Consumer behavior is at the heart of marketing. When the economy dips, some consumers set strict priorities and reduce spending. But, not all.
Depending on the day, you will find varying opinions from the talking heads in the media on if a recession is coming. Some say yes, some say no.
This confusing information can lead some entrepreneurs to go into “wait and see” mode.
Instead of going full-throttle on their marketing, they’ll throttle back, which is a big mistake.
According to a Harvard Business Review study of How to Market in a Downturn:
“Companies that put customer needs under the microscope, take a scalpel rather than a cleaver to the marketing budget, and nimbly adjust strategies, tactics, and product offerings in response to shifting demand are more likely than others to flourish both during and after a recession.”
In this video, you will learn some simple, but important concepts to better understand consumer behavior during a downturn (or not).
You will see:
- Which consumer changes nothing when faced with economic uncertainty and why
- Which buyer makes decisions based on budget and how to pivot your offering to appeal to them
- How understanding two simple concepts about recession psychology could save your business
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