This was a story we didn't get to in our new Radio Show - Insight on Business heard daily, Monday - Friday from 12:30p to 2:00p Central on Des Moines Local...Live. So, we thought we'd share it here.
We're not sure you saw the Associated Press article on Consumer Confidence. It seems, according to the story, Americans are getting back in the mood to buy...even if they haven't yet opened their wallets.
The AP tells us the consumer confidence level rose to the highest point since September 2008 and that there are strong hopes that the worst of the recession is behind us. But...will this translate into more sales for fancy shoes and big time furniture buys?
We think the past nine months have driven consumers toward value and away from flash. In other words if you, as a seller of products or services, can convince the consumer that your offering gives real value you're likely to do better than if you simply push luxury.
But, how to turn luxury into value? Let's look at an example...aimed at men.
Let's say you are in the market for a new pair of business dress shoes. You've got a choice. You can buy a less expensive brand at say, $150 or you can step up to say a pair of Allen Edmonds for $370. What do you do?
The obvious choice might be the less expensive pair of shoes. But...what if the retailer took the time to tell you about not only the style and quality of Allen Edmonds but also share with you the fact these shoes will last fifteen to twenty plus years. (I'm, not making this up...I have three pair I purchased in 1986...and they look great! Here's proof.)
SO...do does the consumer buy "Brand B" that he will have to replace in five years? Where is the value in that?
Take charge of the conversation and prove value and worth...big words in any market.
Michael P. Libbie - Insight Advertisng, Marketing & Communications where we help our clients do just that...everyday. Learn more about us at www.InsightCubed.com and follow us on Twitter @MichaelLibbie