Six years after the Great Recession, have economic hard times permanently altered consumers’ behavior? While conventional wisdom has it that customers today have been conditioned to seek out deals, Experian Marketing Services’ recent report Deal Seekers tells a different story. According to the survey, nearly half of consumers are either indifferent to deals or actively reject them because they care more about convenience. That means if offering discounts and deals has become your standard operating procedure, you could be leaving money on the table.
Experian polled consumers and divided them into six categories based on their attitude toward deals.
- Deal Indifferents—the largest group, at 34 percent of respondents, these consumers aren’t affected one way or the other by deals.
- Deal Rejectors – although they account for only 8 percent of respondents, these are desirable customers because they don’t want deals—they want to find the products they want and get them quickly and easily. Attract these customers by focusing your marketing message on quality, ease and service rather than low prices.
- Deal-Seeker Influentials – accounting for 18 percent of consumers, these are cutting-edge consumers who are mostly young and for whom finding the best deal—and letting everyone know about it—is a fun game. Attract these customers by using social media and mobile marketing to make them feel “in the know” and encouraging them to share their deals with their connections. Also try using daily deal sites like Groupon and LivingSocial—Influentials are very open to trying new businesses they find on these sites.
- Deal Thrillers – Not nearly as obsessed with deals as the Influentials, the 14 percent of shoppers in this category focus on deals from their favorite retailers, and don’t put forth a lot of effort to find them. Attract these customers by developing a personal approach that doesn’t require them to do any work. Send them marketing emails, direct mail coupons or text message offers with tempting deals based on their past purchasing behavior.
- Offline Deal-Seekers – 13 percent of respondents are “old school” shoppers who use traditional advertising media, such as TV and radio, print advertising and direct mail, to find them. Attract these customers by advertising in the media they’re most likely to use.
- Deal Takers – these 12 percent of respondents don’t go hunting for deals, but unlike Indifferents or Rejectors, they’re happy to take one when it’s offered. Deals won’t attract these customers, but be sure to let them know about deals when they visit your store or site—this could encourage them to buy more than they otherwise would.
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