The Frugal Mindset

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Our client's worst enemy is what Barbara Apple Sullivan writes about in the MediaPost article called "Five Key Approaches To The Frugal Mindset" but she takes a proper spin on it by giving us advice relating to our clients and how to keep consumers pushing through the Buyers Awareness Cycle.....

"Prepare your front line. As people grow more cautious, they will need a lot more personal attention and hand-holding to get them through their decision-making. This is the time to invest in giving your sales force and customer service staff the information and training they need to better empathize with their customers so they can more easily move people from consideration to purchase."

"Recognize your real competition. You're not just competing with other products and services like your own. When people are cutting back, they are more likely to trade off among different desires: contribute to an IRA or put a down payment on a car; take a vacation or buy a TV; buy a whole new outfit or just a new blouse to do the trick. "

"Help your customers evaluate alternatives-including doing nothing. Provide tools and information to help people calculate costs and benefits and make choices among options. Stress the cost of not acting-show your customers what they lose if they don't fund their IRA or visit their doctor. Putting off buying a new, more fuel-efficient car could mean many extra expenses for maintenance and gas."

"Help your customers justify the purchase. Even in difficult times, people will act if they believe the benefits outweigh the costs. Can you demonstrate how you can help lower maintenance, improve health, or reduce energy costs? When people are being cautious, their horizons get shorter so if you can, show your customers that they will see quick returns. If your product costs more, does it also come with higher service or more features? Will they get better results? "

"Plug into values. Now more than ever it's important to understand your customers. Is security important, or gratification? Are they saving for an education, a house, or retirement? Are they looking to enhance a career or change direction? These differences are important at all times, but when people are making trade-offs, it's especially important to know which values are most important to their decisions."

I don't know of more timely advice, that article goes on to say that customers are still making decisions, but the stakes are higher because no one can afford to make a mistake.  Take the information and help your clients.