I was in Junior High School during the early 1970s recession and I can still remember my parent's struggle to keep our small family business from closing. In the late 70s I enrolled in college and completed my undergraduate degree just in time to enter the job market during the recession of the early 1980s. According to a study by Yale University's Lisa Kahn, college graduates who entered the job market during that time period made significantly less money for at least a decade, compared with those who graduated in more prosperous times.
I’m really not complaining, although I will add that I went back to school and completed my MBA just in time for the 1987 stock market crash. Is that funny or what? OK, my timing seems to be a little off, and my children have heard all my ... "the snow was always deeper" ... type of stories. Still, how is your organization listening and learning to what's important to today's cautious consumer?
In my post "How to Engage the 2009 Customer Mindset [1]" I mentioned that sensitivity to total price, intolerance of poor customer service responses, and a focus on quality and trust was very important. I still stand by those recommendations, but when your customer’s appear to be hunkering down for the long-haul how do you find out what they really value?
Consumer needs and preferences are shifting. That means marketers should take extra care as it relates to adjusting their marketing mix and one of the best ways to know what adjustments are needed is to listen. Is your organization listening?
Social networking platforms are valuable listening posts and provide a rare opportunity to quickly learn what consumers really value. While reading their words you have the freedom to focus on what's truly important to the writer. Whether the dialogues are in a group discussion on LinkedIn or referenced in 140 character tweets on Twitter; take time to listen and understand the conversation.
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