Monday, October 27, 2008

The Cure to the Falling Sky Syndrome

In a time of a major credit crunch, financial and job uncertainty, political elections and ultimately mass hysteria about what tomorrow will bring, marketers need to explore more cost effective options to speak with consumers. A financial analyst interviewed on CBC said it best in terms of the population's current fears, "It's as if everyone is waiting around for something to happen".

Many of us are guilty of this I'm sure, including myself, although there must reach a point where leaders need to take charge and example and show confidence in order to turn things around. I understand that it is FAR more complicated than this and that it will take a substantial shift in societal perception of the global economy.

This does not mean that marketers should simply step back and wait for the dust to settle while simultaneously looking for ways to decrease costs and increase efficiencies. On the contrary, (you thought dear Watson didn't you?) when times get tough, it's time to get even more focused and that much more creative.

An article titled Inventing During a Recession clearly demonstrates that consumers are still willing to spend although they will now be more aware of how they are spending their money. The key is to understand how their needs may have changed and to simply communicate to those needs. Examples in the article refer to different mind states that people go through during difficult economic times such as nesting (feeling of uncertainty causes people to want to seek comfort at home), sense of competition (job market) and survivor (minimalist mentality) to name a few.

Needless to say there are a million ways to develop products or services to accommodate to consumers' rapidly changing needs or by simply listening to what consumers are looking for when crying, "The sky is falling, the sky is falling!".

Isn't this what we do as marketers anyways?

Marketers could help lead the charge in restoring consumer confidence by facing our own personal fears and by continuing in doing what we do best...innovate, create and communicate.

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