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The Advantage and Consequences of New Economy Marketing By Abe Cherian Copyright © 2005

Some of the research that has been done today gives us a lot of information on the values of today's society. What I'm referring to is a lifestyle in which there is more to do in generally less time in which to accomplish it. There's more to spend money on so there's less disposable income. Quite often there's just one parent instead of the traditional two parents. Safety and security is important, Quality and value are more important than ever. People are willing to pay more for desired quality. People are also willing to withdraw from the unnecessary and focus on essential stuff, and Convenience is extremely important. Consumers are having a wild time with technology.

The 90's have been characterized as the "Decade of Decency" and such trends have been projected as cocooning and burrowing (staying at home), socializing with similarly-minded people in smaller groups, backpacking, 4-wheel drive vehicles, antirich, anti-big, anti-professional backlash has been happening.

Dumping the corporate grind for small-town quality life. Self service niche type products and services and self indulgences such as fresh flowers and Godiva chocolates. Adults are acting like teenagers. Golden Oldies now appeal to the youngsters as well as the 40's crowd. Fitness buffs are on a super quest for health. Vigilante consumers who read the labels, protest and boycott. People want it now.. People are becoming socially responsible.

If you use these items in your marketing, given this new lifestyle, and you wish to sell these people who make up this new lifestyle, you need to be prepared to target your marketing efforts toward these segments.

Some of the characteristics you need to address are making your business products and services appear to be necessary when this market is with drawing from the unnecessary. You need to compete for the potential customer's time and attention when they're already overscheduled and subjected to too much stimulation.

You need to connnunicate the legitimate quality of your product and services in a world where every business seems to make the same claim of quality. and reliability. You need to target those individuals who have an interest in your business as products and services and they have the money to spend on them. You do this with target marketing.

Two very critical strategies for this marketing mission include the correct identification of your USA (Unique Selling Advantage) and test marketing every phase of your business and marketing plan, and your product and service development.

Remember that in selling, time is money! Therefore, you must allocate only so much time to each prospect. The prospect who asks you to call back next week, or wants to ramble on about similar products, prices or previous experiences, is costing you money. Learn to quickly get your prospect interested in, and wanting your product, and then systematically present your sales pitch through to the close, when they sign on the dotted line, and reaches for their checkbook.