Wednesday, January 26, 2022

New Economy Questions



As season creeps into its final weeks, our marketing firm has received dozens of calls from businesses asking what advertising adjustments should be made for what appears to be a more stable economy.

Since the 2007 economic slide, consumers have found more confidence in coupon clipping by reducing their spending. However, so far in 2013, consumer confidence is at an all time high with the anticipation of good things to come.

As business owners and managers begin to review their advertising plans, it is important to remember that without showing confidence in consumers, they may – in turn – not show confidence in your business.

Putting it simply, invest in your consumers to create loyal and organic relationships. Everyone enjoys a great deal like a dinner for two at a price we just cannot refuse, but coupons cannot be the primary strategy anymore in advertising especially for small businesses.

When consumer confidence grows, shoppers still look for great deals, but they also begin to again value the relationship they have with your brand whether you own a restaurant, a retail shop or a service business such as heating and air conditioning.

While consumers have remained research driven, like I have, throughout the economic crunch, from 2007 to the summer of 2012, coupons really led more of our purchasing decisions. With consumer confidence improving, it is time for businesses to put aside the slim advertising budgets with coupon strategies and get back to what really works and that is building your brand in consumer’s minds.

Am I against coupons? No, but I do know that if we cheapen our relationships with consumers we diminish the importance of loyalty with our consumers and instead make sales more important.

Reward your customers with deals, but also reward them by communicating honestly about why your business is the business of choice so they can keep on choosing to shop with you in the future.

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