Marketers need to understand the U6 unemployment rate

consumer-behavior-research-case-studySo begins a new year with lots of promise.  Budgets have been done and approved and you’re ready to make marketing relevant again.  However you need to understand what consumers are seeing and feeling to understand why they maybe afraid to spend their hard earned dollars which in turn means you have to work harder to earn their trust to become customers.

The shrinking unemployment rate can cover up a number of sins. Such as: the U6 unemployment rate, which measures the unemployed, the underemployed, and those too discouraged to look for work. In November 2013, this rate stood at 13.2 percent.

20140104_USC086

More importantly media headlines continue to scare the hell out of consumers at a time when they are paying more for healthcare and visits to their doctor.

There are some products which consumers will purchase site unseen like their milk, butter or frozen pizza brands but more and more consumers are taking a hard look at what they purchase and asking “do I really need this? “. This is even happening to people who have good jobs that pay good money.

Enter Marketing..

Marketing is about getting prospects to become and stay customers but it’s not enough just to have a good media plan.  We have to make consumers feel good about buying your products.  People will spend $5.00 at Starbucks because “I earned that latte” but will they spend their hard earned money on your product ?

richmeyerblog169

Marketing is coming full circle and with that I mean that like the small corner store whose owner knew our name and what we bought brands today have to understand what exactly makes a consumer a prospect and strengthen that bond.

Part of it is via social media but perhaps the biggest part is understanding consumers and respecting their time rather than talking down to them.