EDUCATING CUSTOMERS

ON HOW TO SAVE

The number one priority for UK consumers right now is saving money, you can read this in almost every media outlet online and offline. A quick google search will tell you that over 8m people subscribe to weekly emails from MoneySavingExpert and the accompanying TV series is currently the most popular current affairs show in the UK.

As marketers, brand owners, and customer retention experts, our strategy needs to align with our consumers’ needs. We need to educate our customers on how to save.

Every one of us is a consumer, so let’s put ourselves in the place of our customers. Technology has made us all smarter, we can compare prices/discounts/delivery options across a wide range of products now, so deals are nothing new, they’re an expected part of the buying process. But teaching consumers to take a longer-term view of saving could make you stand out from the crowd.

For example, have you heard of the penny challenge? It’s a popular yearly savings technique where you put an ever-increasing amount aside each day and end up with over £660 at the end of the year. It works on a similar principle to retail loyalty schemes, you don’t notice the pennies or points adding up but when it comes to redemption, the savings are significant. It makes you wonder how many consumers right now are using loyalty points for Christmas shopping, and perhaps re-thinking any new year switch to the local discounter.

In the long-term, spending a little extra on something weekly, which delivers a significant saving later, is a powerful message. The same could be applied to rewards and experiences, these are the things we tend to give up first in any savings plan. However, if a little extra spend weekly allows you to treat family or friends at special times of the year, then it’s a much stronger savings proposition.

We may all be going out less, sticking to budgets, and saving for rainy days, but educating consumers to look beyond price cuts and spend a little extra, get a lot more, will make your brand a far more unique proposition in the eyes of buyers.

For consumers, the idea that they don’t have to miss out on the occasional treat, courtesy of your product, will certainly place huge value on your brand, “family fun courtesy of,,,,,,” definitely has a nice ring to it!

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