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Surviving Recession Savvy network marketer and other home based business owners know that just because consumer spending habits change doesn’t mean they still won’t spend that money. The trick to marketing in a recession is to understand how the consumer behaves in times like these. Keep reading and I’ll explain a little about the factors affecting consumer behavior that can help you get better leads and more profits. 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 Factors Affecting 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. Social factors also play a big role in consumer spending. Their social roles for their family, occupation and their community will all affect how they spend. Before developing a pitch, know the general roles your leads would have: head of household, stay at home mom, CEO, janitor, etc. Personal factors like age, lifestyle and personality also greatly influence consumer spending. For simplicity sake, try to group people into one of the four main personality groups: money driven, socialite / party person, care giver and analytical thinker. 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. Practice Makes Perfect It might take a little time but if you practice taking note of these factors during your daily activities it will soon become second nature. Applying the elements of consumer behavior can transform your success at marketing in a recession. 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 causes of economy crisis. Don’t wait until it’s too late! |
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