Marketers are targeting value over thriftiness
The economy has improved substantially within the past two years since the covid-19 outbreak. However, thrifty spending remains a strong mindset in customers around the nation.
There seems to be an attitude of precaution with almost every purchase people make these days, from simple grocery shopping to the high-end needs like a vehicle or place to live. This can put many retail businesses in a bind – while some big companies like Amazon or Wal-Mart may have the ability to offer competitive prices, others might not. Additionally, some products are simply worth more than others, and that doesn’t mean that they shouldn’t be bought. As a result, marketers in key industries around the nation are looking into strategies that focus on the value of products rather than just their price tags. The idea is that “you get what you pay for.” With that being said, businesses that vend items on all different price levels really need to hedge their bets in terms of how they sell themselves. The New York Times reports:
“Procter & Gamble, the nation’s largest advertiser by spending, has been scrambling to fine-tune its lineup of mostly premium-price household staples in categories like beauty, detergents and paper goods. The goal is to add lower-price items to appeal to shoppers who have been switching brands to save money but still seek efficacy from what they buy, while not eroding sales for the company’s higher-price merchandise.”
Would this retail marketing strategy be important to consider in your business? It’s necessary to take a look at the kinds of products you sell, how they are selling, and at what prices they are going. If you are having trouble making sales and you believe it may have to do with the prices being a bit too high, then retail marketing strategies that stresses value could do you a lot of good. You need to find ways to express to potential customers that the extra money is well worth the investment. Of course, there are many ways to do this – value comparisons with cheaper products of similar scope, product demonstrations, strong visuals, and other strategies are all highly viable.
Be sure to examine your retail marketing strategy as it pertains to customer spending habits. It could make a world of difference!