kjdfklgfConsider how your customers will react during a recession. Woman chooses between two bags. Customers react differently during a recession. Not every customer will change their buying habits to be less vulnerable to economic downturns than others. So in this step you need to carefully analyze who your customers are. If your organization sells products exclusively to consumers you will need to understand their buying habits and income demographics. Customers most vulnerable to the adverse effects of a recession are those most likely to cut spending across the board. They tighten their wallets and avoid buying items that are not essential needs.
But this may not
Be your target audience. Your target audience may be consumers with significant savings and high incomes as well as customers who are likely to change their buying habits. They may be more selective Kuwait Telegram Number Data but they won’t stop eating out and will still plan vacations. Younger customers with fewer debts and obligations such as mortgages, car payments or children will not necessarily spend less unless they lose their source of income. Even if you are in the field you need to perform similar analysis. Depending on your products and customer demand you may find that the recession has little impact on your revenue.
This is especially true
If you have long-term contracts or sell to customers in recession-proof industries like transportation or healthcare. Once you fully understand how customers react during a recession you’ll want to Philippine Phone Number List tailor your messaging accordingly. Marketing to consumers who don’t stop spending during a recession Let’s consider the example of a hypothetical e-commerce store selling children’s clothing. Its customers are mainly middle class and high-income group target consumers throughout the United States and Canada. Its clothes are well-made but not necessarily luxurious.
