There are definitely strong signs that the economy is on a comeback. Marketers, who previously reduced planning and implementation budgets, are now initiating marketing investments focused on growth strategies.
But has your customer or consumer changed their buyer values as a result of the recession?
Research shows that consumers, and even b-to-b purchasers, have redefined their core values. They are making a distinction between wants and needs and are more discriminating in product and brand choice.
Today’s consumers are seeking long-term relationships with their brands that share in those common values.
As Philip Kotler puts it, “The post-crisis consumer, already highly marketing-savvy and armed with the leveling powers of social connection and critique, is now an even more potent and unpredictable force in the marketplace. People are looking for value and values.”
Through this evolution, brands are even more important. Technology now allows us to make purchase decisions not only based on product attributes, but company attributes and values. The marketing firewall between a product’s image and company image has virtually been dismantled.
Marketers can find new forms of competitive advantage by understanding and sharing in the values that have become more important to consumers. With the proper market research and planning, marketers can claim newly defined competitive advantages that meet the economic, functional, economic and social needs of today’s marketplace.
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