An interesting article was circulating this week about the impact of the recession on shoppers and hence how their behaviours had changed. This got me thinking, always a bit dangerous, but isn’t it a case of the more things change the more they stay the same?
My take on it is this.
Yes, we are still in recession and yes it has had an impact, but at the same time the same basic challenges still exist for marketing people. It is still so much about Product, Price, Place etc, but not only are we having to work in more challenging times but then there’s also this thing called the internet.
What that means is that a) people, and this is all people, have to some extent or another felt the impact of the recession and have therefore adapted their buying behaviours and b) the internet has been a catalyst for those changes.
If anyone thought that the internet was going to make things easier for everyone then think again. For some maybe it does (make things easier) but for an awful lot of us it actually make things much more complicated. We’re seeing that more and more with retailers being unable to effectively integrate their online and offline operations. The internet has given huge power to consumers in their ability to research, compare, review and purchase. Add in the economic downturn and this has given them real reasons to do more researching, comparing and reviewing. Then we can’t forget of course that for conventional retailers it is not only about getting it right online – you’ve also got to get the basics right in store too – witness Tesco’s £1bn investment in its store portfolio and customer service! And then it’s not just about doing that in a vacuum, you’ve got your competitors all experiencing the same pressures and looking to be more competitive themselves.
So in short you’ve got a perfect storm being brewed up with consumers having to react to the economy combined with this great tool (the internet) to help them react more effectively. But my point is this, despite the internet, and despite the economy, it still comes back to the obvious fact that success still derives from getting the marketing mix right. The world has changed, but ultimately isn’t it still the same?