Emerging stronger after the crunch
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So has consumer life, as we know it, changed for good? Does the only future for brands lie in cut-throat pricing and budget ranges?
There is no doubt that we’re seeing the spread of a ‘psychological slump mindset’. The majority of consumers are much more price sensitive, irrespective of the real impact the recession has had on their own finances. They’re doing more internet deal-searching, taking advantage of coupons and vouchers and price comparison sites. Close to home needs are a priority.
But not all consumers are responding in exactly the same way. Alongside the cut-throat family budget slashers and the cut-price economisers, there is still a rump of ‘couldn’t cut lessers’ who don’t need to pare back, even if they’re happy to take advantage of what’s on offer. Brands can still build a relationship with their consumers beyond short-term price-fighting. Quality is still a priority and family needs and health beyond compromise. Sustainable buying still exists, but is more considered. Those that have succeeded in carving out a real role are reaping the benefits.
The secrets for connecting with the credit crisis-ed consumer aren’t rocket science, but they’re easily overlooked in the day-to-day battle for value. Give them knowledge: hints and tips, advice on how to get good quality for less or make it go further. Provide the comfort of old favourites and nostalgia. Get them involved: keep it simple, get up close and be very, very useful, but don’t intrude. Social media are still viewed sceptically. Enrich the experience: don’t crunch the courtesy and the service or the visual and tactile dimension – it is what makes hard-pressed people feel a bit pampered. Be bold with your innovation. Be remarkable and be uplifting.
All of which might just give people a little something to smile about.
