Most consumers (87%) would switch from their usual brand in favour of a bogof or price discount promotion, according to research from Granby Marketing Services.
The research analysed more than 1,000 consumer buying habits as a result of the economic downturn, and looked at how this behaviour could be influenced by promotions.
Consumers were asked which types of promotions would most likely persuade them to change from their usual brand. Nearly half (48%) said they would be tempted by a bogof, 39% said a price discount, 3% said a free gift, 1% said a prize draw, and 1% a charity endorsement.
The research also found 60% of consumers think that an immediate reward is the most important aspect of a promotion.
Stephen Bentley, chief executive of Granby Marketing Services, said: “These results are really worrying. With the economy being as it is, it is difficult to compete with a brand that simply discounts. But what will happen to these brands once times start to look a bit brighter?
“The brands that have used short-term, price-led promotions over investing in a long-term relationship with consumers will struggle to establish a connection that isn’t based on solely price.”
