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Wednesday, August 31, 2011

Consumer confidence takes a hit

The Conference Board’s most recent survey of consumers indicates a significant fall in confidence.   But rather than listening to what pundits have to say about that, here’s a link to The Conference Board website (click here).

Remember that consumer confidence—as measured by the Conference Board—is not just a measure of how people are feeling.  It’s a measure of how they think they’re going to be feeling in the future.

Implications:  It seems as if the volatile stock market, bickering in Washington and soft demand for workers is starting to take its toll again.  I almost feel like apologizing for this, but it seems that we’ll be talking about Elm Street Economics for quite some time.

It will continue to be important for you to focus on how your company adds value to the consumer’s life.  In this context, the word value is not necessarily tied to price; indeed, it is focused on the benefits one hopes to obtain through the ownership/use of your product or service.  Lots of companies will be dropping price… so that alone is unlikely to make your offer distinct.

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

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