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Kenna Borgmeier & Jeff Miller

Kenna Borgmeier & Jeff Miller. “Frugality is In”. Recession has prompted unemployment and sales declines Consumers are adapting Spending less and scrutinizing more New shopper is wiser in spending habits and much more frugal. Price must be Right.

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Kenna Borgmeier & Jeff Miller

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  1. Kenna Borgmeier & Jeff Miller

  2. “Frugality is In” • Recession has prompted unemployment and sales declines • Consumers are adapting • Spending less and scrutinizing more • New shopper is wiser in spending habits and much more frugal

  3. Price must be Right • 86% believe price to be important consideration before making a purchase • Consumers feel entitled to better prices and more swayed by dramatic sales • Marketers resorting to pricing strategies to free up checkbooks • Del Monte “Stretch” Campaign • Wal-Mart Annual Savings Commercials

  4. Define Value Beyond Price • Price isn’t everything • Value comes in a lot of different ways • Pay attention to the total value • Brands that best meet complete brand-value are going to win out • Panera avoided price focus and stressed quality • Chipotle “Food with Integrity”

  5. Word to the Wise • Greater urgency for marketers to incite positive word of mouth • Carries more weight than typical ad campaign • Digital media and recommendations are big influence on gaining new consumers • Invest in social media and find inventive ways to show customer appreciation • Listen, interact and be authentic • “My Chipotle” Campaign • Lululemon Community

  6. Connecting with the New Consumer

  7. Class Discussion • Have your buying process or decisions changed since the recession? In what ways? • Other than price, what are factors you consider when determining which product to purchase? • How does “word of mouth” influence your decisions?

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