There’s no denying it: we’re a nation of bargain-hunters. In ever-increasingly competitive markets, brands pull out all the stops to get us into their stores and onto their websites. Competing with each other to not only shout the loudest about their promotions, but also offer the most compelling discounts to consumers. As we’ll see, not all product promotions were made equal.
And discounts don’t just work to build relationships with new customers. We’re so drawn to promotions, in fact, that 15% of consumers would return to a brand that had lost their trust in the last year, if they were offered a discounted price for doing so.
Working to bring new customers in and reward loyalty amongst existing customers, promotions are so ubiquitous these days, it often feels unnatural to pay full price for then.