The future might be free but dirt cheap is not the secret to success for brands wanting to capitalize on the recession zeitgeist writes Chicago-based blogger DJ Francis, who daylights at the internet consultancy Critical Mass. If buying is all about the experience, then don’t cheapen the experience by falling into what Francis calls the “discount trap.” He offers a political analogy:
It reminds me of an important lesson I learned during my time in politics. We were sending emails and soliciting donations for our cause. I noticed that when we emphasized the smallest donation, our overall yield was far lower than when we placed higher donation values above the fold.
Why was this happening? Didn’t people want to know the value option – that we would take whatever we could get? It turns out that they didn’t want a value. Even in a pinched economy, our donors weren’t giving away money to a worthy cause – they were investing in us, our candidate, or our mission.
When an ideal translates into tangible money, people don’t want to toss pennies, they’d rather palm you $100 you can really use.
Francis elaborates over at Alberta Venture.
There is nothing inherently wrong with tweaking your brand to reflect the recession. But like most things, it’s the execution that matters. McDonald’s “Appetite Stimulus Package” is the same old value meal, wrapped up in slump slang. It’s lazy to slap a recession veneer on your brand; instead, strive for a deeper connection with your customer. Target’s “Brand New Day” ad series, for instance, is pitch-perfect. Recession-era products (i.e. hair clippers, self-tanner) are introduced as means to interact with the family. Thrift has never been this fun. “Dirt cheap” isn’t a long-term strategy; aspirational partner is. Ensure that brand tweaks make consumers feel like savvy shoppers, not scroungy skinflints.
