Daily group coupons go mainstream

A recent Research Brief newsletter from Mediapost suggests that daily deal coupons are finding a special place in the email in-boxes of willing participants.  Click here to see the story.

Implications:   It’s not just about the savings; daily deal coupon companies (Groupon, Living Social, etc.) are helping drive product trial.  Recently, I was told by a young woman that she had purchased a skydiving package at a reduced rate; she explained that, “I really wasn’t shopping for a parachute experience when I opened my email this morning!  I just couldn’t resist!”

Daily deals represent that small indulgence that people had denied themselves throughout the recession.  Of course, there are hundreds of different ways to deliver this message of savings to consumers… but you might consider whether—beyond the lost-leader offering—is there a way you can convert that product/service trial into long-term customers who are willing to pay at a more profitable rate?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Home builders still waiting for their recovery

A recent story from the New York Times suggests that developers, homebuilders and related trades are still waiting for their economic recovery to take hold. Click here to see the article in full.

Implications:   I’ve heard testimony from many small contractors who turned away from the homebuilding business during the recession, and put their focus on home improvement and remodeling work to make ends meet until their more sizable and preferred projects start rolling again.  According to this story, it might be a while before that happens, at least in most parts of the country.

As an alternative to building their new dream home, will consumers continue to seek ways of making their current residence the home of their dreams?  From home theatres to home furnishings, from exotic landscaping to exquisite kitchen makeovers, there is ample evidence that people now look at their homes more as a place to live, rather than seeing it as a property to flip every few years.

Meanwhile, as this NY Times story indicates, those developers who are succeeding are going to very creative lengths to make it happen.  From elaborate rebates to free cars with the purchase of a house… the new era of sales promotions and advertising tactics make this a fascinating category to watch.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

From a guide wire to a noose: The connected society is on information overload

We’ve been hearing about the 24/7 news cycle for years… that sense that on any typical news day—even more so when a major world event is happening—if we tune away from the news for even a few moments, we might miss something critically important.

Fast forward to 2011:  The “news” we absorb isn’t just coming from a newspaper or major network… it’s coming from our network, via laptops, smartphones and iPads.  Today’s Research Brief featured a story about information overload in the wireless age.  Click here to read it.  A PDF of the Digital Lifestyle survey on which the article was based is available by clicking here (if you’re willing to give up your name and email address).

Implications:   Even if you read the article or white paper, reconsider the extent to which consumers are receiving messages.  33% of survey participants said they even check their device in the middle of the night.  And 64.2% of respondents said the torrent of information they are receiving has gone up by 50% compared to one year ago.

Consider the traffic your messages have to compete with.

Then, consider whether your marketing message has the relevance to win.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Independent healthcare is not feeling well

Last week, I came across an important article about the diminishing number of private-practice physicians in the U.S.  The story cited the costs involved—in both dollars and effort—when a doctor is trying to decide between opening a private practice or going to work for a large health-management organization.  Click here to see the story, which appeared in the New York Times.

Implications:   In case you hadn’t noticed, personal healthcare is becoming less personal.  If your doctor knows who you are and a little bit about you without looking at your chart, you are likely to be the exception to the rule. 

This story offers a preview of the impact that is likely to follow cuts to Medicare and private-sector health benefits (which seem to be the trend):  Hospitals and clinics will place increasing importance on operational efficiencies.  More health centers will use a team approach to treatments and scheduling… and those “between the lines” issues that cannot be found on a medical chart will increasingly be managed by the patient, herself/himself.

Does your company, product or service empower the consumer to take charge of their own wellness?  I’m thinking about things like a heart healthy menu at the restaurant or wholesome offerings at the grocery store… or any aspect of what you sell that contributes to physical fitness and overall wellness.  In the coming years, these product/service attributes are likely to be more and more valued by the consumer… as they rediscover an ounce of prevention is worth a pound of cure.

NOTE:  Another NY Times story, recently, exposed the nature of the sales process used by some pharmaceutical and health device companies.  Click here to read that story, as this issue, too, may influence consumers to ask questions and take action.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

UPDATE: Making it easy to be green.

Last week, I offered a posting about the importance of making an environmentally-friendly product or service easy to understand.  [See:  Earth Day, 4/22/11.]  

In today’s Marketing Daily, there was a story about a Whole Foods initiative to evaluate—and communicate—the extent to which various cleaning products are, in fact, green.  (Click here to see that story.)

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

One size does not fit all

Today’s New York Times features a story about sizing in the apparel industry.  There is no real standardized practice between designers or retailers now, but a move is afoot to change that.  Click here to read the story.

Implications:   My take-away on this story is focused on consumer frustration while clothes shopping.  If you can be a size ten in one line, but go to another store and wear a size 000, one must wonder why this issue has not been addressed before.  (And one might now better understand why many women pick a favorite designer or brand in clothing, and then tend to stick with it.) 

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Do-it-yourselfers get by with a little help from their friends

Over the weekend, there was an interesting story in the New York Times about the extent to which people are going online for guidance that was not provided by their instruction manual.  Click here to see it.

Implications:   My first thought here was to be proactive… if consumers prefer to go online for instructions (favoring a how-to video over the complicated written directions), why not provide it? 

Have your customers gone “rogue” to find information not provided (or not clearly explained) by your product’s owners manual?  It seems to me that, as they seek ideas about how to use/own your product, consumers are at extreme risk of hearing about other products and alternatives.  Worse yet, their search for solutions might lead them to a competitor’s website.

Better you control the content than someone else… especially if that someone else is a competitor.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

The grocery store at your door

Colleague Matt Sunshine passed along this story from his USA Today iPad app:  It explains that Walmart is testing home delivery of groceries in San Jose.  Click to link.

Implications:   Much coverage has been given to the idea that people sacrificed convenience for the sake of financial savings in response to the recession.  But it would be a mistake to assume that time saves became less important.

Many people are working twice as hard for the same or smaller household income, when compared to three or four years ago.  Time Sensitivity is still pervasive, and likely to compete with things like inflation and the price of gasoline on their list of important concerns as consumers set their purchase priorities.  

Since this blog was started, we have focused intensely on the matter of Time Sensitivity.  If you’d like to review other postings on the topic, click here.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

"Me, too!" versus iPad: Why Apple wins.

Former colleague and continuing friend Todd Storch sent me this story from The Business Insider (click to link).  It offers some great thinking about why, even in a stressed economy, so many people will pay a premium for Apple’s original.

Implications:   The iPad is not just a device, it is also a facilitator.  It helps the user accomplish… catching up on the news, playing a game, reading a book, using an app.  And contrary to popular convention, it does it without adding more bells and whistles; their current campaign explains that the iPad is what happens “when technology gets out of the way.”  (See their current ad in the video box below.)

Could your company benefit from some innovation?  Instead of thinking about what to add, ask whether your offering might be improved by taking something away.  Being intuitive—anticipating what the consumer wants—is the path to profitable innovation.  And it’s what can keep any company, product or service from being seen as a commodity.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

UPDATE: The green gap

To follow-up on the Earth Day posting from earlier this morning (immediately below), I’ll share this article from Marketing Daily, which suggests that “the green gap” is widening (click to link).    The story is based on a report called Mainstream Green from Ogilvy, which you can read by clicking here.  The green gap generally refers to the distance between people’s belief or opinion about environmental issues, and their willingness to act on those beliefs.

Implications:   Perhaps your green marketing message should focus less on getting people to believe, and more on the ways you make it easy to act.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Happy Earth Day: How are your customers celebrating?

Consumers love an environmentally-friendly offer.  But with a nasty recession very fresh in their memories (and with gasoline at roughly $4 per gallon), the cost of going “green” is making consumers feel conflicted.  That’s the essence of this story from today’s New York Times (click to link).

Implications:   Some interesting points are made by this story.  One of them, which I wish could have been explored further:  Companies (like Proctor and Gamble) who simply layered-on an additional “green” product offering (like Green Works) were not having as much success as those niche players whose product line is “green.”  Could that be because—just like consumers—corporations cut back during the recession, spending less to market their environmental upstarts than they did on their more mature, core product line?  While that was happening, could it be that those companies who have only an environmental story tend to stay true to course, and tell that story better?

But that wasn’t the only take-away from the NY Times article.

As an avid, hands-on conservationist, I love it when companies employ sustainable practices or launch eco-friendly products.  But passion, alone, is not enough; while any of us would love to save the planet, we would also like to make ends meet until the next paycheck comes in.  Sometimes, needs that are urgent displace matters of importance. 

It can be hard for the consumer to justify paying a premium when the product rationale can seem more ethereal than tangible.  A high-mileage car is saving the planet because it uses less gas, but it also saves the consumer money on their commute; they can see, feel and understand the environmental benefit.  For the typical consumer, connecting the dots on a specially formulated cleaning product might not be so easy. 

The bar has been raised since the first Earth Day was celebrated.  For as long as household economies are feeling strained, green products will have to provide more than the “novelty” of being environmentally friendly.  They will also have to be competitive in terms of dollar-for-dollar value delivered, and their environmental benefit must be made easier for the consumer to understand and appreciate.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

The national mood could use a boost. Can you provide one?

Last night on the CBS News, I caught a story about a CBS/New York Times poll on how voters (consumers) feel about the state of the nation and the direction of its leadership.  It was quite telling, not just because of the dramatic numbers that came from the survey, but also because of the descriptive remarks (as brief as they were) from the real people featured in the story.  Watch the video below (commercial pre-roll required) or visit CBS.

Implications:   The two themes that bubbled up in this story are 1) frustration, and 2) the sense that leaders in Congress and the White House "don’t understand what’s important to me."  It appears that a majority of voters (consumers) think the people they hired during the last pair of elections lack empathy… the ability to consider a situation from someone else’ point of view.

Think about your company, product or service.  When people walk into your store, dealership or lobby… does their experience begin to suggest that you know what their priorities are, when considering this purchase?  Does your product/service provide some relief from the long, hard hours that consumers are working these days?  Does your website provide a means of planning their shopping visit, so that they don’t have to make additional, unnecessary trips to your store when gas prices are climbing?

Think about how your consumer sees their need and your business or product.  That is simple empathy… and people are hungry for it.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Scrutiny of marketing to children goes beyond traditional advertising

There has been much coverage about the influence of traditional advertising on childhood obesity, a topic that has had a higher profile, recently, thanks to first lady Michelle Obama.  A story in today’s New York Times suggests that scrutiny continues to go beyond the ad campaigns of food producers and fast food restaurants… to include the websites, social networks and even video games produced by those companies.  Click here to see the story.

Implications:   If you market to children, it’s smart to scrutinize both your motive and your message before sharing it with your public… because you know that others will.

If you offer a product or service that is particularly healthy or beneficial to children, you might even want to consider whether less beneficial items are also on the rack or menu nearby… as those elements might provide your critics with “the appearance of impropriety” they are looking for to cause a fuss.

That having been said, the more attention “violators” receive in this age of scrutiny, the more likely a child-friendly offering can be a valuable keystone in marketing to families, as long as the benefits are authentic and meaningful.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

UPDATE: The impact of gas prices on shopping behaviors

This site has featured many stories about The Fuel Economy (click to link).   Marketing Daily offers a story that provides additional insights on the matter, citing research from NPD.  Click here to see the article.

What does the world look like to this year's graduating class?

Last night, USA Today published an interesting perspective about the world that will be faced by the class of 2011.  Click here to read the piece.

Implications:   We’ll see many of these kinds of stories between now and the end of June.  Some will be filled with optimism and others with pessimism; this one seemed to have a good balance.

Like the generations before it, the class of 2011 will be filled with extremes.  Some students will be unable to find the job they trained for in college, or for that matter, any job at all.  Their expectations will eventually be adjusted to the options they can find or create.  Other graduates will be surprised by realizing that market conditions have led to a situation where, with even an entry-level income, they might actually be able to buy a home… an idea few people may have thought affordable four or more years ago when they were just entering college.

Are you talking to your next generation of customers?  How are they feeling about their future?  How can you help them?  What are their expectations of your company, product or service… compared to the graduates of 2001, 1991, or 1981?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Will less salt bring more health-conscious customers to Subway?

As baby boomers move through their 50’s and into their 60’s like a pig through a python, issues like heart health and hypertension become even more important.  That’s why I’m interested by Subway’s recent move to reduce sodium in much of their product line, according to this story from Marketing Daily (click to link).

Implications:   Trans fats and kid’s meals were only the beginning; consumers are becoming more educated about what it means to eat healthy, and we can expect those lessons to result in new expectations for the restaurants, packaged goods, and grocery stores they buy from.  Do you agree?  Does your company, product or service offer a health-based benefit that you're not talking about yet?  Should you consider adding that ingredient to your mix of marketing messages?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Worth watching: The elements that could lead (or contribute) to inflation

Today’s lead story in the New York Times considers the possibility—and consequences—of the inflation that could result from China’s rapidly expanding economy.  Click here to read the story. 

Implications:   There are several reasons that inflation could be sparked in the near term, including growth in consumption in China, India and elsewhere… shifting the supply-and-demand balance of the world’s commodities.  And as you’ve heard repeatedly, the price of oil could also greatly impact the cost for goods and services.

Inflation can be defined in many different ways, depending on which economist or pundit you’re listening to.  Rather than try add to that heap, I’ll boil it down to what it means to the consumer:  Paying more money for the same or fewer goods and services.

When (not if) that time comes, consumers will have to decide whether a product or service is still worth the money they will pay.  Those companies who have a well-defined value proposition are less likely to become a casualty of inflation.  But make sure you’re not just defining value in terms of the price a customer puts into the purchase; value must be also defined in terms of what the consumer gets out of a product or service. 

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

UPDATE: On mobile shopping

A frequent topic at this site is the increasing influence of smartphones in the way consumers shop.  Two articles on the matter are worth sharing today.  First, Media Post’s Research Brief has a story about the frequency with which consumers are using their phones in searches.   Click here to read that story.

Second, today’s New York Times ran a story about the frustrations consumers have while using their small screens for big tasks, and the steps some retailers are taking to make the experience better.  Click here to read that story.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Are restaurants and clubs still competing with at-home alternatives?

There was a story in today’s Marketing Daily worth reading, especially if you run a restaurant, nightclub, or other out-of-home entertainment venue.  (Or, if you sell home electronics, home furnishings, catering, or upscale food that is prepared at home.)  The article suggests that people are still spending time and money on home entertaining… and that such spending might even be going up.  Click here to read the story.

Implications:   Some people will go back to restaurants and nightclubs as they exit their personal recession.  Others might take this opportunity to “upgrade” their experience by spending more in at-home entertainment… not less.  And still others might fit somewhere between, going out more than they did two years ago, but not as much as they may have five years ago.

If you sell higher-end home entertainment goods, from electronics and furniture to alcohol and food… you could benefit from this shift in lifestyles.  If you sell out-of-home entertainment or dining experiences, you might need to address the convenience and full-feature aspect of your offering.

I am reminded that your competition is not always your only competition.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Is the age of virtual customer service near?

This week’s Springwise.com newsletter offers an interesting business function to consider:  Customer service or sales assistance, via streaming video.  Click here to read the story.

Implications:   Some people prefer to walk into a bricks and mortar store to speak with a salesperson.  Some people prefer to shop online because it is often cost- and time-efficient.

Must the two be mutually exclusive?  Absolutely not.

Recently, I was shopping for an item online, and my session was interrupted by a phone call.  Noting the delay, the intuitive website I was using popped-open with a chat-box, offering me real time assistance if I was having problems with the site.

Later today, I’ll be holding a brainstorming session with a client via Skype.

Is there any reason your product or service could not be explained/demonstrated in video calls with customers?  If there are reasons, watch them melt away as this technology is more widely adopted at the consumer level... and as the price of fuel makes stopping (or stopping back) at a store less cost-efficient.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

On being Green

A couple of stories from Marketing Daily this week have me thinking about how much opportunity there is—or isn’t—for companies who focus on the space of environmentally-friendly products and services.  Certainly, a lot of consumers and companies will be reflecting on this issue, too, as Earth Day approaches.

Today's Marketing Daily shares research indicating 68% of consumers feel that it’s worthwhile to spend more for environmentally-friendly products.  Click here to see that posting.

Another recent story comes from Research Brief, and provides Gallup polling data about the environmental issues that consumers worry about most.  Click here to see that posting.  The findings hint that people see environmental protection as one casualty of government cost-cutting.  But it also suggests that people worry less about some issues than they did ten years ago.

Implications:   Like any other trend (and this one is significant), this one must be considered in context.  People have suffered through some pretty big financial traumas over the past few years; could that have consumers less pre-occupied with being green? With the price of gas putting additional pressure on the family budget, could it be harder to rationalize spending more for green products/services?

I believe, firmly, that a lot of folks are concerned about matters environmental.  Does your company, product or service do anything to help consumers act on those concerns, without having it be too difficult?  Are you already providing options that might resonate as a “green,” but overlooking the chance to maximize them as such?  

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

UPDATE: The Fuel Economy

Yesterday, I offered another post about the influence of higher gas prices and other inflationary issues on consumer behavior.  (See the story immediately below.)

Today, Marketing Daily published findings from Deloitte that seem to provide additional insight on the matter.  Click here to read that story.

Mike

Should you prepare for The Fuel Economy?

The price of gasoline is starting to gain more and more attention, and rightfully so.  For every additional dollar spent on their commute or heating bill, there is one less dollar of their income that could be called “discretionary.”   

Many industry experts see $4.00 per gallon as at least a psychological tipping point, if not a financial one.  The record price was set three years ago at $4.11 (national average), according to a story from today’s New York Times (click to link).  Prices have already surpassed that point in some parts of the country.

While consumers have been driving less, the price of fuel has risen faster and farther than their ability to cut-back, according to an article from the Atlanta Journal Constitution, offered here at AJC.com. 

Implications:  The rule of discretionary income is simple.  How much discretion people apply to their spending is inversely proportionate to the amount they have to spend.  In other words, if folks have lots of money to spend, they tend to be a little more carefree.  If they have less to spend, they behave more prudently, stewarding their precious financial resources a bit more carefully.

Is your marketing message ready for a day when consumers return to their judicious, careful spending style?  Will your company, product or service remain appealing to folks who are being a little more careful with their money?  (Sounds like a bit of a flashback, doesn’t it?)

The recovery still seems to be in good shape, and the recession seems to be a distant memory (depending on the region or business you’re in).  But even if the fragile recovery continues, one might expect to see recession-style spending from some consumers, once the price of gas hits their personal tipping point. 

The same thinking might apply to any other form of inflation, regardless of the commodity.

Don’t just think of the economic climate in terms of recession or recovery.  Think of it in terms of, “The Fuel Economy.” 

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Is retail salesmanship making a comeback?

The evidence is more anecdotal than empirical, but a story from today’s Marketing Daily suggests that a back-to-basics customer service environment is paying off for companies like Macy’s, among others.  Click here to read the story.  

Implications:   There’s nothing like a recession to make companies re-consider the essence of why people buy… and what kind of experiences inspire repeat business.

Have you made any re-discoveries in the past few years?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Couponing 3.0

As consumers increasing carry their technology in their pocket—in the form of smartphones—they are also embracing the use of coupons via mobile. That’s according to this piece from Marketing Daily (click to link).

Implications: I’ve written extensively on the increasing role that mobile technology is playing in the shopping process [See this piece about comparison shopping from May 2010]. Are you “the app” for consumers in need of your product or service?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Could recent gains lead to greater (investor) confidence?

There is a lot of positive economic news lately, but I was particularly pleased to see this story from today’s USA Today. Stronger returns on mutual funds and other investments could bolster the confidence of everyday consumers. Click here to see the full story.

Implications: Few consumers were able wrap their head around the financial meltdown of 2007-2009. Many long-held assumptions about saving for retirement were shattered. Any indication that the financial markets have found their footing is a very good thing.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Sales growing for adult beverages

The Beverage Information Group suggests that alcohol purchasing is on the rise, according to this story from today’s Marketing Daily (click to link).

Implications: Good news for the beverage industry. But also good for grocers, restaurants and other purveyors… as this might be a sign that not only are customers coming back, but also that the average ticket could be on the rise.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Causes and marketers must balance their objectives

A story published by Marketing Daily shares data pointing to slides in charitable contributions as a result of cause marketing campaigns involving the charity. Click here to see the story.

Implications: At first, one might think that this issue is particularly harmful to the non-profit organization that partners with a cause marketer. I believe the marketer is just as open to risk, if not more so; if consumers get the impression that the business was giving lip-service to a charity as a means of padding their own profit line, there could be a severe public relations backlash.

How will the charity benefit, exactly? What kind of dollar amount do you expect to raise? Do you have a contingency plan to make a corporate contribution if sales/donation projections fall short? Does your company have a history with the charity, or are you just joining forces because they are currently popular? (Should you be taking steps to build a meaningful history with the charity—or charities—of your choice?)

All of this does not mean your company should avoid getting behind a non-profit organization or cause. Just make sure that while you’re doing well… the charity is, too.

We’ve offered a number of articles here on the matter of transparency [see the “Social Responsibility” set by clicking here].

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Is suburban sprawl beginning to slow?

One of the local papers I check-in with is the Pioneer Press of St. Paul. Yesterday, they ran an interesting piece on the Twin Cities regional housing market, and pointed to the decline in x-urban migration. Click here to see the story.

Implications: In this region, consumers seem to be staying closer to the city, due in part to the rising (or at least volatile) price of gasoline.

What’s happening in your town? Do you think this is a short-term blip... or a long-term consumer trend?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Coupon use (and other savings strategies) remains strong

An article from this morning’s Research Brief indicates that coupons remain popular, as food product prices continue to rise. Click here to see the story.

Implications: During the recession, coupon use (and the other shopping behaviors mentioned in the article) were the consumer’s way of defending against lower household incomes. During the recovery, those same behaviors are helping defend against inflation.

What behaviors are you noticing about your customers now that the recovery is gaining momentum? Are they shopping/deciding the same way they did a couple of years ago? Are they motivated by the same reasons?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Close to home and heart; winning strategies for product launches in 2010

A story from today’s Marketing Daily suggests that product launches fared better in 2010 if they had to do with the consumer’s focus on health and sticking close to home. Click here to see the story.

Implications: Even though it was winding-down at that time, companies did well to focus on the priorities shaped by the recession. How long will those learned behaviors last, as we move more confidently through the recovery?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

Employment continues to gain strength in numbers. But there's more to that story.

A few moments ago, news alerts from both the New York Times and the Washington Post flashed on my screen: The unemployment rate continues to fall, even if modestly. The U.S. economy added more than 200,000 jobs last month. Click here to see the Post story, or here to review the Times version.)

One of things that I’m watching, though—along with a lot of other people—is the type of employment that folks are finding. Yesterday, a story from the NY Times explained how some folks have had to move down a few rungs on their corporate ladder… or they might be on an entirely different career path than before. Still others might be working two or more jobs, in an effort to replace the primary job they used to have. Click here to see that story.

Implications: I must tell you that I’m delighted to end any week with news that jobs are being added to the economy at a rate faster than analysts expected. But if you’re in business, that’s a broad-brush issue that doesn’t tell the whole story.

If someone has had to step down in income or position, it will impact their behavior as a consumer. Chances are, the new job (or jobs) will lead to some career intensity, as people struggle to get back to the income and lifestyle they once knew. And even in households where no job loss was suffered, job cuts at their company were likely to create more demand on each employee, so those workers are working harder, too.

Is your company, product or service designed to save the consumer time? (Many people are under more time pressure than ever!) Are you talking about that in your marketing efforts? Time sensitivity was a huge issue even before the recession. And while some people began placing more importance on saving money than paying a premium for convenience… time sensitivity did not just evaporate. It’s still putting a lot of pressure on many consumers.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.