When consumer confidence is declining, it’s time to reevaluate your marketing strategy and messages. Potential customers have different needs when they are facing economic uncertainty, and the emotional buying triggers are changing.
As discretionary spending takes a backseat to saving or funding increased living expenses, buying habits skew heavily to must-have items, and nice-to-haves are put off to the future. When that happens, it’s time to lean into products and services that address customer concerns and behaviors. Here are a few examples:
Financing or Payment Plans – No matter how much money they have, customers are more interested in retaining their cash. Financing options and payment plans become more attractive to buyers across the economic scale. Offering same-as-cash or low-interest financing gives buyers options, even if they choose to pay cash or finance a purchase on their own.
Repair vs Replace – Now is the time to emphasize repair and service options, including service plans. If you don’t have a service department or it doesn’t apply to your industry, focus on your warranty, strength-of-product, and other messages that address customer concerns that you stand behind your products.
If you charge a diagnostic fee, consider applying that fee, or a portion, to any service work that results from the diagnostic. Consumers are more reluctant to spend money just to find out what they have to pay when they are watching every dime.
Good, Better, Best – If you can offer multiple price points, consumers feel like they have options. They have more control over how they spend their money, and control is a strong emotion when making purchase decisions. That is particularly true when consumer confidence is low.
Trusted and Verified – Anyone spending money when they don’t want to needs reassurances that they are making a good decision. Provide comfort and verify your statements by sharing reviews and ratings, licensing and certifications, and other messages highlighting how your company takes care of its customers. Emphasize the years in business and that you will be there for the customer after the sale.
These are just a few examples. If you are unsure how to adjust your marketing strategy and messages, contact the R2R Marketing experts, and let us help you thrive.
