An increase in at-home dining is now a years-long trend, beginning with the early hints of an economic slowdown back in 2006 and 2007. But that doesn’t mean that someone is rushing home to make pot roast and pie from scratch every evening.
Consumers are still want a side of “fast” with their order of “affordable.” So the frozen food section has become very popular, according to this Media Post story.
Implications: We live in a world where people are working harder, and for more hours, just to maintain the status quo. It is not surprising that more people are showing more signs of being time-and price-sensitive.
Are frozen foods the most economical meal solution in the supermarket? Maybe, maybe not. But they seem to deliver the right balance of fast, easy and affordable.
In what ways could you present your product or service in a more time-sensitive light? What can you do to reduce the time it takes to buy or use the product you sell? (Hint: Does your web site make it easy for the consumer to do some research in advance of a purchase? Does your car dealership offer sales-by-appointment? Does your bank lobby feature a “deposits only” teller window?)
Yes, people want cheap. But even more, people want balance. Ask your customers what perfect balance looks like.
Mike Anderson
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