It used to be that the newest, hottest must have would set you back a paycheck or two, or at least a few hundred bucks. These days everyone is looking for value. A Star Ledger article today mentioned that many are looking to do without the frills. This goes from ditching organic foods to buying used cars.
No industry will be immune. With the expcetion of the ultra-rich everyone these days wants a bargin and they are willing to hunt for it. As with any downturn there will be winners and losers.
Did your company plan for a downturn? Do you have a product that fits into the “value” segment? If not ask yourself the following.
- Can I reposition one of my current products into the value category?
- Can I dumb-down some of my current product/offerings to fit this new niche?
- Can I get new product to market that serves the basic needs without going over the top?
These are by no means the only way to attract the new value consumer but it’s a good place to start.