$25 Off! If You Read This!

by Danielle Smith on 10/15/2008 at 12:49 pm in Brand Management, Market Research & Data, Online Strategies, Within Range

By now we’ve all been battered and bruised by the economic prospects for Q4. At some point though, my internal filter shuts down, and every subsequent devastating factoid yelling at me from a webpage becomes a blur. To summarize, here are a few key phrases that come to mind when recalling the past few weeks of alerts; down, bleak, worst, crisis, bailout, insert bank name here. You get the point. We all get the point. However, here in the online space, we can’t merely curl into a ball and resign to apocalyptic economic doom without a fight or…. at least a coupon, anyway. Think of the coupon as your bunker. The last refuge for you and the cockroaches.

Okay, that’s a little dramatic, but it’s rainy outside, and it’s put me in a theatrical mood.

On to the meaty stuff!

Recently, comScore released findings from their June 2008 study, “Reaching Shoppers in a Down Economy”.

Insert ray of light, hope or at least a weapon to help fight your way to as close to victory as you can come.

The bottom line for marketers is that people are shopping less frequently (down 68%) and purporting to use coupons more often (up 59%). It’s really not rocket science –Consumers still want stuff –they just need a way not to feel threatened by it. So what can brands do? Obviously this question depends on who your brand is and what you’re willing to communicate to customers. If you’re comfortable with the obvious discount offer, then offer it. Build search campaigns around appropriate terms, partner with reputable coupon sites or utilize a combination of the above. If you’re a brand that’s always been part of this mix, make sure your organic search is built to capture the growing demand and continue to unearth new trends in the recent resurgence. Even if you err on the side of luxury, take heart: there are ways to communicate extended value to your loyal base and think about your holiday product assortment. Maybe this year we push the $1,200 handbag versus the $3,500 and shoot for increased volume; hey—at least it’s an idea.

No matter what your economic bracket is, doubt and insecurity linger. Retailers need to find a way to reassure shopper that their purchases are sound and wait for tomorrow to come. Perhaps all that relationship building will pay dividends when the tides turn.