Google has an interesting post up on its Retail Advertising Blog. The post gives tactics for marketing to four different groups of people in the current state of the economy. One of those groups is what Google’s Yael Davidowitz-neu calls the “slam-on-the-brakes segment.” Do you have a strategy to reach frugal consumers? Let’s hear about it.
Basically, the people who fall into his category are the ones looking to save money wherever they can. They limit unnecessary purchases and substitute purchases with alternatives that cost less. This can be a difficult segment for a small business to reach, but Yael shares the following tactics:
– Consider highlighting discount prices and offering lower priced alternatives to your current product line.
– If your product is not a necessity, you may want to consider offering it in a smaller size for a lower cost – this group is less considered about gaining value and more focused on conserving funds.
– When selling a potentially postponable product or service to this group, financing or layaway plans may help overcome their immediate financial concerns.
– Marketing messaging might discourage postponing services, such as an oil change, because they will cost consumers substantially more in the long run if not handled immediately.
– Expendables, or purchases consumers view as unjustifiable, will be a difficult sell for this group. To overcome these challenges, consider providing do it yourself alternatives to pricey services.
Of course, as we’ve discussed repeatedly, coupons are often a great way to reach these consumers as well. For some tips and info on digital coupons read these articles:
On the subject of marketing in a weak economy, let me throw this video out there for you, which we posted in April, but is still relevant. It provides some marketing tips for limited budgets.