February 5, 2016
Who doesn’t like saving money? For consumers in the 21st century, saving money can be as easy as opening an app on a smartphone, or visiting an online price comparison site. Technology has bridged the gap between product / market knowledge and the end consumer. With great technological advance comes great responsibility: like the responsibility to never pay more than you absolutely have to for those “gotta have”, trendsetting products you crave!
Rewards / Loyalty Programs
I bet you visit the grocery store more than once or twice a week. How about the gas station? All of these places that you shop at every week offer their repeat customers a rewards program that can add up to big savings over the course of a few months or even a year. 78 percent of Millennial consumers are willing to switch brands if they know that a competitor offers a better loyalty program; signaling that their business is value more by outside competition.
Online Savvy Shoppers
Did you make an impulse buy while strolling through the aisles of an electronics or convenience store? Chances are, you paid more than you needed to. Sorry to be the bearer of bad news, but margins at retail stores exceed 50 percent! There are several sites out there where savvy shoppers can compare prices from multiple e-tailers and find the absolute best deal on the products and services they need.
Email Marketing Campaign Services
Sites like GroupOn and RetailMeNot offer consumers the option of subscribing to their email marketing lists. Every morning, when their subscribers wake up, they can review the deals and specials offered by online merchants and brick-and-mortar stores in their area. It’s a great way to stay up to date without having to scour the internet for deals.
Social Media Reach Out
Consumers are extremely confident in brand and product recommendations made by friends and family. If a potential customer reads about their cousin’s experience with a product they were considering in their Facebook News Feed, that information is treated with a higher level of authority than an online review from a trusted publication.
To target this trend towards friend / family recommendation shopping, many brands have cranked up their efforts to reach consumers via social media. Whether it’s “like” / “share” contests, or Twitter-only discounts, consumers are winning by following their favorite companies on social media and then shopping after they see a sale advertised.
Technological Efficiency: Minimizing Devices
As consumers use technology to save money when shopping, the device they use to score savings online is another budget busting segment that consumers have become hypersensitive to. The laptop market is the latest example of this, where consumers that do not rely on computers for work are more and more likely to simply own a smartphone or tablet, instead of a computer in the home. Tablets and smartphones offer an incredible amount of functionality in an ultra-portable platform.
So how will you save money this week?
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