What if there is a secular change in the mood of your customers and your market? What don’t you know, what aren’t you paying attention to that will make you ROADKILL on the retail highway?

Your customers are thinking very differently, debt loading for the average consumer and family has reached it’s peak, consumers are having a lot of “oh, oh” moments.

Think of that feeling when you reach the peak of the massive roller coaster, and look down at the big drop below… That is what your customers and market are feeling right about now.

Are you prepared to take advantage of the opportunities?

- Elaine Wong

Baby boomers led the U.S. out of a downturn in the last two recessions, but this time around, it will be Gen Xers and millennials paving the way to economic recovery, according to a new report issued by PricewaterhouseCoopers today (Tuesday).

The study—called “The New Consumer Behavior Paradigm: Permanent or Fleeting?”—looks at how consumer spending has changed in the last two years. As the nation shifts into recovery mode (February’s unemployment rate held steady at 9.7 percent, per Department of Labor stats), retailers and packaged goods makers can expect the emergence of a more cost- and value-focused consumer. This consumer is also less likely to be driven by “rampant, deal-seeking,” the study found.

When the economy first hit rock bottom, cash-strapped consumers jumped into a frantic, bargain-seeking mode, said Lisa Feigen Dugal, PricewaterhouseCoopers’ U.S. retail and consumer practice advisory leader. Now, that intense focus on meeting budgets and saving any additional cash “will give way to more deliberate and purposeful” spending, Feigen Dugal said.

Baby boomers, however, will not be at the forefront of the economic recovery. That’s because the recession has eaten into this demographics’ savings and retirement accounts, reducing boomers’ ability to spend, Feigen Dugal explained.

The shift is an opportunity for marketers to court Gen Xers and Gen Yers via mobile technologies—including couponing applications, recipe and grocery shopping tools, and comparison-shopping sites, Feigen Dugal said. (Digital couponing is at an all-time high, with the former surpassing print or newspaper coupons by a factor of 10 to 1, per Coupons.com.)

Though Gen Xers and Gen Yers may have less savings income to spend, the latter is “entering its peak earning years,” while millennials have a higher propensity to spend their dollars, Feigen Dugal said. In addition, millennials tend to embrace the latest mobile technology much quicker. Advertisers can now run couponing offers on iPhones and other smartphones.

While there is now more wiggle room for discretionary purchases, the recession has left a permanent mark on shoppers of all ages. The study found that consumers are more likely take into consideration things they “truly need.”

My clients want to understand, and extend their influence over the buying patterns of their customers. They have to get very smart. The first urge is to panic and start a whole slew of new efforts.

Budgets being tightened? You need a secret weapon, you need better aim.

Get smart and use the tools we have discussed, to gather a deep understanding of what makes your customers:

Choose you

Buy More From You

Visit You More Often

Visit you before your Competitors

Let you have the LIONS share of the total spend in your sector

Encourage and advocate for you in their circle of influence

You do not know nearly enough about what makes them do what they do, and that leaves you with less INFLUENCE.

You Lose

Knowledge and Influence will be the decider, in the upcoming cage match, as you, yes you! Fight for diminishing spending and shopping dollars.

Time to wake up and get smarter.

Here is an idea whose time is long past due.

What do you really know about your customers and your store traffic, and if it is a web store, what do you know about the traffic there?

You probably have some metrics that tell you traffic totals, conversion rates, average sales etc…

What do you really know about their needs, thoughts, and aspirations?

How much is it costing you in lost sales, poor performance, and MISSED OPPORTUNITIES?

The example below, demonstrates the value of really knowing your traffic and your market, as well as your customers.

Retailer Caters to the Recently Divorced (only 50% or more of the adult population right?, so not very important?)

By George Anderson

Lindsay Conway, director of social services in the Presbyterian Church in Northern Ireland, finds it “very bizarre.”

Debenhams sees it as a social service and an opportunity to drive sales in its stores.

The “it” here is Debenhams’ Divorce Gift List registry service, which was launched earlier this week to help people who have ended their marriages get on with the rest of their lives.

Peter Moore, head of retail services at Debenhams, told the Belfast Telegraph, “With so many couples now living together before they marry, the Wedding Gift List concept is now regarded as more of an upgrade service, rather than stocking up the first home with the basics.

“However, a divorce means that one partner will be leaving the marital home and therefore be left without any essentials in their new house.”

Among the items the recently divorced often need include dishes, glasses, linens, towels, microwaves and toasters.

“Divorcing can be an expensive time and registering for a Divorce Gift List means that family and friends can help the newly separated begin their new life,” Mr. Moore told the Telegraph.

Richard Dodd of the British Retail Consortium, told CNN, “It’s about focusing on what your customers need and want, and of course looking for new opportunities.”

Great idea, pray tell, how will you excel this coming year?

Well here is some fresh thinking: And at the end, I will tell you a better way to get results

By Dan Alaimo

Shoppers do not necessarily fit into the demographic boxes marketers have traditionally used to develop promotional and sales programs. When consumers are divided into three groups based on shopping behavior, the usual definitions of size of household, income and age do not apply any more.

As a result, retailers and marketers have to rethink what drives the consumer to buy, said Mack Hoopes, manager of shopper insights at Henkel’s Dial Corp. More specifically, what is needed today is a better way to help retailers understand how their customers prefer to shop.

That was the central finding of new research from Henkel Consumer Goods, Scottsdale, Ariz., which markets Dial and Purex among other prominent brands.  The company is now presenting the study results to retailers, Hoopes told CPGmatters.

“We are helping our retail partners identify the proper timing of communication, and the type of communication by category to shoppers so they can increase baskets, trips, revenue and profits,” he said.

The study was published in the spring, and retailers are seeing it for the first time this fall, so “we are fairly new at this,” and there are no measurable results yet. “It is getting a very positive reception from our retailing partners, and we are understanding together how we can execute behind this.”

The company hopes the study will help retailers attract new customers, and then communicate to them with clarity and precision. The research will enable retailers to “understand which categories attract them and which categories don’t attract them so they can be more efficient operators,” he added. At Henkel, “we think we have some brands that play into that, and drive some of those attributes.”

Hoopes presented the results of the study at the LEAD Marketing Conference recently in Chicago. Using a common market research presentation technique, the study named the three groups as: ‘Shoptimizers,’ ‘Mainstreeters’ and ‘Carefrees.’

Shoptimizers is “a group that takes a lot of time pre-planning their trips, reading ads, cutting coupons, organizing lists. They spend an inordinate amount of time doing that,” Hoopes said.

Mainstreeters is a “group that says, ‘I don’t have that kind of time’ or ‘I don’t want to spend that kind of time.’ ‘I’m just going to go to the store with my simple list. I trust the store and I’m going to buy what I have to.’”

Carefrees are not responsive to marketing messages. “They are not going to spend any time (preparing to shop), and they are the kind of people who buy what they want when they want to buy it. Regardless of pricing or promotions, they are just going to go in and get what they want,” he said.

But the most surprising finding of the study was that none of these behaviors can be predicted based upon current demographic information. “Regardless of how much you make, how old you are, or how many people in your household, you could actually be anyone of the three behavioral types.”

So as a result, “we have to rethink how we go into the marketplace because each of these groups responds to the stimuli that manufacturers put in front of them very differently. It requires thinking about how we are communicating with the shopper and at what point in their shopping trip – or shopping style – we are going to talk to them,” he concluded.

Retailers and manufacturers need to evaluate implications in four areas, according to Hoopes’ presentation:

• Retailer Positioning Realize that different groups frequent different formats. There are opportunities to appeal to certain segments and define their place in the market, while taking into account key behavioral tendencies of core shoppers.

• Retailer Segmentation The study suggests more relevant and impactful ways for store clustering. Retailers can determine what type of shopper they want, and develop marketing and merchandising strategies to appeal to them.

• Promotion Targeting Shopper segments react differently to various messages and promotions, so focusing on what the desired segments respond to can lead to more effective targeting.

• Product Distribution The study could lead retailers and other marketers to rethink the 100% ACV (all commodity volume) objective. Some stores or store formats may not need to carry some products depending on the purchase behavior of their    core shoppers.

In conducting the research, Henkel, led by the Dial team which includes Hoopes, analyzed over 300 categories from 2006 through 2008. The company is continuing to track these segments to determine how or if shopping behavior patterns change during 2009 and beyond. Besides Dial and Purex, other Henkel brands include Combat, Dry Idea, got2b, Loctite, Renuzit, Right Guard, Soft & Dri, and Soft Scrub.

Summing up, Hoopes said retailers and manufacturers need to take a closer look at “what drives their shoppers to buy: where they buy and the types of media or vehicles that would stimulate them to buy.”

Integrating the latest cutting edge market research tools that measure emotional response and linkage, to a top grade tool to measure buying habits and patterns, with regular buyer and non buyer surveys, will help you understand what makes consumers tick.

Fascinating commentary from Economics News Site – Mish Shedlock

Deflation Pressures Intact

This may be one reason why government bonds refuse to sell off despite the surge in the equity market. The Wall Street Journal reports that companies like Clorox is keeping prices stable on items like its new and improved trash bags. Campbell’s Soup is cutting prices on select beverages (like V8). Burger King is selling double cheeseburgers for a buck. And, what’s this about RIM starting up a smartphone price war? According to a new holiday season poll taken by Deloitte, 74% of respondents intend to only buy items on sale or with discount coupons. The same survey indicates that holiday shopping will be flat year-over-year this year, which at one point would have been amazingly bullish but at this stage is likely a setback for the stock market. Keep in mind that Wal-Mart is now expecting 1.0%-2.0% sales growth into January 2010 whereas a year ago that expectation was in a 5.0%-7.0% range.

If there is some good news for retailers, it is that they are heading into the shopping season with fairly lean inventories — that won’t prevent but should help limit ultra-steep markdowns this year.

Martin Comments:

United States retail will very tight excepting niche markets, we are finding that understanding the patterns and behavior behind the analytic sales numbers is critical to success.

Retailers have a better grasp than ever of the retail scene through a variety of analytic tools, what they do not know, is:

WHY DO CUSTOMERS DO WHAT THEY DO AND HOW DO I MOST EFFECTIVELY INFLUENCE THAT BEHAVIOR IN MY FAVOR?

This is working very well for our retail partners,

Employ strategies and tactics that effectively alter the shopping behavior of your customers – the primary shopper, and those who shop with them and their circle of influence.

You will see what increases revenue in the store today.

Patterns caused by underlying behavior, make your sales numbers what they are, you really need help understanding the underlying thinking of your customers and market.

I think of you, when I walk through your retail stores and the malls you have built…

You and I both know, what customers say, and think, and actually do, when it comes time to spend, can be quite different, this research below may be helpful to you.

The question that I would pose:

“How do you get a granular fix on your changing customer and market, and how do you use that knowledge to take fast effective actions where it will count the most?”

I sincerely hope this is helpful to you, ps what will your customers and potential market be doing this year? My experience suggests that we can help.

Martin

(from retail wire)
Turbulent Times, Reexamined
Actual Behavior vs. Expectations

About the research:
The objective of the 2008 Unilever Trip Management Report was to uncover unique insights into the shopping tactics that would emerge under the stresses of the recessionary economy. Research, conducted in March of 2008, covered 47,000 U.S. households and 36 key categories.

Later in the year, Unilever used cluster analysis to understand the patterns of change in actual buying behavior that had occurred across 120+ Nielsen categories.
When Unilever reported the results of its Trip Management Report last April, the threat of recession had consumers worried but, for most, the reality hadn’t yet hit. Unilever felt that the rich insights derived from that study warranted a deep dive into the data later in the year to see how CPG categories were actually shopped in 2008.

Highlighted “key takeaways” from April’s original Trip Management Report prior to sharing results and recommendations from the follow-up research. Of course, even in March of ‘08, consumers expected that economic circumstances and rising prices would change the way they would live and shop. Shoppers recognized that “quick trips” were uneconomical and hoped to do more planned, stock-up shopping to save money. Also, retailers were advised, given the results, that top and bottom tier positions would do best, while consumer propositions that appealed to the mid-tier would have to struggle more in order to maintain market share. And since both high and low income shoppers were in many cases “swapping habits,” it would be essential that operators looked at the effect of changes category-by-category.

That was then, this is now…
In order to get a handle on what shoppers were actually doing in 2008, vs. what they assumed they’d do, Unilever turned to cluster analysis – simultaneously considering the shoppers’ savings tactics across 120+ Nielsen categories. What was revealed were seven distinct patterns of CPG shopping in 2008. For retailers and manufacturers, a look at these macro-trends can help determine which categories shoppers are abandoning, cutting back on, and which are continuing to prosper.

The new research revealed that there is certainly “trading down” going on, but it is the penetration declines that are most troubling to CPG categories. Retailers should

• Find SIMPLE ways to increase their value to shoppers and make sure that these are communicated clearly and often;
• Come to understand the types of sacrifices their shoppers are making and find ways to help them cope and feel better. Shoppers need to feel that you understand their pain and want to work with them in these difficult times;
• Understand how shoppers are treating important categories to help determine retail strategies;
• Leverage “Categories That Grow in Turbulent Times”;
• Drive buying rates in other categories.

Time to get a real handle on the real thoughts that link to purchase actions of your market

The radical new shopper is getting ready for a very different Christmas. First, here is an excerpt from the International Council of Shopping Centers:

This year, retailers are expected to see a 1% increase in same-store sales in November and December, according to trade group International Council of Shopping Centers. Factoring in January, sales may rise 1.5%, their best performance in three years, ICSC said.

Last year, they dropped 5.8% in November and December and declined 5.4% including January, marking their worst performance on record by both measures, ICSC said.

After trending downward for the past two years, U.S. average weekly earnings have risen, which may translate to “a positive omen” this holiday season, ICSC said.

At the same time, some signs of improvement in the job picture are emerging, with initial jobless claims declining to below 550,000 in September. In March, they reached their highest level in more than 26 years. The recession, which began in the 2007 holiday season, ended this past July, ICSC’s chief economist Michael Niemira said in an email.

“Retailers will experience their first non-recession holiday season in three years, and economic growth is fundamentally on the mend, even though there will be lingering pockets of weakness,” Niemira said. “The wear and tear of the recession and financial crisis on the consumer psyche [are] slowly giving way to renewed hope, optimism and most likely gift buying.”

In the wake of this year’s nascent economic recovery, shares of department stores and upscale retailers like Macy’s Inc. , Saks Inc. , Nordstrom Inc. and J.C. Penney Co. have outperformed the broader retail index and discounters such as Wal-Mart Stores Inc. .

As a case in point, at the recent Coterie trade show, which showcased designers’ spring collections to retail buyers, there was a steady flow of traffic, with retail buyers and designers seeing improved sentiment and orders. See full story.

The recession and record-high unemployment have led retailers across the board to lower inventory, which likely means they won’t have to offer the steep profit-eroding discounts of last holiday season in response to a sharp fall-off in demand, Niemira said.

The recession has forced some retailers out of business, but those that remain will be stronger as a whole during the upcoming holiday season, he said. Retailers from Circuit City to Linens ‘n Things have shut their stores.

While the trend of consumers buying items for themselves may be “at risk,” spending on gifts will likely improve this year, he said.

“One of the only positive factors that the retail industry can uniformly agree upon is that the year-over-year arithmetic is more favorable compared with the dismal 2008 holiday season,” Niemira said.

Ok, nice spin, but with only the government and interested “spin” partners like the mainstream media, screaming into an empty room, I have news that you know in your gut is true

– THE RECESSION IS NOT OVER-

We are noticing that shoppers are way more careful, and they are far more likely to “shop around” than ever before, before they make a deal.

If you want to survive this season, you better make sure that you understand your competition very well.

Do you really know why your shoppers, and in store browsers go to selected competition?

Do you know what they are thinking and most of all

DO YOU KNOW WHAT IT IS THAT TRIGGERS THEIR BUYING DECISION?

Does your completion know better than you?

We notice that along with buying patterns, buying “triggers” are changing fast.

Price, perception of value, store display and the quality of display “communication and connection” are now critical.

Staff interactions are changing, and selling styles that create a “buy decision” are radically different now.

Buying is triggered by the right combination of store, environment, engagement, experience and value perception….

These factors are changing at a faster rate than ever before, and you need to be able to read the signs as they change, not weeks later in your sales data.

Get ready for a very brutal and competitive season, perhaps if you are ready, and proactive:

Season’s Greetings, and if you are not…Season’s beatings indeed…

Here is a useful article and my comments after the article:

Simon Houpt

Toronto — With files from Reuters Last updated on Wednesday, Aug. 19, 2009 07:49AM EDT

For a moment, you could almost hear the sighs of relief. When a trio of big U.S.-based retailers reported second-quarter earnings on Tuesday that beat analysts’ expectations, the markets responded with a little spring in their step.

Were consumers finally stripping off their recession-era duds to come to the rescue of the world economy?

Alas, a closer look at the numbers reported by Home Depot Inc., (HD-N26.76-0.17-0.63%) Target Corp., (TGT-N45.090.771.74%) and Saks Inc. (SKS-N5.64-0.08-1.40%) suggests none of the conventional approaches for targeting consumers are having an effect. The news from all three retailing powerhouses was only good because it wasn’t as bad as everyone expected, and consumers are still window-shopping instead of heading to the cash.

Home Depot’s second-quarter profit was down 7.2 per cent to $1.12-billion (U.S.) from $1.2-billion, while the high-end retailer Saks had to choke down a loss of $54.5-million. Meanwhile, Target, which has ridden a whimsical image of smart and fashionable fun to its position as the No. 2 U.S. discount chain, reported profit of $1.064-billion in the quarter, down 3.1 per cent from a year earlier. That followed last week’s news that even Wal-Mart Stores Inc. had suffered a 1.4-per-cent drop in revenue.

The U.S. consumer who is supposed to drive the economic recovery has yet to relax behind the wheel and stop shaking with anxiety. Penny-pinching has cut across a broad swath of the retail landscape, as shoppers steer clear of luxe goods at the likes of Saks, but also cut down on the more downmarket but still chic offerings of Target, and even the household staples at Wal-Mart.

Instead, consumers are looking to the lower rung of the retail ladder: the discounters. TJX Cos. Inc., which owns T.J. Maxx and Marshalls, reported a 4-per-cent rise in sales, and attributed it to “extraordinary increases” in customer traffic.

To try to lure back the most cost-conscious shoppers from the discounters’ aisles, retailers such as Target have responded by retooling their advertising campaigns to focus more heavily on price. In television ads this season, the red-and-white bull’s-eye marketer has heavily sprinkled its message with prices for inexpensive goods like summer clothing for the whole family.

“They’re trying to reposition themselves with a bit more of a price story, where previously they really avoided that aspect,” said Scott Smith, a senior vice-president with the brand consulting company Interbrand. “Target has definitely struggled in this economy.”

Once at the mall, shoppers are reminded by in-store displays that Target regularly checks its competitors’ prices.

But even the new marketing focus on price may not be enough.

Consumers, while more confident in their own financial security than they were during the dark days of last winter, still have legitimate reasons to be nervous: Unemployment is projected to remain high for the next year, consumers perceive that their paycheques are not keeping pace with inflation, and many workers remain concerned they’ll be laid off, said Ken Goldstein, a labour economist with the New York-based Conference Board.

The recession, now more than halfway through its second year in the United States, is still holding on tight. “To be blunt about it, [consumers] are wondering how goddamned long this is going to go on,” he said.

With U.S. students returning to the classroom in less than three weeks, early back-to-school sales seem to be a widespread bust. Worse, those sales are a key signal for U.S. marketers and retailers on how to approach the holiday season. If sales remain sluggish this month, the rest of the year will be a washout, too.

Mr. Goldstein noted the increase in the savings rates for U.S. consumers was preventing a speedier recovery. “In some past recessions, consumers were not spending money consumers didn’t have. This time around is different. Consumers are not spending money consumers do have,” he said.

While the increase in the savings rate is a necessary step for the long-term health of the economy, few seem as concerned about the state of affairs 10 years down the road as they do the state of affairs next year. The U.S. consumer, then, isn’t so much a superhero as a cardiac patient that needs a jolt of life now.

“The money is there if consumers decide to spend, but there’s no evidence they’re in any mood right now, or are likely to be through the holiday season, to start to spend some of that money.”

Martin Comments:

One, the money is not there, average savings rates are climbing because consumer debt is being squeezed off, and or paid down or defaulted on.

If a customer has less credit available, does that sound like more money available to you?

So, it will be a brutal fight for market share and every dollar this year.  In addition, your budgets are decreased, and your head count is down.  You will need a very accurate method to climb inside the mind of your customers and marketplace to gain KNOWLEDGE, INSIGHT, AND INFLUENCE.  You will need to assess very accurately, what you can do with minimal resources, that will have MAXIMUM IMPACT ON SALES AND REVENUE.

Are you ready to fight intelligently?  You will have less money less time and less resources, you better be smart and have real time intelligent influence.

Your competitors will.

Retailers are in such a dangerous situation.  With unemployment and debt levels at historic highs, do not smoke the “optimism opium” of the mainstream press.

Retailers will continue to FIGHT FOR SURVIVAL INTO 2012. 

Retailers will be battling for wallet/purse and market share in a shrinking US marketplace.

It will be critical to focus on what matters to consumers and customers.

What drives revenue will be the key knowledge.

Fast intelligent, flexible.

Know your market, consumers, customers and changing market conditions like never before.

Here are some interesting leanings for my retail clients:

New, non traditional competitors are sneaking up on you

Consumers will jump ship in an eye blink

The value price brand equation is changing fast – stay on top

Get an intimate read on real time influencers of REVENUE!!!

Service, is only one small part of the equation.

Increasing Sales for Retail  - I NEED MORE SALES NOW

Companies in the Business to Consumer sector are increasingly aware that consumers are less willing to spend, and far more willing to consider alternatives.

The Challenge:

Customer dissatisfaction persists despite multiple studies

Customer satisfaction scores do not reveal the roots of dissatisfaction or the routes to exceeding expectations

Traditional survey vendors fail to provide execution guidance and action plans

Companies need to be in a position to deliver the right services to the right customers

 

Mapping a solution:

Consumer/Employee Experience and relevance survey execution (customer and employee), analysis and recommendations

Deliver employee communication

Brainstorming and mapping solution with executives

Manager training

Real Time survey development and execution with Realtime + Alerts

Quarterly analysis and recommendations of all process

Continuous  Customer Revenue Action survey and proprietary analysis. Including  development, execution, analysis and recommendations

Continuous   Employee survey development, execution, analysis and recommendations

Delivering the Results:

Prioritized clarity and focus for the organization on the issues that matter to Revenue and the customer

What Drives Revenue?   Focus, Measure and Act on Revenue Driving Goals and improvements .

Measurable increase in customer conversion to purchase

Increase in employee Actions that produce REVENUE

Increased sales per visit with key customers through customer action steps reporting

Increased share of total spend for existing customers (more business from existing customers

Increase effective referral from your customer network

Measure, understand and increase successful monetization of all web traffic, resulting in a purchase action (REVENUE)

Now, with resources being cut in most companies and departments, here is a blog article from Jean-Philippe Diel  CEO at the Ripple hub. 

Because you have less, you need to do more, with what you have, making sure that what you are going to do will have the most impact on sales.

In these uncertain times, many of us are looking at our businesses and wondering – where to from here? Everyone seems to function slower, in wait of a clear direction. Marketing budgets are down or blocked. Just cut back on everything and try to weather the storm is the mantra of many.

Few are those who are going to see the glass half full. Yet, times like these are an opportunity. And this is how it should be seized:

What is the role of Marketing in an organization?

Depending on the type of business product or service, marketing will be involved at different levels, but if its role were to be summarized in one sentence, I would say that marketing is here to add value to the business proposition.

And what drives Value in the market?

In a word, Uniqueness. I would define this as the sum of tangible benefits and points of difference that make your product or service a better fit for your target market, and trigger consumption / purchase and re-purchase.

So I propose that the role of Marketing is to create and sustain that “Uniqueness”.

I recently ran a survey on Linkedin asking what one should expect of their marketing team in times of recession. The answers I received were showed the mood of the times – ‘make greater direct impact on sales’ was highest on the wish list. While this is an undoubtedly practical expectation, how do we deliver it?

I think the more visionary amongst the respondents had the right answer when they chose ‘more creativity than ever’ and ‘outside the box innovation’ – as these are the most effective tools for delivering to expectations. I certainly empathize that in the midst of today’s reality it is challenging to maintain a focused strategic vision. Nevertheless, we need to act now in ways that will ensure we come out fighting fit when this climate ends. Times of recessions are a strategic opportunity for those who can avoid myopia – they are a time to leave the competition behind. Let’s not forget that in growth mode everyone finds something to survive on, and gaining the edge is harder.

Encouraging creativity and innovation is what everyone should do. R&D is not only for product development. Creativity and Innovation need fostering at all levels of a business. New ways to reach consumers, innovative promotions, smarter trade tools, sharper communications, and better market insights. We need to get businesses in fighting order if they want to preserve their market share and push the weakest out of the market.

So by all means review your marketing investments, challenge their efficiency, that but don’t stop all activities or you will suffer deeply from the loss of momentum and will lose Brand equity.

Take this opportunity to explore new avenues of reaching out to your consumers. Drive innovation within your teams. You just have to open the tap and facilitate participation and individual initiatives. You will probably find out that everyone in your business has his own idea on how things could be done better and cheaper.

Good Luck.