The “2009 Online Buyer Economic Trend Study” was just released from ROI Research, showing that while men seem to be more optimistic about a recovering economy, women need more convincing evidence.
55% of women say they expect to spend less overall in the near future, compared to 37% of men (wow, guys – when did you start getting all rah-rah on me?).
46% of women say they expect to spend less online.
Our recent lean over the precipice of economic disaster has women saying they have fundamentally changed the way they think about spending. Whether or not that’s true, here are a couple of things you might want to keep in mind for the future of your business:
1. Now is the time to increase your advertising, not decrease it. Business owners seem to have a hair-trigger when it comes to advertising – the economy rocks, and marketing budgets are the first thing to get slashed.
Let everyone else slice and dice, because for the consumer, “out of sight is out of mind.” Media outlets need your business, so negotiating on advertising rates is easier. Plus, you’ll be the lone voice in the advertising desert because your competitors weenied out. You will own your space. And when times get better (as they inevitably will), you will be top-of-mind for customers because you’ve been there all along.
2. The online challenge is bigger than ever. If 55% of women are going to spend less online, then you’d better own that space, too. I know that I sound like a automaton because I’m always yammering on about the importance of your website and social media tools – so be it. I cannot emphasize enough that taking the time to create a comprehensive, easy-to-navigate, persuasive website is critical to the future of your business.
And that one-way monologue you’ve been having with your customers? Fugheddaboudit. It’s all about conversation, and you have to invite your customers to participate. Read and learn about how small businesses just like yours are using tools like Facebook and Twitter. Then sign up, get started, and work the hell out of it. It’s FREE, for goodness’ sake.
Just a couple of things for you to roll around in your brain for awhile. It’s all about increasing your share of mind within each customer, and it’s up to you whether or not you see these times as Armageddon or Opportunity.