Consumers are changing their habits – no change there. Right now the credit crunch is making people much more aware of where they’re spending their money, and what they’re getting for it. Impulse buys are on the wane. Charity shops are having trouble staying stocked. We’re also getting greener and more aware of sustainability. More of us are planning summer holidays in the UK rather than going abroad. No surprise when you look at the costs of travelling. UK consumers are spending – but not as much and not in the same ways as before.
For marketers, this is a new challenge. We can’t just say the credit crunch is wrecking my business. Being absolutely honest means looking at how we can change our products to keep consumers interested. For example, it could mean creating a new low-cost menu or, it could be inventing a product aimed at helping consumers save money like the Owl™, a gadget that tells you just how much money you’re spending on electricity at any given moment.
If anything, the downturn is a test of our creativity, a real opportunity for marketers to take stock of what’s wrong with a business and take steps to make the right changes.
I’d really like to see what the marketing community has to say about this. If you have a good example of how marketing can work to counteract the downturn, now’s the time to share it.
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