So, all indications are pointing toward the fact that we appear to be coming out of this economic malaise we’ve been in since the middle of last year. While that’s certainly welcome news, many recession-wary Americans will probably remain in a state referred to as "deflation" for quite a while.
Considering 401(k)s have been ravaged by declining stocks, pensions have shrunk, savings have been severely diminished and unemployment figures will remain high well into next year, the immediate future is still a bit touch and go. Didn’t mean to throw a bucket of ice water on the opening line to this piece, but it’s important to take stock of where your customers heads are at.
It’s vital for retailers to pay close attention to these shifts in consumer attitudes and behavior and then adapt strategies that speak to them. Many economists feel that this recession may have permanently changed some buying attitudes and behaviors. Thinking about how you can satisfy consumers’ revised expectations in the coming post-recession environment and remain profitable should begin now.
Simply put, if you’ve always felt you work hard for your customers, well, it’s time to work even harder.
We recently spoke with a few experts in this area and took away a few things retailers need to think about as post-recession life will soon begin for U.S. consumers.
1. Pay particular attention to your core customers. The spending pull-back by this group had the deepest effect on you. Focus on bringing these people back into the fold—whether through special promotions, photo-related events, personalized merchandizing—whatever it takes. One person we spoke with told us retailers should think in terms of patching up a fight with their spouse. Pull out all the stops with this group.
2. Retool customer service efforts. OK, you say you’re always on top of this one. Well, cutbacks you may have had to make during the downturn might have affected you in this area. From what we were told, consumers are more willing to put up with less inventory and choice if they can benefit from the expertise of a knowledgeable sales staff. Knowledge and reassurance that this is the "prefect product for you and your needs" will resonate even more strongly in the months ahead.
3. Uniqueness. This is where the imaging specialist should shine—in offering differentiated products and services. There is no limit, it seems, to the photo book and photo gift markets. Show them the amazing things they can do today with their digital images. Too many folks still don’t seem to know.
4. Meeting elevated expectations. The extra effort everyone at retail has been making, in every retail channel, to attract and keep customers has now become the new standard. What was once "special" has now become expected. Be prepared to keep raising the bar.
The products and services in this industry just keep getting more and more remarkable with each passing cycle. Retailers simply need to do the same.
Michael McEnaney
Publisher/Editor-in-Chief
