During the past several days I've shared a couple of stories on our daily business broadcast about how McDonald's is attempting to revive sagging sales by shortening their menu, offering customers the opportunity to "build their own burger" and looking at regional menu choices rather than duplicating the same menu nationally.
Over the years it's never made sense to me that cable companies sell us 100, 200 or 300 channels when studies tell us that American's watch, at the maximum, 17 channels. So, if we're only watching 17 channels why do we have to buy 250? The cable companies are starting to "get it" too and we'll be seeing some experiment with ala cart service. You only pay for what you want and watch.
These two stories are linked in the reality that consumers are no longer wanting to eat what business is feeding them. Consumers want more and more choice and if they don't get it...they move on to the business or service that delivers. If the shoe fits...
This reality is cutting across many verticals. So, the question you need to answer is this, "What is it that my customers want vs. what I want them to want?" If you know, great! If you don't know...you better find out...quickly.
Thanks for reading!
Insight Advertising, Marketing and Communications is a full service advertising agency based in Des Moines and is the fuel for Insight on Businsss the News Hour heard Monday - Friday from 5PM to 6PM on 1350-KRNT with Podcasts here.