Knowing what your customers will spend on now can help you to overcome these gloom times.
The state of gloom is well explained in the Victorian budget’s economic impact statement:
“Across the world, governments have introduced vital restrictions to slow the spread of coronavirus (COVID-19) and save lives. Globally, these necessary measures have seen economic activity and employment fall sharply. The same is true in Victoria. The impact of the pandemic on our economic activity has been significant, with Victoria’s state final demand falling by 8.5% in the June quarter. Employment declined by 180,000 (5.2%) from the March to September quarters 2020, and the unemployment rate rose by 1.6 percentage points to 6.9%. However, this trend doesn’t fully capture the level of underemployment − those people who weren’t able to get as many hours of work as they wanted.” Source: https://www.budget.vic.gov.au/economic-impact
This is the reality now.
This reality can make it hard to tug on the customer emotions that activate more spending or borrowing with you now. And the action-stimulating emotions can change rapidly as Governments increase or limit their spending. Which can make business-generating marketing more difficult.
But there can be a quick, effective way to know what will motivate your customers and prospects now. That way is to use our Key Customer Insights Monitor.
It will tell you what motivates action now and tells you quickly.
The Key Customer Insights Monitor tells you what your customers (and prospects) are thinking and doing and what chords to strike to get a positive response now.
You can undertake the Monitor with your own customers only – or can add a 500 person Australia-wide sample and see the motivations of both current and prospective customers.
And, as a standard Monitor, you can re-use it to see what motivations and practices are changing as the economy changes – so your communications are directly addressing and motivating the current emotions.
Call or email Philip Derham now so you know what more you need to do to target your audience’s emotional responses and so strengthen your business in these gloom times.
You can contact him on (+61) 0414 543 765 or at firstname.lastname@example.org