Consumers are yearning for brands that genuinely understand their circumstances . This is a time for innovation across all product categories , offering a golden opportunity for forward-thinking individuals and businesses willing to take calculated risks to stand out and grow their market share . this market segment .
MARKETING
Consumer Choices And Opportunities In A Recession
A few days ago , I found myself accompanying my partner on a trip to the supermarket , despite my initial reluctance to go . I decided to join in and see what the shopping experience was like . As my partner carefully selected items from our list , meticulously considering prices and the effectiveness of various products , I couldn ' t help but grow impatient with the time-consuming process .
However , as time passed , I began to appreciate the importance of this thorough decision-making process in our current challenging economic climate . I realized the need for constant diligence in our purchasing choices , particularly for every day , off-the-shelf items . Interestingly , I observed that this scrutiny was not unique to us ; other shoppers in the store seemed to share the same mindset .
It became evident that people were seeking ways to maintain their consumption habits while reducing their spending , given the constraints of reduced disposable income . Although the occasions for consumption remained unchanged , consumers were actively exploring substitutes based on the value they received for every penny spent .
These observations pointed to a significant opportunity for marketers to promote the trial of new products that combine effectiveness with affordability . I saw a potential for businesses targeting middleclass consumers to introduce products that align with their needs , efficacy expectations , and budget constraints . This presented a chance to enhance product positioning by highlighting their benefits and resonating with consumers facing economic challenges . Consumers are yearning for brands that genuinely understand their circumstances .
This is a time for innovation across all product categories , offering a golden opportunity for forward-thinking individuals and businesses willing to take calculated risks to stand out and grow their market share . However , it ' s worth noting that some marketers are opting to maintain product prices while reducing product content weight to cushion unit sales and avoid increasing retail prices . This approach , while understandable , may lack the differentiation needed to sway consumers who are loyal to established brands unless they perceive justifications for change , such as price , efficacy , convenience , or presentation .
In contrast , the luxury goods market may see continued patronage from consumers unaffected by economic downturns , albeit perhaps with slightly less frequent purchases . In this scenario , aggressive marketing efforts to maintain top-of-mind awareness and the introduction of new , resonant luxury products can capitalize on
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Consumers are yearning for brands that genuinely understand their circumstances . This is a time for innovation across all product categories , offering a golden opportunity for forward-thinking individuals and businesses willing to take calculated risks to stand out and grow their market share . this market segment .
By Dick Omondi
At the lower end of the market , where families struggle to afford essential goods , the need for products that offer more for less is paramount . This need aligns with the desires of the middle to upperclass categories . Marketers can innovate by demonstrating their understanding of the challenges faced by economically disadvantaged consumers and creating products that cater to their needs .
In summary , opportunities abound across various market segments , depending on where you look and who you ' re targeting . It ' s also a prime time for new product introductions , as consumers are actively seeking brands that empathize with their challenges and invest in solutions . Businesses that adapt , reposition , and innovate are poised to benefit not only during the current economic downturn but also when the economy eventually rebounds . Consumer loyalty and affinity will likely endure for those brands that provided support during tough times .
Overall , it ' s not all negative ; it ' s an opportunity for savvy marketers and organizations to thrive through incremental innovation , aligning their strategies with both macro and microeconomic dynamics while delivering value to consumers in their unique circumstances .
Dick Omondi has several years invested in growing people and brands through marketing , public and corporate relations , and communications solutions . He is the managing partner at The Shamba Creative Consultancy besides assisting several brands through Public and Corporate Relations at Audimu PR . You can engage him via mail at : Dick . Omondi @ gmail . com .
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