There’s this fella I know; we’ll call him “Dad.” Dad worked his ass off for seventeen years with the same company, climbing the proverbial ladder of success. Of course, the higher you climb, the further you’re prone to fall when that company to whom you’ve poured your blood, sweat, and tears for decides, “You’re expendable. Take this branded paper weight as a sign of our gratitude, leave the keys to the company car, and start over, buddy” (I am just the teensiest bit biased, I know).
It was 1989 when my Father was laid off from his job. I was six at the time, and barely noticed the jostling. Lucky me: my parents each have a fierce work ethic and a dedication to me and my sisters that left us never wanting for a single thing. Over the years, however, I’ve realized just how difficult that time was for our family. Like so many people know now, losing a job can shake your confidence, your belief system, your habits, your life style, your being.
So that “whooooooosh” of relief I felt a few months ago when I heard the words recession and over in the same sentence may have been premature. My parents have been financially sound for decades, yet I think the knowledge exists in their minds that the rug can come out from under you at any given time. Consumers, and businesses, in the post-recession calm after the storm know this, too; it’s not news: our economy is no longer diseased, but the disease has left it weakened.
A recent study analyzed the long-term impacts felt from this decade’s recession. Based on the results, they identified “four distinct purchasing and attitudinal groups based upon how they have internalized the current recession and how they plan to spend after the economy improves.” From August 5th to the 12th, Decitica surveyed 1,055 individuals. From the results, they were able to identify four major groups.
Each group requires a unique marketing approach. The more you understand their motivations, the more successful your marketing message will be.
STEADFAST FRUGALISTS want to save money. They want to save money. Notice the difference between wanting and needing. Keep this in mind when marketing to this group. They are less impacted by marketing messages and brand loyalty.
INVOLUNTARY PENNY-PINCHERS don’t want to have to save money. They don’t enjoy it, they want nothing to do with it, and report the most severe emotional toll of any other group, admitting to being more scared, stressed, and worried about their futures.
PRAGMATIC SPENDERS are rather aloof to the recession in their day-to-day living. Thanks to higher income levels, they’ve maintained their lifestyle adequately, curbing spending when necessary, and will be able to easily jump back into their pre-recession spending habits.
APATHETIC MATERIALISTS were the softest hit by the recession, and as such find little satisfaction in saving money or focusing on value.
In regards to how the recession will alter their long-term buying behavior, groups reacted in the following ways.
Read the complete article from MarketingCharts.
Image courtesy of www.flickr.com/photos/joanneteh_32/4097725445/