How Retailers' Marketing Tactics Can Prove Beneficial For The Customer
The consumer market continues to grow every year and is now worth an estimated US$24 trillion, according to recent analysis. Every day, potential customers face an onslaught of advertising and marketing tactics from companies. Some studies suggest we each see 3000 different adverts every single day – and this doesn't include the numerous deals and promotions that also entice us to buy.
Effective marketing is therefore extremely important to the modern company. Businesses employ a specific set of tactics designed to move customers through the sales funnel and get them to the checkout. These deals and schemes are often pitched as having a massive benefit for the customer, but in reality it is often the manufacturer or retailer who stands to gain the most.
Consumers are starting to recognize the ways in which these tactics are used, and looking for ways to get their money's worth when buying. Turning sales and marketing techniques on their head, many shoppers are taking advantage of sale strategies and discounted deals, landing themselves a decent profit at the expense of the retailer.
Extreme couponing turns coupon profits back to the customer
Coupons are a great way for retailers to attract customers through short-term deals and discounts. Marketers find coupons very useful because they can provide valuable information about a customer – such as where they found the business, what products they like and what sort of deals will encourage them to buy. Specialist coupon markets are hugely popular, with sites such as OZCodes offering a wide range of discounts on products and services here and abroad.
These coupon deals are designed to boost customer loyalty, increase product awareness and raise the brand's overall ROI. Deals are usually restricted by time or quantity to encourage prompt action and to avoid consumers taking advantage. However, the savvy shopper can make big savings for themselves if they are willing to put a little work in. Coupons could actually work in the consumer's favour, rather than the retailer's.
The art of 'extreme couponing' developed in the USA but is prevalent across the world. Hobbyists and frugal shoppers dedicate hours of their time to scouring the coupon market and finding different deals they can use in conjunction with each other – picking up a huge range of items free or very cheaply in the process. A young Brit, recently made international headlines when she clocked up £1200 (AU$2107) in groceries completely free, through her year of coupon collecting. The record-breaker gave her haul to a local charity, but many coupon fans are using their skills to save themselves a ton on retail costs. Searching for the right discounts could cut household shopping bills drastically – as long as shoppers are happy to be flexible on brand and store choices.
Purchase timing and brand-hopping changes the game for shoppers
A typical strategy retailers use is to offer a new product at an introductory discount, before raising the price once demand has been established. Over time, the higher price and new competition can cause customers to drift away from the product again – at which point, a discount deal will have it selling again. It does seem unfair when you pay full price for an item and find it in the sale a week later! However, when you anticipate these price highs and lows as a consumer, you can make sure you always buy at exactly the right time: and save money along the way.
Consumers who have no particular loyalty to a brand can also make savings by keeping a close eye on the retailers' offers and deals. Supermarket price wars a great example of how the customer can win during aggressive marketing tactics. Many grocery stores and markets now offer a direct comparison with each other, promoting their products on the basis of being cheaper than another store. In a bid to become the lowest-priced brand and gain the biggest market share, these stores are constantly dropping prices – and it is very beneficial for the customer in the meantime. While grocery retailer growth has remained under 1% over recent years, those profits are going into the pockets of everyday shoppers. By switching between stores and keeping an eye out for good deals, buyers can really take advantage of these ongoing grocery price wars.
Product marketing is still a vital tool for businesses and it does drive sales. Consumers who find a better deal for themselves do cost more, but they also gain a positive relationship with the businesses they use. While marketers continue to adapt their strategies and boost their ROI, consumers are also striving for the most cost-efficient way to shop. Knowing when to buy and which brand to choose can make a difference in overall spending for shoppers, and the wise buyer will have their own strategies and techniques to benefit from marketing tactics effectively.