As we embark on 2023, we do see the inflation spikes in many industries slowing down considerably. Unfortunately, prices in the grocery aisles continue to be extremely painful for Canadian consumers. Canada’s Food Price Report estimates that the average family of four will have to spend over $1000 more in 2023.
How will this impact the world of coupons? Here are some of our thoughts at webSaver.ca on how the most sophisticated brands will execute their coupon strategies in 2023.
- Coupons will see a big spike in 2023. Historically, whenever consumers are hurting, brands become very aggressive with their couponing. Coupon redemptions always see a bump during recessions and while we are not sure quite yet what to call 2023, there is no doubt that consumers are feeling the pain. Brands will push coupons to keep consumers from purchasing less or switching to a cheaper private label alternative.
- For the past several years, many have been predicting the decrease of all non digital coupons. While that might seem logical, our numbers do not tell the same story. Both print at home and mail to home coupons actually increased for our customers in 2022. Our belief now is that while we are confident coupon usage will increase in 2023, the smart brands will simply let consumers decide how they want to receive them.
- As brands coupon more, they become more sophisticated in terms of the face value of the amount. We have seen several brands adjust coupons as they see that a $0.50 coupon might be just as effective as a $1.00 coupon. There are certainly good examples of having an aggressive offer for a new product or a special campaign but to maximize ROI, it is important to analyze all the data.
- Coupons remain one of the biggest incentives for consumers to join eCRM and loyalty programs. As brands build programs where they own consumer data, coupons remain an excellent way to keep users engaged and exposed to new products.
- This one is not a prediction as much as a desire. Brands need to be smarter about the promotional offers they have available in the market simultaneously. We have seen too many examples where a brand is offering PC Optimum Points, printed coupons and cashback offers in the same week. The coupon blog world will share these opportunities and consumers often get products for free or even make money.
At webSaver.ca , we are confident that coupons will continue to be an important part of the marketing mix. A study by the Journal of Advertising Research found that coupons can increase brand loyalty by as much as 31% when compared to those who did not use coupons. We know they work.
If you have any questions about how to best use coupons , please do not hesitate to reach out to us at email@example.com.
Contact us now to get started.