Whenever there is a shift in the economy there is a shift in marketing.
Consider how businesses operate under optimum financial conditions. When the economy appears sound there are typically appeals for larger purchases, more extravagance, and consumers do not mind indulging themselves.
In our minds eye this is a time when we perceive people more interested in the latest fashions, cars, jewelry and social environments than they may be about their pocketbook.
For those that may be new to business and the accompanying marketing required there might be feelings of despair when the economy recedes a bit.
However, for those who have been in business for a while there becomes a shift in what might be described as economy marketing. For example, car companies may concentrate more on vehicles that provide greater gas mileage or lower total cost. In essence the profit margin will be similar to other vehicles in their fleet, but they will be responding to the real felt needs of their customers. By doing so they are viewed as caring more about the consumer than profit, but they will still be driven by the need to keep profits up. In the end they will work harder at marketing those aspects of their business that will make money.
Businesses will talk more about the durability of their products and the savings derived from the use of their product over the life of the manufactured item. You might even find businesses appealing to a sense of nostalgia as they work to equate the feelings of better times in the past with the purchase of a product that have served customers well for many years.
Economy marketing may find businesses curtailing the release of certain new products in favor of capitalizing on popular existing brands. If new items are introduced they will be introduced as an answer to difficulties created by the economic downturn.
Good marketers will also know that they should not oversell the direct connection to the economy simply because by paying too much focused attention to the economy business owners may be defeating the purpose of selling. You see, when potential customers hear about the difficulties people might experience due to the economy they may lose any appetite they may have had for making a purchase.
The best marketing will concentrate on the benefits of the product without direct references to the economy. If the economy is mentioned it should only be in passing.
Where you once saw a well groomed cat, a high society lady and a luxury car most of us could never afford, you may likely see a more down to earth scenario with a product that has the potential to make life easier and is relatively affordable.
In some scenarios during times of prosperity marketing simply needs to appeal to the interests of an individual. However in economy marketing you must appeal to the desire of the consumer to make smart choices that maximize the usefulness of every purchase.
Every good entrepreneur understands that adversity is often the catalyst for redirected opportunity. This is the goal of economy marketing.
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