kenna borgmeier & jeff miller
DESCRIPTION
Kenna Borgmeier & Jeff Miller. “Frugality is In”. Recession has prompted unemployment and sales declines Consumers are adapting Spending less and scrutinizing more New shopper is wiser in spending habits and much more frugal. Price must be Right. - PowerPoint PPT PresentationTRANSCRIPT
Kenna Borgmeier & Jeff Miller
“Frugality is In” Recession has
prompted unemployment and sales declines
Consumers are adapting Spending less and
scrutinizing more
New shopper is wiser in spending habits and much more frugal
Price must be Right 86% believe price to be important consideration before
making a purchase Consumers feel entitled to better prices and more swayed by
dramatic sales Marketers resorting to pricing strategies to free up
checkbooks Del Monte “Stretch”
Campaign Wal-Mart Annual Savings
Commercials
Define Value Beyond Price Price isn’t everything
Value comes in a lot of different ways Pay attention to the total value
Brands that best meet complete brand-value are going to win out
Panera avoided price focus and stressed quality Chipotle “Food with Integrity”
Word to the Wise Greater urgency for marketers to incite positive word of mouth Carries more weight than typical ad campaign Digital media and recommendations are big influence on
gaining new consumers Invest in social media and find inventive ways to show
customer appreciation Listen, interact and be authentic “My Chipotle” Campaign Lululemon Community
Connecting with the New Consumer
Class Discussion
Have your buying process or decisions changed since the recession? In what ways?
Other than price, what are factors you consider when determining which product to purchase?
How does “word of mouth” influence your decisions?