The post-recession consumer is a new breed. Experts on both sides of the border agree that he or she will exhibit different shopping habits and patterns than retailers have previously observed. As we begin the countdown to the 2009 holiday season, economists, pollsters and psychologists are trying to predict the behaviour of the post-recession consumer (PRC). The Nielsen Company predicts consumers will hang on to some of their recessionary restraint and continue to economize on consumption of utilities, eating out, groceries and out-of-home entertainment.
Psychology Today’s blog by Kit Yarrow, PhD – “The Why Behind the Buy: Understanding consumerism and why we buy” – suggests that the recession “has touched and changed consumers on every level – they’ve acquired new behaviours, thoughts, and feelings.” Post-recession consumers will focus on “products that bring vibrancy and sensation to life.” They will think long and hard before they make a purchase. Staying in will be the new going out. They will want to do business with companies who share their values; thus, social accountability, environmental awareness and good corporate citizenship will be key.
With this in mind, now is the time to set your marketing activities and seasonal sell-through plan. Florists need to assess how their marketplace has changed as a result of the recession. Will your customers be looking for different products or price points this year? Or will they be willing to spend the same dollars, but feel the need to purchase something more subdued and traditional in appearance? Will your shop benefit from the increase in at-home entertaining?
The best way to determine the answers to these questions is to gain customer insight, says Mark Healy in the Globe and Mail (“The recession is over. Now what?”). This can be as simple as spending time behind your sales counter or manning the phone lines, but the important message here is don’t assume you know what the customer mindset is. There are many ways to gather intelligence: surveys, focus groups and simple conversation, to name a few. Once you know what the customer wants, the next step is to clarify your value proposition. “Gather your management team for an afternoon offsite and challenge yourselves to leave with one-sentence answers to the following questions: Who are we? What do we do? What makes us special?” Healy also recommends asking your team, “Why do customers really buy from us?”
When you can answer the pivotal question of “why,” take some time to examine “how” they buy. What can you do to improve that experience? Does the bulk of your business consist of walk-in customers, telephone sales or Internet purchases? Be sure to check out Bernice Klassen’s timely article on page 12 for great tips on how to maximize customer purchases.
What can you do to add value, and bring vibrancy and sensation, to a customer’s day, week or life? Flowers are a product that can enhance people’s lives on so many levels. As a florist you have an advantage over other retailers. How will you use it?
Best wishes for a peaceful prosperous holiday season, and a better year ahead.
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