Last season reminded me of my childhood. But not for the reasons you might think. Approximately one month before the holidays, I remember my mother would my brother and sister and me to the local store Robert Hall. We do not choose our winter coat and our Christmas costumes. After we made our selections, we open way more ... layaway at the table.
For those of you too young to remember layaway, which is how people pay for things by credit card were about. Mom and Dad would make payments to the store. When they were paid in full we bring home our purchases.
That memory was buried up last season. Kmart and I heard actively promoting their layaway program. Oh, how we have come full circle! But it is a sign of economic times. For people who have maxed out their credit cards, have bad credit, or simply want to keep their spending under control, layaway is a great option.
This is just a sign that buyers purchase drivers, behaviors and attitudes have changed. And if we change with them, can be losing our competition.
In a tough economy, consider this. Buyers may be ineffective, reluctant to incur more debt, or change to a mindset needs only. Our marketing messages and value proposition, which may have worked wonderfully for a prosperous, should be reviewed. Here There are two things to do:
1 - Evaluate the behavior of buyers. "Examine what is happening in their industry, in the geography his servant, and their sales channels. Buyer Behaviors vary from city to city, and industry to industry. So, although you can see the averages and studies showing sales trends, use their own observations and to determine what is actually happening. In a recession, some premium products are seen as luxury items, while others are perceived to be small indulgences, so sales may actually rise. Ask yourself:
- How has recession affected the sales of my industry? Up, down?
- What products seem to do better?
- How have perceptions of my product / service changed by the recession?
- What are the current and potential customers by saying that when they buy DO? Has that changed?
- What product / Service attributes most attractive to customers during this time? Why?
2 - Reshape your message to adapt to new behaviors purchase. In light of what you discovered in step 1, you may find it necessary to adjust your message. There are some issues that are ubiquitous messaging in this type economy. That is not saying you have to use one of the following. It is a good place to start as you consider carefully whether their current messaging program is even reaching the mark with prospects. Common resources include:
Value: For many, there must be a sense of more for money. That does not mean you have to lower your price! For example, if I was selling high-end cars, which now may be time to promote how well they hold their value resale. Custom jewelry pieces can be placed as a relic of value to deliver the next generation. And art can be positioned as an investment. Even these purchases can be placed as something practical, not frivolous. (Incidentally, if you're thinking that high income shoppers have not been affected by this recession, they have.)
Safe bet: the credibility of Add or some form of security can go a long way in a tough economy. When dollars are scarce, buyers are unwilling to take chances. That is one more reason to offer programs that give prospects the opportunity to test, demo, or trial of their service. Of course, offer some kind of warranty is even better. If you offer the kind of service that makes it impossible to add to its credibility. Now is the time of application and add testimonials and case studies to your arsenal of sales material.
Sense of control: Because is difficult for most people to feel in control during trying economic times, offering a product or service that allows people to regain a sense that can go a long way. It is known that certain services such as insurance, financial planning and education are really in a recession. People is looking for ways to create some kind of control and stability in its future. Can your product or service from the perspectives of help regain control?
If your business has been affected by this economy, marketing dollars can be difficult to achieve. So remember, in the next two issues will examine 10 ways to market on a tight budget!
About the Author:
Pat Price has worked with numerous clients to generate more business and boost their marketing effectiveness. She is a professional speaker and president of The Price Group, Inc, a full-service marketing firm serving small to mid-sized organizations. To receive Pat’s free Marketing Tips! newsletter, go to
www.PatPriceSpeaks.com/Resources.php
. She can be reached at 630.717.8332 or through her website at
www.patpricespeaks.com.
Article Source: ArticlesBase.com - Marketing In A Recession - Part 1
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