The tradition and ritual of buying presents for loved ones has always been big business. Retailers of all shapes and sizes meticulously plan their marketing and advertising around the fact, with certain calendar ‘hot spots’ signalling reliable consumer spending sprees, all powered by gift giving.
Referrals in the Gifting Market. The gift that keeps on giving.
Breakfast Briefing Review: Most commonly asked questions on Referral Marketing - are they yours?
Post Updated August 2016:
Escape from the seasonal discounting trap
Deep discounting has been a rising cultural phenomenon. It’s linked to the state of the economy of course; it has escalated in leaps and bounds since 2008. Retailers have extended and multiplied sale periods, while also adding new seasonal shopping stimulus days.
Seek out the Deal Seekers
46% of people are deal sharers, 46% are deal takers and 8% are outright rejectors of deals.
So claims a recent study from Experian that segmented the American population by their attitudes to deals. This is really interesting for online retailers both when thinking about referral and about discounting in general. Certainly it suggests that blanket discounting campaigns are potentially very wasteful. As Experian put it, "retailers give deals to those who don’t need or seek them, ultimately missing out on profits that were theirs for the taking." The report clearly shows the benefit of segmenting your audience for both incentivised referral and discounting into groups that will react to your message and incentive in a similar way to each other.