Downloadable vouchers and online discount codes are becoming a major part of the marketing mix, but why? In this post we look at the shift in consumer behaviour that acclerated the growth of this industry and consider what it means to the recent company formation.
The culture of consumerism has changed; gone are the days where WAGs were worshipped and flashy designer cars and designer handbags were envied. This season – and if recent reports are to be believed – for the many seasons to come, excessive consumer spending is out and bargain shopping is in. This marked shift has become so entrenched in our contemporary behaviour, that its is no longer considered unusual and cheap to bargain for discounts, buy from cheaper brands or use a voucher code; it is considered intelligent and well informed.
Obviously the retail, start up business and company formation sector have been badly effected by the credit crunch, however, many of these brands are using it as a great marketing platform from which to grow their company. It is these entrepreneurs that will emerge from the recession profitable and strong.
A culture of change
Consumer behaviour evolves throughout time. It is defined by many factors, including popular culture. For example, the characters of the popular television series Sex in the City not only endorsed, but authorised, spending a ridiculous amount of money on designer clothes and shoes.
However, this established consumer behaviour is now being challenged; online voucher codes have never been more popular, the internet is saturated with sites offering downloadable discounts and are a consequence. In all sectors, businesses and brands have become aggressive in getting their share of the ever declining rate consumer spend. However, while this hostile economic environment undoubtedly offers the business owners a challenge, it also provides them with a golden opportunity to use discounts and promotions to attract consumers away from the competition.
Vouchers, discount codes and downloads
This shift in consumer behaviour has acted as catalyst to accelerate the rise and popularity of the online promotion industry.
Online promotion not only provides business and brands with the opportunity of growing their market share, it also presents marketeers with an interesting platform and quick route to market. Vouchers and discount codes can be used as a part of an integrated marketing plan, their effectiveness can be used to measure a campaign’s effectiveness and the results can be used to strategically inform future activity.