Keep Up With Consumer Habits During A Down Economy
Every market condition provides opportunity. We’ve discussed, many times already, the obvious opportunity to increase your market share while your less informed competitor pulls way back on their marketing. But, some opportunities provide for increased revenue immediately.
Take the food industry. It’s long been known that Americans eat more ‘comfort’ food when they are troubled. However, the opportunity is deeper than that. We also purchase less expensive ingredients (opportunity for discount brands), often times cooked together in one pot (opportunity for cookware). We make fewer trips to the store and therefore stock up when we do go (opportunity for club stores or any entity wishing to display their product in bulk). And, we visit smaller stores for the fresh products that we need more often (opportunity for Braum’s, proving once again that luck is better than brains).
Avoid mentioning the economy in your ads. This will only reveal your strategy and cause consumers to feel manipulated.
There is an opportunity in today’s market for your brand, but it may lie below the surface or require co-branding or other relationships to get there. Search for it - it’s there.