During our on-location Elm Street Economics workshop events, one of the things we spend a lot of time thinking about is the idea that the target market you have today could look quite different than it three years ago… and the benefits sought by that market when they buy your product or service could be quite different than the benefits they were hoping to satisfy before the recession.
A colleague recently sent me this link to a story from Advertising Age that seems to support that theology. To read “Is Luxury Dead,” just click here.
Implications: In the ESE workshop, one of the examples we use is the Buick Lucerne as an example. Three years ago, it might have been an upgrade from a Malibu… and today, it might be an economic alternative to a high-end luxury car.
Who do you think you’re talking to? Is your prime consumer today the same person it was a few years ago? This is no time to over-stereotype your most important customers. Not all boomers are booming… and not all Gen Y’s are comfortable with technology. Based on the needs you products and services you offer, and the needs they can satisfy, you might discover a whole new pool of customers that include Gen Y’s of affluence, and blue-tooth-using boomers.
[Thanks to Jim Hopes for sending the AdAge story along. Jim is the CEO at The Center for Sales Strategy, Inc.]
Mike Anderson
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