Posts Tagged recession
eBrand Media Research Brief: How 8 behavioral types cope with the recession
By Tom Polanski, EVP, eBrand Media and eBrand Interactive
Richard Storey, chief strategy officer for M&C Saatchi, London, suggests that recession is discussed as if it were a singular phenomenon, and that consumers have taken for granted the notion that there is one single, inevitable and all enveloping global crisis. News headlines tend to report macro trends, making bleak reading: slowing economy, falling house prices, rising food and fuel costs, or decreased consumer spending.
The problem, he says, is macroeconomics that would have us believe that the recession is a macro phenomenon with a single, reasonably predictable outcome, but understanding the dynamics that lay beneath these conditions could identify more interesting and effective recession strategies for businesses.
M&C Saatchi‘s ‘Reacting to Recession’ study uncovers the attitudes and behavior adopted by different groups of consumers and finds eight consumer typologies with distinct approaches to spending and economizing. Understanding and adapting to each segment presents opportunities for businesses, says the report.
Through a program of qualitative and quantitative segmentation, the study separated different consumer typologies. Each has adopted a different predominant behavior or ‘strategy’ to cope financially with the downturn and it is this behavior that defines each grouping:
Crash Dieters… 26%
Scrimpers…13
Abstainers…15
Balancers… 9
Treaters … 12
Justifiers… 12
Ostriches… 9
Vultures… 4
Posted by Tom Polanski in The Economy, Trend Tracker on June 9th, 2009
Sloppy retailers won’t survive 2009. Respect for customers and business efficiency are of paramount importance.
By Tom Polanski, EVP, eBrand Media and eBrand Interactive
We all should be recovered from anesthesia by about now. There are companies that I think are really going to be in trouble this year. Did anyone really need to decorate their home solely with Pottery Barn and Williams and Sonoma furnishings? How many businesses started, and grew, because of the real estate and credit bubbles? Of course they had to grow to serve a hungry public but did they have an exit plan? Were they working hard to build and maintain quality relationships with their current customers? Did senior management understand that there really would be a day when the easy money would stop flowing? Did management invest in preparations for the economic dénouement?
More often than not, in my experience, the answer is, “no”.
Here is what we suggest to help put your business in a position to succeed in 2009:
Posted by Tom Polanski in Marketing on January 19th, 2009