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Understanding the New Consumer: Strategies for Modern Marketers

The modern consumer has evolved, prioritizing scrutiny and value over mere price. This shift requires marketers to adapt strategies for today's savvy shoppers. With 86% believing price plays a crucial role in purchasing decisions, brands like Del Monte and Walmart demonstrate the importance of connecting with consumers through value messaging and pertinent price promotions. Additionally, engaging through word of mouth and social media remains vital. Understanding that value extends beyond price is essential for successful marketing in this new era.

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Understanding the New Consumer: Strategies for Modern Marketers

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Presentation Transcript

  1. How To Reach The New Consumer Ina Kang and Kelsey Hoffmeister

  2. Who is she? • The new consumer: • Spends less • Scrutinizes more • Isn’t going anywhere • “I think we’re on the dawn of a new shopper that’s much wiser in her spending habits and much more frugal.” – Thom Blischok

  3. How Do Marketers Respond? • With Price Promotions • Value Messaging • And Word of Mouth

  4. The Price Has To Be Right • 86% of shoppers believe price will be an important consideration before making a purchase • Putting food on the table is what’s important • Discretionary shopping is downSense of entitlement

  5. The Price Has To Be Right • Del Monte • “Stretch” campaign • Walmart • Annual savings ads • Tells the shopper I care about you • Steak N Shake Co • “4 meals under $4”

  6. Defining Value Beyond Price • Not just “cheap, cheap, cheap, cheap” • The brands have to meet their value set • Perception of product value is much more complex

  7. Defining Value Beyond Price • Steak N Shake • “Talk Up the Taste” • The promise of good food and good prices • Dollar Tree • Replacing discretionary items with food and beverages • Chipotle • “Food with Integrity” • Panera • “Seven Flavors on One Fork”

  8. Word to The Wise • Explosion of social media • Word of mouth • Chipotle • “My Chipotle”

  9. Lessons Learned • The consumer is • More swayed to dramatic sales • More inclined to compare prices • Feeling a sense of entitlement • Value comes in a lot of different ways • Invest in Social media

  10. Discussion • Do you see yourself as this new consumer? • Which strategy is more important to you? • Price • Value • Word of word of mouth

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