The ongoing economic recession has changed how consumers shop for and perceive food and CPG brands, according to a new study from Deloitte.
Caution will Outlast Recession
Statistics from the “2010 Great American Pantry Study” indicate that even when the current recession finally ends, US consumers plan to maintain the more cautious and bargain-oriented shopping habits they have developed during the past few years.
For example, 93% of consumers expect to continue spending cautiously even when the economy improves, and 92% have made some kind of change in their food and CPG-related shopping habits. Another 89% feel they have become more resourceful because of the economy, while 84% have become a lot more precise in what they buy.
Some key findings include;
Loyalty Cards, Coupons Gain Favour
In response to the recession, consumers are increasingly using loyalty cards and coupons, to save money. Eighty-one percent of consumers say it’s fun to see how much they can save using a loyalty card or coupon, while 65% say loyalty cards are an “essential/very important” money saving method.
Store Brands Gain Acceptance
Other results of the study show store brands gaining clear acceptance from a large majority of consumers. For example, 80% of consumers believe most store brands are manufactured by traditional national brands, and 74% are more open to trying private labelled store brands than they were two years ago.
Though not necessarily reflective of all industries and markets, Enform believes that there are strong potential indicatives here for all brands and brand managers. For example, there is a clear consumer mandate for the importance of loyalty programs in not just delivering savings but also providing a “game” to encourage regular buying and loyalty.
This would be relevant both at retail and distributor levels suggesting tighter brand engagement might deliver higher sales. The other finding could be seen as a double-edged sword as “home-brand” options become more attractive and credible however this also presents opportunities to separate national brand values from “home-brand” commodity perception.







Top 5 Social Media Misconceptions Exposed – Part 4
Peter Wylie of SocialMediaExaminer sheds some light on the top 5 myths that’s been keeping a huge number of businesses away from an effective marketing medium, social media.
Coming in fourth on our list of misconceptions, “If I Engage on Social Media Sites, I’ll Get Loads of Negative Comments.”
Let’s face it, not even God can please every single one of his creations. And that’s God we’re talking about. There will always be a certain percentage of your customers that will end up complaining about the tiniest of flaws and regardless if it’s their fault or otherwise, your brand’s name is still at stake when this happens. Now, with advent of social media, this happens even easier and maybe for some, more frequent.
Luckily, for the keen eyed, situations like this – no matter how bleak and scary it may seem – is still a double-edged sword. In fact, in due time, you’ll even realize that these situations are actually diamonds in the rough and when mined in a careful and humane manner, it will eventually produce the finest of diamonds that will bring in positive light for your business for years to come.
So, how do you turn “flamers” into evangelists in the social media world anyway? The key lies in the transparency and voice that your company takes.
Gone are the days when your company treats these complaints as mere job orders that have to be dealt with in one way or another. To succeed in your social media presence, your company has to be a lot more personable and with over 400 million potential customers capable of not just listening, but jumping in on the conversation, you have to.
As long as you keep your cool and you sound sincere in correcting a customer’s complaint, then you’d even be surprised to see other users naturally taking the initiative in lifting your brand for you. At Enform, we call them “Mavins” and developing as many of them is part of our strategy for your business.
Source: http://www.socialmediaexaminer.com/top-5-social-media-myths-debunked/