Listening to the Consumer to Increase Demand
It wasn’t too long ago that very few industries and businesses had to actually listen to what their consumers had to say about their needs and desires. In more prosperous times it simply wasn’t necessary for retailers to play counselor or coach. But now, while consumers all over the world struggle with a worldwide recession they are becoming more and more frugal with their hard earned cash. In this kind of environment, the only way to fashion your marketing strategies is to listen carefully to the needs of your customers and attempt to fulfill them as best as possible.
Issues that consumers are facing in these days of recession are mainly reduced income, increased expenses and solutions that don’t meet their needs. Consumer demand generally consists of 3 components. Income level, personal preference and product price. Businesses cannot do much about the consumers falling income level, to some extent they can do something about the price but this obviously affects the business profitability, so surely the best way to influence the consumer demand is by addressing their personal preferences?
This is where online business can have an edge over traditional business. For example, it makes sense that a high street retailer that must carry an inventory would cut it’s product range in order to reduce stock held and cater to mass preferences. Online businesses tend to have very little in the way of inventory so by listening to their consumers they can offer solutions that can only be found online and raise the demand for their services.
Also, just because consumers have less to spend doesn’t necessarily mean that they will always take the cheapest option. Over an extended recession value will become a much more important criteria than price. Consumers are becoming more and more adept and choosing products that not only meet their personal preferences but that also stand the test of time. That’s what they want. We should listen to them.
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Comments on Listening to the Consumer to Increase Demand
What a timely, pertinent, and well written article. It even addressed one of my favorite gripes, though somewhat indirectly.
It is understandable that writers don’t like to ‘date’ their material by dating it, but I consider it an almost ethical ‘must’ as outdated material can mislead readers into serious mistakes.
It is my thought that writers should take away a bit of their making money time and devote it to UPDATING their products. It really puts me off a writer when I find links to products that are no longer on the market, for instance–especially when I find such in products that I have paid for! Needless to say, I’ll not likely buy from that seller again, and I’m quite likely to report the occurrence on my site, in forums, etc.
Carl, how true..
I would not have survived the last 26 years in a conventional on the ground service related business if I had not constantly been listening to my customers needs..
I run 2 small businesses…& a 3rd that could be a business if I applied myself to it.
I make a reasonable living from my efforts but more than that I enjoy what I do…in all areas
SLIP CURE AUSTRALIA SCA which does Anti Slip Floor Safety Treatments … 26 yrs “TURNING SLIP INTO GRIP” Australiawide
Commercial / Industrial / Domestic
SLIP CURE is my own product with a very good reputation
&
AUSTRALIAN / PHILIPPINE FREIGHT SERVICE APFS this is a family aid service for Filipino’s ( my wife is a filipino)that want to send cartons of household goods food / clothing etc to their families in the Philippines…
We do a “once a year” pre-Christmas / New Year delivery where I actually go to the Philippines & oversea the proper delivery of these cartons..
We offer this service collecting these cartons Australiawide this is our 17th year….
I also created this business completely from scratch by research & planning some 2 years before going public..
And my serious past time is writing / composing Music..this I have been doing since I was 13 yrs old ..I am 58 now..
I have a philosophy about life & business & basically as I see it.. they are all one & the same…
There is no doubt that success & satisfaction of doing something well go hand in hand & I believe to do that, you have to love what you do with a passion…
It has to have an emotional drive behind it. otherwise what is the point…
EMOTION, LOVE & COMMITMENT to doing what is needed to HELP others succeed as you yourself want too succeed..
thanks for the space to say a few words.
Regards,
Michael