I recently saw a report on CNN that focused on what was in and what was out during a recession. According to Christine Romans of CNN, what is out is: teen apparel, cameras, high end baby products, and bottled water. Even disposable diapers are down 4% from last year! Wow!
So what is in? Spending money on lipstick and high end cosmetics is up. This may be attributed to vanity and escapism. I believe if women are tightening the purse strings on their wardrobe budgets they may be loosening them on cosmetics which have a smaller price point then a new pair of shoes. What else are people still purchasing? According to the CNN report: i-phones, specialty pet supplies, vegetable seeds, romance novels, vitamins, and insect repellant are the hot items of the summer.
The report states “Conspicuous consumption is now seen as bad manners”. This is great if you are in the business of helping clients to stop over buying and start reducing their purchasing!
It seems like people are looking for more of the experience. Is that what you are offering? Is there anything you can do with your marketing language that can suggest more of an experience for your clients?
I’ve recently listened to several people speak on the topic of “selling” and one thing that keeps coming up is that you should not “chase” your prospective client. So what does that mean exactly? Of course you need to “ask for the business” and you have to follow up with your prospects. So what’s the right mix? How do you know if you are chasing a client? 