Soft Economy Revisited

June 12, 2008 on 8:13 am | In Advertising, Brand, Branding, Customer Retention, Marketing, New Business | 1 Comment

Recently, we talked about how our challenging economy will affect marketers. I said that it is marketers who are soft, not the economy. No matter what is going on, if your brand has a personal connection with your customers, you should be able to weather the storm.

A Harris-Telecom study indicates what areas consumers say they will be cutting back on due to rising gas and food prices. More than one-third say economic conditions will not affect their spending habits. About 60 percent say they will curtail some discretionary spending at restaurants and on electronics. See the chart below for details.

Smart marketers are always building their brand, making those connections with customers to ensure they they will continue to have a good share of wallet in all economic conditions. And when things get really tough, it is the top marketers who see the opportunity to gain share from timid competitors by increasing their marketing efforts, not curtailing them.

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  • http://www.my-creativeteam.com Harry Hoover

    UPDATE: US Retail E-Commerce Slower But Steady Growth. Although consumers are reacting to the economic downturn by spending less, this will create more of a hardship for retail stores than for e-tailers.

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