Marketing strategies in 2011 will need to address the diversity of consumers’ recession experiences to be successful, according to a recent study by Decitica Marketing Strategy & Research. The study concludes that many have accepted the creation of a new “normal” in the marketplace, rather than just a cyclical phenomenon.
CONSUMER INSIGHTS
The research identifies four distinct consumer segments emerging from the recession:
- Steadfast Frugalists – The least brand loyal, this group is most committed to self restraint and makes up about one-fifth of American consumers.
- Involuntary Penny-Pinchers – Representing about 29% of the population, their newfound frugality was forced upon them. Marketers will find them a challenge to motivate because of their diminished spending power.
- Pragmatic Spenders – About one-third of Americans, this group has above average wealth. They are most attractive to marketers as they are most willing to renew former spending habits.
- Apathetic Materialists – With attitudes changed the least by the recession, they are mostly males in their 20s and are an attractive target for youth-oriented marketers.
BUSINESS RELEVANCE
For b-to-b marketers, it’s time to survey how the landscape has been altered – for your competitors and your customers. Do a thorough competitive analysis. How have your competitors’ pricing and brand positioning changed? Are they even still in business?
Now examine your customers and ask yourself two key questions: How relevant are your products and services in meeting your customers’ current needs? Do your marketing strategies deliver relevant messages?
