As part of my freelance sales services to various different businesses this year I like to keep my knowledge up to date and bring interesting articles that I have read to the attention of others, this is one of the most interesting that I have recently found, that could have a large impact on your business in 2011, take head of what is said and consider how it affects your projected sales of products and services for the year ahead.
There are five new types of customers that have emerged from the current recession which business owners must keep in mind when delivering new products, services and experiences in 2011.
The Wall Street Journal recently ran an article titled ‘The Just-in-Time Consumer’ discussing new trends in consumer purchasing behaviour. The article highlighted the impact of the great recession on consumer purchasing activities and found that consumers are increasingly purchasing fewer products in smaller packages.
Today’s customer
So you may ask, who is today’s customer? In addition to the just-in-time customer, I would like to propose several other customer styles shaped by these challenging financial times.
• The value or discount customer – Following two years of heavy discounting, today’s customers face difficulties correlating value with price. Bargains have become the rule and not the exception for this customer.
• The mistrusting customer – Following the collapse of major brands from RBS, Halifax, Woolworths and Bradford & Bingley coupled with the challenges experienced by major brands such as Toyota, today’s customer is skeptical and lacks trusts in what where once reliable institutions.
• The fearful customer – This long economic distress shows no end in sight. Customers remain fearful over job security and their ability to help keep their loved ones afloat. This fear is becoming existential and persists during any transaction owing to the hesitation and fear over the short- and long-term.
• The do-it-yourself customer – Many personal sacrifices have been made during these challenging economic times. Customers have given up indulgences as well as other products and services they might have considered basic just a few years ago. Our customers today are inclined to do things themselves to ensure that their scope of sacrifices need not grow any further.
• The small indulgence customer – Our customers are still human and want little more than to catch the occasional break. All their fears and mistrust are weighing heavily on them and they are reluctant to indulge on expensive vacations or a lavish night out on the town. They are increasingly substituting their lavish desires breaks with small indulgences. Small and personal indulgences are the manner in which customers are creating a small sanctuary away from their pressures and fears.
The 2011 customer will enter the new year having faced two or three years of intense financial distress. Even if individuals didn’t personally lose a job, they likely experienced salary cuts, suffered losses in the stock market, witnessed layoffs among their family, friends and colleagues, and read about bleak financial news daily, causing more fear, doubt and uncertainty. Ignoring this state of mind will be dangerous for any company.
The longer this financial distress continues, the greater the long-term impact will be on consumer purchasing behavior.
We ought to take a lesson from the history of the great depression where many consumers simply couldn’t contemplate purchasing a luxury item, even many years after the great depression ended. While the financial outlook of today’s customers is uncertain, companies would do well to look back in history for guidance.
As you commence planning on your 2011 strategic sales plan, ask yourself about the manner in which you’re designing and delivering products, services, and experiences that are relevant to today’s consumer.
Just shrinking the packaging may not cut it anymore. Demonstrating compassion, understating and flexibility will go a long way. Like any relationship milestone, this is the moment that will define the future of the relationship with consumers. It is now your opportunity to elevate the quality and duration of your customer relationships to find out how we can help you deliver your sales strategy this year give Carl a call on 08444 123 174.
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Bradex Business Solutions | Business Mentor | Coach | NED 
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