Wednesday, November 11, 2009

Resourcefulness--the new value story

In our new economy, it's obvious that cheap has become chic. It is cool to save money, to hold off buying. Bankers will tell you that people aren't spending over their means like they once did. This is not bad, in fact there is a lot of good to this.

My buddy, the brilliant Dan Merchant, told me a great way to describe the new approach people are taking in their purchasing: resourcefulness.

People are more resourceful. They want as much as ever, but want it for less. They'll forsake the unimportant stuff, but still want the really important stuff. They'll spend three days at the Ritz at a reduced rate instead six days at full rate. They'll shop for a great tasting wine that costs $18 instead of loading up on the $200 stuff that has cache but lower ratings.

Getting more for less and being involved in the decision--that's what consumers are doing and that's what manufacturers have to realize in creating their products. People don't want crappy, inexpensive stuff--they want cool stuff (not necessarily stuff that is perfect or bloated with all the extras) that they can get at a great price.

Now it's our job to help our customers feel resourceful.

Barry LaBov
LaBov & Beyond

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