It's a new year, and time to look ahead. Trendwatching.com has just released their list of consumer trends for 2009. Anybody who markets or sells to consumers could use this list to educate themselves about the consumer mindset in current times.
In one of the trends, which they call "Happy Ending," Trendwatching.com predicts that the new year will be a good one for companies that do a good job of showing their customers that they truly care. And, with the economic downturn in full swing, this is what they have to say about the new consumer mindset:
"But the most important effect of more austere times is probably that consumers start questioning what truly makes them happy, which more often than not steers them towards the realization that happiness ain't (just) about traditional consumption. Expect pockets of consumers to switch to lower-consumption models with surprising ease, and to look for different and less costly sources of happiness and thus, ultimately, status. Any way you can help them with that will be a guaranteed winner."
I takeaway three things from this:
1. Consumers will consume less and when they do consume, it will be at a more moderate price point than before; and
2. Prospects will focus on what makes them truly happy, with an eye on practicality.
3. The definition of "status" is changing.
Years ago when I was selling custom closet systems in customers' homes, I was intrigued and constantly puzzled by homeowners who built, for example, a 5000 square foot home (that's a good-sized home in my part of the country) with a large master closet, but would only put a rod and shelf (either wood or wire shelving) in the closet to hold the clothing. What apparently made this consumer happy was a large home (but a poor use of space).
This didn't seem practical to me (but admittedly, I was biased). Imagine how much money this consumer spent on their 10 foot by 16 foot master closet (don't forget to add the mortgage interest on 160 square feet of space into the mix). Yet, they often went the cheap route and put an inexpensive rod/shelf (with tons of wasted space) in this large closet to hold their thousands of dollars worth of clothing. Wouldn't it be a better investment to put that expensive space to good use with a little extra investment in a quality closet system to utilize the space well?
Perhaps the new trend will be to build smaller homes with more modest closets, but also to invest in a custom closet system that truly utilizes that space. It makes sense, doesn't it? (Making full use of what you have rather than mindlessly building something where the only goal is sheer size). Products like this may fit well with the new definition of status.
I believe we'll see consumers shop smarter in 2009, but those of us who can position our products to be a practical addition to their lives rather than an ego trip will probably fare better than those of us selling products that are purely luxury purchases. Look for the consumers you sell to be more practical and to focus on what makes them truly happy. This will be an opportunity for many of you, but will require a slightly or greatly different approach to selling and marketing.
What can you do to help your product/service and your sales approach resonate with the consumer of 2009? Let's talk about it.
Flickr photo by Gemma Vittoria.
Please share your comments.
Skip Anderson is a professional speaker, sales coach, and the Founder of Selling to Consumers, a B2C and retail sales training and consulting
company. Subscribe to the
free Sales Tips newsletter.
Recent Comments