News

Today’s economy is shifting the floor beneath all our feet, and smart marketers will give their customers something to hold onto while that happens.

Not only are consumers being more discrete with their spending on the extraneous – fancy purses and flat screens – they’re also shifting their habits for the staples like laundry detergent and socks.

And this recession is changing everything in the marketing world:

• Media companies are desperate to stay solvent in the face of declining ad revenues, increasing costs and a digital paradigm to which they’ve struggled to adapt.
• Consumers are scared. If they haven’t already lost their job, they probably know someone who has and are worried. How do you convince someone to buy something when they’re laying awake night?
• Shoppers are shifting their shopping habits. Macy’s customers are going to Target. Target shoppers are going to Wal-Mart. Wal-Mart shoppers are going to dollar stores.

Despite all of this, everyone needs to take a deep breath.

In.

Out.

Repeat as needed.

Because this recession can be an opportunity for your business.

But how do you position your business to survive – even thrive – now?

It’s all about value. Despite the desire to save every penny and not spend anything, consumers need “stuff.” We are still in America after all. (Here’s a great piece in MediPost about shifting trends among consumers.)

What value do you bring to the table? Quality products at a lower price point are always attractive. But maybe you offer a highly trained staff or an extended warranty? If you can offer lower prices AND a good value, fabulous. But if you’ve lowered prices as much as you can, offer value.

Help your customers save money – and/or enjoy a good “value” – and you’ll be tapping into this market zeitgeist.