Observation: I’ve written on more than a few occasions about the likely increase in prices for a wide variety of commodities (and products produced from them) due to the expanding economies of India, China and other countries. This weeks’ newsletter from McKinsey elaborates on that matter considerably. And you can see it by clicking here.
Implications: If price is your only proposition, the market is about to become more complicated. As the cost of goods increases over the next few years, price won’t be as compelling a story. NOW is a good time to start talking about the value you add to the consumer’s life, whether through experience, service, or other satisfaction.
Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.
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