like a steal doesn’t it? Psychologically a coupon does influence a purchase that otherwise wouldn’t be made. So overall even though it feels like a steal, money that otherwise wouldn’t be spent is actually spent thanks to a coupon.