Surviving Recession
It’s no secret amongst the most successful network marketing experts and home based business owners: while consumer spending may look a little different during times of economic hardship, they will still spend their money. The trick to marketing in a recession is to understand these behavioral changes and learn how to make them work for you. Keep reading and I’ll share some valuable information.
Characteristics Influencing Consumer Behavior
It is always important to understand your targeted consumer but never more so than during tough financial times. Marketing in a recession carries with it a new level of complexity. Consumers are much more careful about where and how they spend their money.
In order for you to convert your leads you’ll have to gain a more intimate understanding of who they are, what they want and what they’re afraid of. Use this information to update and add power to your Unique Selling Proposition (USP).
Four Main Elements of Consumer Behavior
Cultural factors play a very big role in consumer behavior. Social class, buyer behavior and subculture elements each go into determining the ultimate behavior of the consumer. During times of economic hardship, a good approach here is to first identify with the consumer on their individual social class perspective. For example, middle class families in this country are experiencing a credit crisis unlike anything they’ve ever seen.
Next there are social factors to be considered. Their familial role, occupation and their community standing can all be a factor. Develop your presentation or pitch while taking into account their general roles such as head of household, working mom, carpenter, accountant, etc.
Personal elements such as age, occupation, lifestyle and personality all play important roles. Try to group their personality into on of four types: care giver, money driven, social butterfly or analytical thinker and tailor your marketing approach to their specific personalities.
Lastly are the psychological factors and these can be the most useful for any marketer. Elements such as perception, motivation, attitude and beliefs are strong contributors to consumer behavior. Take a preemptive approach and address these psychological factors and present solutions.
It Takes Practice
If you are a newcomer to marketing or have not had much exposure to the study of consumer behavior, this information put into practice can be a powerful tool for marketing in a recession. Practice paying attention to verbal and non-verbal cues and placing people you come in contact with into a category. Before long it will become second nature.
Understand more about how marketing in a recession can affect our business. Learn how to start protecting yourself and your financial future from the current economic depression. Don’t wait until it’s too late!