This morning, a story from Marketing Daily focused on the spending habits of upscale consumers. It was somewhat of a good news/bad news piece, indicating that across luxury categories, spending was up 9% for the quarter, but trailing-off in the second half of the study. (Click here to read the story.)
In the very last paragraph of that article was this quote, from Pam Danziger, president of Unity Marketing (and the lead research for the report cited in the story): “A recession is not only an economic event… it is also a cultural one.”
Implications: While this Marketing Daily story was focused on upscale/luxury goods, that last statement from Ms. Danziger deserved might well have been a headline… for almost any consumer group you’d like to think about.
It’s not just about the money your customers have (or not)… it’s about the mood they are in.
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Is your product or service seen as a necessary evil… or an enjoyable indulgence? If the consumer has had to stretch their usual buying cycle (the interval between purchases of a repeatedly-purchased product or service), how can you get folks to act on “pent-up demand?” If consumers cut-back or traded-down during the recession, how can you get them to get “back in the habit” of buying again?
The answer might lie somewhere “back to the future.” Are customers often delighted with their purchase and ownership experience after doing business with you, or do they more typically suffer from buyer’s remorse? Are others starting to buy more of what you sell? Why… and how can you use this point to create momentum? Can you advertise that demand is picking back up for your category?
Mood swings are not a problem… if you stay tuned to your customers as a means of making them swing in your favor.
Mike Anderson
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