There’s a saying that “predictions are hard to make, especially about the future.” Is that really true in today’s marketplace? With customer loyalty measurements as easy as ever to come by, insights can be made if you’re paying attention to the right indicators. Today is part one in a multi-part article I’ll call “Early Warning Systems for Your Business.” Pay attention to these key areas and get ahead of the curve well in advance of a major market shift- maybe as early as 12- 18 months ahead.
Price matters if you’re a commodity.
With financial pressures and a lack of confidence in the economy, consumers are going to continue to be very, very conservative in their spending. But no matter how much consumers earn and no matter how much discretionary income they have available, they still want to be perceived as “wise shoppers.” In 2009/10 that title is bound to be more of an economic imperative than one having to do with fiscal self-image. This will be especially true given current economic indicators, all exacerbated by a decreased lack of trust in—and increased suspicions about—the old established financial and retail establishments. The decline in the economy will feed the ongoing trend of brands being unable to provide meaningful differentiation or resonating values, except, of course, those of low, lower, lowest prices.
Tomorrow—differentiation and added value mean more.