Whether you have a family or you live alone, chances are you make frequent trips to the supermarket to buy discounted products. You may have received flyers from your local grocery store with some hard-to-believe offers! According to Wikigains, an UK coupon site, these products are known as loss leaders or teaser products to entice customers.
The stores often offer heavy discounts on selected products to encourage customers to walk into their store. Some examples of loss leaders are buy one and get one free, buy two at the price of one and so on. This is a part of brand marketing strategy for your grocery store and also work as a great money saving opportunity for you!
Wikigains shares 3 tips to save money with loss leaders
- Look for real value:
When you get a store flyer, don’t jump into a ‘buying mode.’ Scan through the deals carefully and look for offers that really speak value. Perishable items like milk and eggs are the most popular loss leaders as people consume them on a daily basis.
Stores may also offer seasonal loss leaders such as turkeys around Thanksgiving and hot dog buns around the Fourth of July. It may sometimes be difficult to identify a real bargain but with a little research, you should be able to tell which products offer good discount.
- Avoid impulse buying
With so many hard to believe offers, it is natural to feel excited and end up buying things that you don’t really need. Avoid impulse buying by making a note of items that you use daily or frequently purchase at the supermarket.
You may maintain a notebook or better just scribble down items on your notes app. This will help you track the prices of a dozen items and keep an eye for the best bargains. If you have the habit of impulse buying, consider making a list of things you buy impulsively. This will help you keep a check on your buying behavior.
- Know how to differentiate real offers from flashy ones
Loss leaders are used as a means of boosting sales. This is a marketing plan created to attract both new and old customers. To benefit from the strategy, stores offer big discounts and small ones clubbed together. Wikigains suggests that you spend some time to do the math and find out the exact discount offered.
Sometimes, stores may offer a great bargain on perishable items that has a limit on how many you can purchase. You can make it a family outing and each member can go through the checkout separately. On the other hand, if you find an amazing deal on something you rarely use, just say ‘no’.
While offering loss leaders is an effective marketing strategy for stores and supermarkets, customers can also benefit from it by planning properly. Use these 3 money saving tips by Wikigains to control impulse buying, plan in advance, and know when to say ‘no.’