Changing Marketing Gears

I recently read a great article in the Harvard Business Review titled, “How to Market In A Downturn” by John A. Quelch and Katherine E. Jocz

It points out that consumers typically react in one of 4 emotional ways to the current economic situation:

•    Slam-on-the-brakes — consumers feel hardest hit and reduce all spending.

•    Pained-but-patients –economize, but less aggressively.

•    Comfortably well-offs — keep buying, but more selectively.

•    Live-for-todays — carry on as usual, though delaying major purchases.

The article also identifies how members within each segment categorize purchases:

•    Essentials are necessary for survival.

•    Treats are justifiable indulgences.

•    Postponables are desired items that can be bought later.

•    Expendables are unjustifiable.

Which category do your clients fall into?  What new approaches might you take with your customers who fall into these different ‘mindset’ categories?

One of the most painful things that I commonly see are business owners who continually bang their head against a wall, i.e. they keep doing the same thing expecting different results.

They believe if they apply enough energy to their marketing efforts, the strategies that they’ve used in years past with great results, will continue to work this year as well as they have in the past.

Unfortunately for most, the game has changed and new rules, strategies and tactics must be applied to win over new clients.

So stop banging your head against a wall expecting different results! Take a step back, look to see what mindset your potential clients have about your product or service (And while you’re at it, check to see where your own mindset might be in the way as well!).

Start to notice what IS working and what ISN’T working with reaching those clients and let go of outdated strategies that are a waste of your time, money and energy.

Then, look to your competition to see what they’re doing well or gather new ideas from other industries that can be re-purposed for your particular brand. No need to reinvent the wheel, just build a better strategy that one-ups them (or leap frogs them altogether!).

By pumping new ideas and energy into your marketing plans and activities, you’ll be surprised at the fresh results you’ll get in return.

Trust me, you’ll save yourself a lot of headaches!

To Your Success!
Michele