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It’s no secret that times are harsh, for everyone. Just ask any CEO or your next-door neighbor and they'll confirm it. So, walking as if unaffected fools no one. Reusing paper towels, cooking your own meals (even on weekends), buying generic brands? It’s ok. Don’t be ashamed, we’re all doing it.
The uncertainty of getting a paycheck next month affects today’s spending decisions, and businesses need to assimilate this and translate it into effective marketing communications. Companies should reward customers who are willing to circulate the dollar, and not stash it under the mattress. Buy one get one free, refer a customer, get $10 off, and/or 15% discounts are sweet words that enamor customers, but marketers need to master the value equation holistically. Any of these tactics alone will not cut it.
Right now the dollar must stretch further in value, quality, experience, and service. Consumers are becoming more and more demanding and if companies want to succeed they need to have a constant pulse on the consumer. So, now it’s a good time to invest resources in consumer understanding. I mean answering the Who, What, Where, Why, and When with a very simple and straightforward message is something we’re all constantly craving. |
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