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I'm not sure about coupon fatigue. I find that the coupon entices me to take a look at the book being offered (assuming the coupon is for a pretty hefty discount) but that I often do not make use of the coupon, even if the book is free. I don't download books that I do not expect to read, even if the book is free. I suspect others also do the same, which may be why, once you get past the initial rush of those who will download any book offered for free, a decline in downloads by coupon users occurs.
I should also add that sometimes the coupon and the book are both well-received but the formats offered for the download are not usable or wanted. For example, it doesn't matter how many coupons are offered for books in Kindle format; I don't download those books because I have a Sony.
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