Every year marketers try to plan ahead. Think strategically about how to capture the small sliver of attention they desire from their consumers. Every year marketers experience a mix of things that didn’t work from past plans and things that turned out completely unexpectedly. So what can we prepare for this year? What changes can we make now to be successful?
One of the biggest realities we must all face is that consumers are keeping a tight hold on their wallets. With the recession lingering and the effects of an economy in turmoil have had on consumer’s spending habits; brands will need to look back at 2010 trends and adjust for the 2011 consumer.
In 2010, President Obama signed the health-care reform legislation into law. For the majority of QSRs, this meant a big change for 2011. Restaurants with 20 items or more on their menus had to start listing the caloric content of each item as of March 1st.
This may be a rude awakening to large QSR chains when their consumers have to face the reality of what they’re consuming and opt for different dining options. To counter, QSRs may not be able to afford to keep their prices low to offset the concern for the nutritional value of the food since commodity prices are constantly on the rise.
Restaurants such as Wendy’s and McDonald’s that place a lot of advertising dollars on promoting their value menus could suffer in the long run. A strategic shift to promoting new products, limited time offers and premium items may be a smart for long run success.
So what does this mean for your brand and your products? The root of the changes and adjustments being made across these categories lies in the changing consumer. Consumers aren’t showing signs of recovering from the recession, they’re evaluating every dollar they spend, and when it comes to a purchase, they want the most value for their money.
Constantly evaluating your consumer’s perception of your brand, their changing attitudes and demands of the products they buy, and social influences and trends surrounding their purchase decisions will keep you in the know of the changing market in which you’re marketing your products.
Photo credit: ebruli