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In A Recession Savvy Consumers Want Value
By | December 19, 2008
Sales are down, customers are pinching pennies and you are left wondering what to do. Now more than ever, consumers are looking for ways to stretch their money. Many are going back to the basics and finding creative solutions to keep from spending. Your goal is to promote sales, increase profits and keep your business afloat.
The all important answer to the question of what to do to keep customers trading with your company lies in the ways you are marketing and selling your products or services.
By now, hopefully you have already begun the process of evaluating your position in the marketplace and devised some strategies for improving customer service and cutting some costs without cutting off your nose.
The key to promoting, acquiring and maintaining sales is to impart value to your customers. Patrons are becoming more knowledgeable and sensible about making purchases, as money is tight and harder to stretch. They are coming up with creative solutions to forgo unnecessary purchases by conserving and cutting back.
No longer is there a “sellers market” but one where the buyer is calling the shots. In order to make a sale, particularly if the product or service is a luxury and not a necessity, business owners and employees are going to have to cater to patrons, go the extra mile and devise ways to “show” customers the perceived value in their discretionary purchase.
A savvy shopper is on the lookout for a bargain. Purchasers want to see a lot for their hard earned buck and are more satisfied and more likely to purchase when they believe they are getting a good deal.
One good way to impress your customers and make them feel good about a purchase is to market and promote value. Bargain hunting enthusiasts find it hard to refuse a deal that promotes a sense of accomplishment and certain euphoria. For many, that incentive alone is enough to pull out the debit card.
Consider promoting one item per week as the “deal of the century” or a “recession buster”. Rely heavily on your regular advertising, flyers and posters to circulate your promotion and step out of the way of the stampede of customers.
Be knowledgeable about your products and services. Present bundled packages and economy sized products, introduce customers to multi use products or ones that save time and effort and publicize reusable items and ones that are environmentally friendly. Advocate recycled products. Promote services that make consumers feel good, free up personal time or save money and maintenance in the long run.
All of these are things to consider when selling to a cautious buyer. Perception is everything. If your patron can see the value in your product or service and are convinced that it is a good deal, they are more apt to purchase and view your business as a friend.
Topics: Recession |
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