Wednesday, February 4, 2009

Do Super Strategies Work in Hard Times?

I wouldn't want to add another line to the billions of lines already written by experts about the global slowdown. But what I'm really interested in is how to make a consumer buy any product in such tough times. Of course, many of us will tend to buy only stuff that is really really necessary. But before that, we would first evaluate if that stuff is really really necessary. And think again till we are convinced that it is really really necessary. However, how about products that are really not so necessary or can wait? How can you make people buy such stuff? I am sure that this is a big challenge for marketing professionals and companies. And since companies don't have enough budget to spend on advertising, the challenge gets compounded. So how can you persuade people to buy your products?

I am curious because of the spot of bother the automakers are in. The automakers would like a faster turnaround of their inventories by making people buy their cars. Though changing a car or buying a second car might not be a necessity for us in these tough times, it is necessary for the automakers that we buy their cars. Because, they need to make newer cars, they need to invest in research for newer cars and most of all, they need to keep their employees from losing their jobs. So, will the super strategies of the advertisers and companies that worked in the past work now? At the same time, even if the companies did have a super strategy, how will the companies persuade people to spend money when they don't have any? Looks like a vicious circle that's going to be a bit tough to break. And of course its not just the automakers, there are other companies too. I would love to see if someone's strategy does work in these very hard times. Anyways, its going to be an interesting case study. One of my company's top bosses said that this current global meltdown is once-in-a-century kind of thing to happen. I couldn't agree more and I wouldn't want such a thing to happen even once in a century. And while people try to work their way through this mess, how will a bailout to an automaker help the consumer who ultimately has to buy that car? Who's going to bail him out to buy a car if he doesn't have a job? Go figure.

Non sequitir: Why do chemical companies still blatantly dump toxic affluents in areas where they are not supposed to? Really, its such a pity that we don't do much about this problem. I wish we were a lot less indifferent to such criminal deeds.

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