Tuesday, February 1, 2011

Spending Habits Changing

Savvy businesses are keeping their finger on the pulse of their target market and changing their marketing messages to match. For example, just the other night I saw a brilliant TV ad from a car company that every small business can learn from. Because this ad, and the offer it makes, is geared specifically towards people who are worried about losing their jobs. So smart! And even the smallest business can follow their lead.
Here’s the thing…Times are changing and so are consumer spending habits. Because now that everyone isn’t rolling in dough from their last real estate investment they’re thinking twice before spending each and every cent. This is also means the thought process behind every purchase has changed.
A year or two ago it was easy to sell someone the latest and greatest version of a new gadget (or all the add-ons) because they had money to burn. Now, if someone has just lost their job, or is seriously at risk of being laid-off, they’re carefully weighing whether or not they could just get by with last years model.
Chances are they’re going to decide they can stick with what they’ve got and spend the extra cash paying off bills— unless they truly NEED what you’re selling or you make a really compelling case for them to buy.
Since the best marketing speaks directly to your ideal customer or target market in a way that shows you understand their wants, needs, problems and concerns, you have to change your marketing messages to match the changing times. That might mean changing your offer, positioning the product differently, or providing a better guarantee.
In the case of the car company ad I mentioned earlier, I think they’ve had a true stroke of brilliance. You see, Hyundai is now offering its new cars with a very unique guarantee…The Hyundai Assurance (http://www.hyundaiusa.com/financing/HyundaiAssurance/HyundaiAssurance.aspx).
If you lose your job, file bankruptcy, or suffer a major injury within one year after leasing or purchasing, you can return the car!!
Of course there’s some fine print and a few criteria you have to meet—and you only get $7500 back—but it’s still one hell of a guarantee. If I really needed a car, and I was worried about losing my job, I’d check out a Hyundai.
Not only are the speaking directly to what many of their ideal customers are thinking and feeling, they’re solving one of the big objections to making the purchase at the same time. I advise all small business owners to look for ways to do the same.
Below are a few ideas to get you started:
1) Create a powerful, meaningful guarantee. I offer 110% back on any of my products (http://www.success-stream.com/products.htm) to compensate you for your time and trouble should you return an item.
2) Change your marketing message to speak to the most current, pressing concerns your ideal customer has on their mind. I’ve got lots of new products and promos designed to help you find new ways to grow your small business in the tanking economy.
3) Make it easier for folks to buy with payment plans and discounts for pre-paying.
Of course, there’s lots of other ways to make the purchasing decision a no-brainer.
What are you doing to make your marketing work in the new economy?

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