How to attract the New Consumer?
Sitting on a train into NYC from the Hudson Valley for a business meeting… I have come to a new understanding and appreciation of the commuter – which, by the way, is the lion’s share of the purchasing power of this country.
I haven’t traveled in this manner for over a dozen years and since that time, travel costs to and from the city have more than doubled. Add to that increases in overall cost of living and it is no wonder college grads are moving back home and staying.
The sad truth is prices are going way up yet salaries are not.
Raises are scarce… Heck jobs are scarce…
And we are living in very challenging times.
What is the best approach to market to this consumer?
How do you get this consumer to spend money on your product or service?
They truly need to find value in what your product or service could mean for them…
And your product better last; as this consumer has also become much more demanding they will spend the money, but the item better last and the price needs to be right.
Have you noticed how price and item advertising doesn’t make you react as quickly as it used to? It would take some huge discount to make me jump for joy and even then… If I am going to make a purchase, it will be something I really need.
So what’s enough?
How can a business possibly make a profit continually offering huge discounts?
Bait and switch advertising? Just to get them in the door?
I believe those days are gone with the New Consumer mindset we all now have.
It’s time for smart marketing to come into effect.
Targeted approaches with measurable goals that are track-able.
Images and messages that can attest to real brand statements and value propositions that are substantiated by great products and services…
Not false promises.
Internal cultures that match the external message…
This is how we attract the New Consumer.