Last updated on March 2nd, 2023 at 10:19 am
Almost 75% of consumers are still worried about costs, according to the most recent State of the US Consumer study.
Nine percent pointed less than seven months ago. Nonetheless, there is still cause for concern among business executives.
Consumers could immediately tighten their purse strings, given that 47% of individuals are concerned about their finances. Yet, there is a bright side: Sales will continue to occur as long as your product is required.
Consider what happened in 2020. Consumers continued to buy products they saw as “must-haves,” such as home gym equipment, machines, and accessories.
It led to a long-lasting trend that increased the fitness equipment market’s anticipated CAGR to 5.2% through 2028. What does this entail for your portfolio of goods and services, then?
Ensure the product or service you offer feels vital to your target audience. The key phrase here seems. Pelotons were required during pandemic shutdowns, right? Not in terms of Maslow’s hierarchy of needs.
But don’t say that to the consumers who helped the company surpass the $1 billion sales threshold. Consider these suggestions when you assess and adjust your marketing in a challenging economic climate.
1. Address An Economy-Proof Need
During recessions and near-recessions, people’s behavior changes. The father who converts to generic supermarket labels may still purchase the more costly bike for his child.
Why? It may have received better safety ratings. It could be the same manufacturer as the bike he rides. He sees the more considerable bike investment as essential since he can justify it.
Think for a minute about the products that your business offers. What needs, resistant to a downturn, might it fulfill? You may want to go backward to find an “Aha!” moment.
For instance, CitizenShipper links individuals seeking to avoid using the major shipping firms with private drivers prepared to transport pets and priceless objects across the country.
Pet ground transportation that is dependable and tailored to the individual’s needs is one of the most common requests the business answers.
Pet owners that need to move their animals will pay a fair sum to be allowed to do so. Be bold and consider niches within your target consumer group as you go through this approach.
You can find niche customer groups that would consider your products essential with a bit of research. You may start marketing to those categories after you’ve discovered them.
2. Indulge Yourself
We want to assume that objectivity, statistics, and reasoning are the only factors we consider when making purchases. Not us.
Our brains are programmed to view information while incorporating a small amount of emotion. Put your sales and support strategies back on the drawing board in light of this.
Leads are more likely to return if you can establish an emotional connection with them. Personalization is one technique to strengthen the emotional connection between you and your clients.
Almost seven out of ten consumers told McKinsey they wished their favorite companies would engage them more personally. Hence, you must consider methods to make the consumer trip more personalized.
Are you seeking ideas to customize a good or service? Look into Sephora. The business’ customizing device continually receives praise. Online appointment scheduling is possible with a chatty “assistant.”
With the Sephora program, you can locate the appropriate foundation shade in-store. You may join the Insider program to get more benefits.
Personalization is pervasive, so Sephora, which isn’t a “need to have,” continues to have phenomenal revenue growth.
Refrain from assuming that your staff must supervise every email or text. Use tech solutions that work with your current systems to make conversations seem more personal.
In this manner, you may provide personalization on par with Sephora’s without using up all of your human resources.
3. Describe The Value-Added Differences You Provide
Holding back on all the unique selling points that make you stand out from the competition is not a good idea right now.
The more value you can provide customers, the more probable they will choose your items over competitors’.
Make sure the differentiators you choose matter for the best results. For instance, if you sell socks, you may mention their several advantages.
They could include more padding, strengthened heels, moisture-wicking properties, quick-dry technologies, etc. Chipotle has served as a reliable case study on the value of differentiation over the last several years.
Despite competing fast food businesses like Burger King losing their appeal, its growth will continue until 2023.
The secret to Chipotle’s continued success as a top choice for hungry diners is selecting premium ingredients, keeping everything fresh, and providing taste consistency.
Want to examine your differentiators more thoroughly and find others you didn’t realize were significant? Take into account polling both your clients and staff.
A well-written survey may highlight the most important factors so you can use them as the main argument in upcoming “here’s why we’re the ONLY option” marketing.
Consumers will continue spending money even if inflation pushes prices further.
You may make sure that part of their discretionary cash flows towards your goods and services today thanks to your attention and strategic preparation.