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The Advantage and Consequences of New Economy Marketing
By Abe Cherian
? 2005
Some of the research that has been done today gives us a
lot of information on the values of today”s society. What
I”m referring to is a lifestyle in which there is more to
do in generally less time in which to accomplish it.
There”s more to spend money on so there”s less disposable
income. Quite often there”s just one parent instead of the
traditional two parents. Safety and security is important,
Quality and value are more important than ever. People are
willing to pay more for desired quality. People are also
willing to withdraw from the unnecessary and focus on
essential stuff, and Convenience is extremely important.
Consumers are having a wild time with technology.
The 90″s have been characterized as the “Decade of Decency”
and such trends have been projected as cocooning and
burrowing (staying at home socializing with
similarly-minded people in smaller groups, backpacking,
4-wheel drive vehicles, antirich, anti-big,
anti-professional backlash has been happening.
Dumping the corporate grind for small-town quality life.
Self service niche type products and services and self
indulgences such as fresh flowers and Godiva chocolates.
Adults are acting like teenagers. Golden Oldies now appeal
to the youngsters as well as the 40″s crowd. Fitness buffs
are on a super quest for health. Vigilante consumers who
read the labels, protest and boycott. People want it now..
People are becoming socially responsible.
If you use these items in your marketing, given this new
lifestyle, and you wish to sell these people who make up
this new lifestyle, you need to be prepared to target your
marketing efforts toward these segments.
Some of the characteristics you need to address are making
your business products and services appear to be necessary
when this market is with drawing from the unnecessary. You
need to compete for the potential customer”s time and
attention when they”re already overscheduled and subjected
to too much stimulation.
You need to connnunicate the legitimate quality of your
product and services in a world where every business seems
to make the same claim of quality. and reliability. You
need to target those individuals who have an interest in
your business as products and services and they have the
money to spend on them. You do this with target marketing.
Two very critical strategies for this marketing mission
include the correct identification of your USA (Unique
Selling Advantage) and test marketing every phase of your
business and marketing plan, and your product and service
development.
Remember that in selling, time is money! Therefore, you
must allocate only so much time to each prospect. The
prospect who asks you to call back next week, or wants to
ramble on about similar products, prices or previous
experiences, is costing you money. Learn to quickly get
your prospect interested in, and wanting your product, and
then systematically present your sales pitch through to the
close, when they sign on the dotted line, and reaches for
their checkbook.
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