Everybody loves a deal, and the more you know about the psychology of deals, the more effective your direct mail and multichannel marketing campaigns can be.
Did you know, for example, that 89% of all shoppers (including affluent ones) buy from discount retailers like off-price, dollar and outlet stores?1 Or that 93% have used some kind of coupon or discount code within the last year?2 Deal hunting has become a national obsession.
In its report “Beyond the Bargain Bin: The Rise of the Value-Conscious Shopper,” the National Retail Federation (NRF) found that deal hunting is not just popular, but on the rise. Nearly one in three shoppers say they seek out discount stores “more frequently than they used to.”
The combination of low prices and treasure hunting keeps people coming back. This addiction is found in all demographics, including those with higher incomes. In fact, while 29% of consumers “always price check” when they’re shopping, this rises to 42% of affluent shoppers, or those with incomes $100,000+.
But you have to be careful with deals, too. Studies have found that consumers associate discounts with lower performing products. So how can you offer deals without making yourself sound cheap? Here are three ways to offer deals without making it about price.