Savvy Consumer Packaged Goods (CPG) Brands understand that online coupons and cashback offers can play an important strategic role in achieving their marketing objectives.
A well executed online coupons or cashback offers campaign can have a significant impact for a Brand by increasing overall brand reach, awareness and visibility, as well as generating new customer acquisition, increasing customer engagement and enhancing customer loyalty for the long term.
We’ve covered the evolving consumer behaviour patterns, spurred by the overall inflation rate, massive food inflation in particular, rising interest rates and other financial pressures that have led to 75% of Canadian consumers now using grocery coupons on a regular basis as well as 79% now being more price conscious.
There has never been a better time to launch an online coupons or cashback offers campaign, and consumers have never been more receptive as they are actively looking for coupons from their favourite brands – or a new brand to try as a potential replacement.
Below are ten important strategic marketing objectives smart CPG brands are accomplishing by leveraging the power of online coupons and cashback offers to influence consumer behaviour.
1. Acquire new customers:
Utilizing online coupons and cashback offers can attract first-time buyers, providing an incentive for consumers to try the product, ultimately expanding the customer base.
2. Competitive switch:
Online coupons create an opportunity to entice customers from competitors by offering exclusive discounts, encouraging them to make the switch and choose your brand.
3. Introduce new products/SKUs:
Launching online coupon and cashback offers campaigns for new products helps generate initial excitement, interest and trial, accelerating the adoption of new product offerings in the market.
4. Counteract competitive pressures:
In the face of competitive challenges, strategically deploying online coupons allows the brand to maintain a strong market presence, protect market share and mitigate the impact of rival promotions.
5. Supplement other promotional efforts:
Online coupons work synergistically with other promotional strategies, amplifying the impact of advertising campaigns, in-store promotions, contests, loyalty programs and more, creating a comprehensive marketing approach.
6. Maintain shopper loyalty and brand relationship:
By consistently offering online coupons, brands can generate positive consumer emotions and reinforce loyalty among existing customers, nurturing a lasting relationship and encouraging repeat purchases.
7. Trade customers up to a larger size or purchase volume:
Online coupons can be designed to incentivize customers to opt for larger sizes, more units or premium variants, increasing the average transaction value and maximizing revenue.
8. Target specific markets or retailers:
Tailoring online coupon campaigns allows brands to precisely target specific demographics, geographic regions, or retail partners, optimizing marketing efforts for greater impact.
9. Cushion price increases:
In times of price adjustments, online coupons serve as a strategic tool to alleviate consumer resistance, providing a buffer against negative reactions to price changes.
10. Maintain brand awareness:
Consistent deployment of online coupons helps keep the brand top-of-mind, ensuring sustained visibility and reinforcing brand awareness in the minds of consumers over time.
We can conclude that utilizing online coupons and cashback offers in their marketing mix provides a strategic advantage for the Consumer Packaged Goods (CPG) brands that understand how to deploy them.
Far beyond the excitement and positive emotion these promotional incentives generate in consumers they also help achieve serious marketing goals, such as attracting new customers and generating sales, increasing the purchasing habits of existing customers and reinforcing brand loyalty.
Online coupons and cashback offers are an easy to implement practical tool that adds value to CPG marketing, contributing to overall consumer engagement and brand success.
Contact us to get started.