Jewelry Layaway
Marketing in a recession – Part 1
This last season I was reminded of my childhood. But not for the reasons you might think. About a month before the holidays, I remember my mother taking my brother and sister and I to the local store of Robert Hall. We do not choose our winter coat and our teams of Christmas. After in fact our selection, we would make our way to … layaway table.
For those of you too young to recall layaway which is as people paid for things by credit card were around. Mom and Dad will make payments to the store. When they were paid in full we bring our purchases.
That report was buried until last season. That was when I heard Kmart actively promoting their layaway program. How we got the starting point! But it is a sign of economic times. For people who have maxed out their credit cards, have bad credit, or just want maintain their positions in check, layaway is a great option.
This is just one sign that leads buyers shopping behaviors and attitudes have changed. And if we are changing with them, may be losing business to our competitors.
In a tough economy, consider this. The buyers may be ineffective, reluctant to incur more debt, or shift into a need of just thinking. Our marketing messages and value proposition, which may have worked beautifully for a prosperous economy, should be reviewed. Here are two things to do:
1 – "Evaluating the behavior of buyers. Examine what is happening in the industry TU, TU in the geography of service, and sales channels in the U.S.. buyer behaviors vary from city to city, and an industry to another. So although you may see the averages and the studies that show trends in sales, use their own observations as well, to determine what is really happening. In a recession, some high-end products are seen as luxury items, while others perceive as small tastes, so sales may actually go for above. Ask yourself:
– How has affected the sales of my industry recession? Up, down?
– What products seem doing better?
– What has been the perception of my product / service has changed from the recession?
– What customers and prospects are saying when they buy DO? Has that changed?
– What product / service attributes appeal more to customers during this time? Why?
2 – Change the way of his message to suit the new purchase behavior. In light of what you discovered in Step 1, you may find it necessary to adjust your message. No messages are matters which are widespread in this type of economy. That does not mean you have to use one of the following. But it's a good place to begin as carefully consider whether your current messaging program is still being effective with potential customers. Common resources include:
Value: For many, there must be a way to get more for your money. That does not mean you have to lower your price! For example, I was selling high-end cars could now be the time to promote how well they retain their resale value. custom jewelry can be placed as pieces of heritage value to dictate to the next generation. And you can placing works of art as an investment. Even these purchases can be placed as a somewhat practical, not frivolous. (By the way, if you are thinking that buyers higher incomes had not been affected by this recession, they have.)
safe bet: the credibility Add or some form of security may go a long way in a rough economy. When dollars are limited, customers are not willing to take chances. That is one reason more to offer programs that give prospects the opportunity to try the demo, or trial service. Of course, offer some kind of warranty is even better. If you offer the type of service makes these impossible to add to its credibility. Now is the time of application and add testimonials and case studies to your sales arsenal of material.
Feeling Control: Because it is difficult for most people to feel in control during trying economic times, offering a product or service that allows people to regain that sense can go a long way. It is known that certain services such as insurance, financial planning and education actually go up during a recession. People are looking for ways to create some kind of control and stability in its future. Can your product or service from the perspectives of help regain control?
If your business has been affected by this economy, the marketing budget can be difficult to find. So remember, following two questions for review 10 ways to market on a tight budget!
About the Author
Pat Price has worked with numerous clients to generate more business and boost their marketing effectiveness. She is a professional speaker and president of The Price Group, Inc, a full-service marketing firm serving small to mid-sized organizations. To receive Pat’s free Marketing Tips! newsletter, go to www.PatPriceSpeaks.com/Resources.php . She can be reached at 630.717.8332 or through her website at www.patpricespeaks.com.
This entry was posted on Saturday, May 15th, 2010 at 10:38 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
