New CodeBroker Research: Consumers share their insights on personalized coupons & offers
More than 1,000 consumers weigh in on what drives them to act on discount coupons and offers, and how business can drive more purchases
The CodeBroker "Coupon and Offer Personalization"
The survey also showed how a vast majority of retail consumers will try to redeem a high-value coupon more than once or share it with others. While coupons conclusively drive sales from both new and existing customers, retailers must cautiously guard the security of their offers to avoid coupon abuse or over-use.
Consumers value the exclusivity of personalized coupons over offers that anyone could use. Because of this, retailers need to ensure strong distribution and redemption security to ensure that a coupon is used only once ("single-use")
While consumers prefer high-discount coupons, the good news for marketers is that they overwhelmingly prefer higher-value coupons that they can use only once.
Driving Purchase Behavior via Personalization
Results indicate that consumers are very favorably disposed toward personalized coupons which can have a substantial impact at all stages of the customer journey: from acquisition, to engagement and retention.
"In a world that increasingly feels impersonal, consumers are craving interactions that make them feel exclusive or special," said Dan Slavin, CodeBroker CEO. "But marketers must manage distribution carefully to avoid negatively impacting their bottom lines.
"Although some consumers remain uncomfortable with the idea of retailers tracking their shopping behaviors, the vast majority still welcome personalized offers based on their shopping history and interests," added Slavin.
Top Survey Findings
In terms of acquisition, survey responders say that they will make a first-time purchase from a retailer when offered a high-discount coupon or promotional offer in return. In fact, 90% of survey respondents said they would be "likely or highly likely" to make a purchase from a retailer that they rarely or never shopped at if they directly receive a high-discount coupon from that retailer.
There are a few caveats that marketers need to keep in mind, however. Consumer decisions will be influenced both by store location and their desire/need for the product or service.
Existing customers are even more likely to act—99% said they would be "likely or highly likely" to make a purchase after receiving a high-discount coupon from a retailer they had shopped with previously. Even for those who have not shopped with the retailer for a long time, 97% indicated that a high-discount coupon would get them back into the store.
For a complete copy of the "Coupon and Offer Personalization"
CodeBroker's mobile marketing solutions are used by the world's most recognizable brands and retailers to engage consumers, drive purchases, and build loyalty. CodeBroker Mobile Coupons drive purchases and customer engagement through on-demand offers, SMS list promotions and in-app promos. CodeBroker Text Message Marketing with SmartJoin combines advanced SMS marketing capabilities with ease-of-use to help marketers rapidly build and market to subscriber lists and loyalty membership securely and at scale. The CodeBroker Mobile Loyalty Experience Engine gives loyalty marketers a true omnichannel approach to mobile loyalty program member acquisition and engagement.