Coupon use by consumers is on the rise: capture your share of the market
Offering coupons for food products can be a method to increase sales.
Utilizing coupons as a form of marketing Michigan made food products may be a method to increase sales and tap into the growing trend of coupon use among consumers. The difficult economic conditions consumers have faced in the last three years have motivated them to become more savvy shoppers. Market research confirms that 59% of adults report using coupons. Sixty five percent of all coupon redemptions in 2010 were for food products. These statistics point to a marketing opportunity for producers and food processors.
Research also shows that coupon use is widespread across most demographic groups and is not confined to low-income individuals. In fact, households in the middle to upper income range of $75,000 - $149,000 are more likely than others to report that they use coupons. (Mintel, Chicago. Budget Shopper – USA, 2010)
Coupons are traditionally found in magazines or newspapers and do have a cost to them as they are a form of advertising. Placing coupons in local food guides is a way to maximize attracting customers who want locally made products and are looking for savings. Business owners may also print their own coupons and distribute them throughout the community target specific locations or groups of consumers.
A relatively new trend is consumers printing their own coupons off of the Internet. There are large numbers of coupon sites that consumers frequent looking for coupons. Businesses that have their own web site may want to consider placing a coupon on their site for potential customers to print. This can be a great method for attracting business without additional cost.
Michigan entrepreneurs with businesses in the areas of food, agriculture or natural resources may contact the MSU Product Center to learn how to market their products or services. Marketing assistance is just one of many business development services offered by the MSU Product Center.