While there appear to be signs of improvement across financial markets, there is still uncertainty around how long it may take consumers to recover. This lack of clarity has left not only consumers having to make drastic lifestyle changes but also companies.
Is frugality here to stay and how do marketers deal with this potential change in consumer behavior?Knowing your customers is more important than ever given that they may be easily tempted to switch brands, products or services due to shifting priorities.
2 comments:
i think if we Adjust your segmentation
Knowing whether your customers have changed can improve the return on your marketing investments by knowing which segments should be allocated more funding at this time. You may also discover that your segmentation scheme requires significant changes, which may affect one or more aspects of your marketing process, including messaging and touchpoints.
I totally agree. This is the time when companies who aren't very marketing oriented should consider shifting their marketing polices to the front. In such economic conditions, companies are at WAR, and the only arsenal they have is MARKETING.
But what should be kept in mind is that the economic recession hasn't only effected the consumers, companies too are a victim of these economic conditions. So rather than high priced marketing strategies, like costly advertisements and promotional campaigns, the companies should go for a more effective way of marketing, which involves a direct contact with the consumers. Of course this might not be possible in all cases, but this strategy should be applied wherever possible because in times like these, consumers don't have a lot of faith in the sellers and winning their trust is the most important thing.
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