April 9, 2009

Economist Snippet on Social Media for Marketers

Useful article from this week’s Economist about how the economic downturn is affecting marketing strategies. Final three paragraphs very interesting – snippets below.

“Interest in things such as green products and healthy foods will continue to grow in a post-crisis world, but customers will be less willing to pay a premium for them, and will demand more value for money when they do.”

“The downturn will also accelerate the use of social media, such as blogs and social-networking sites, by consumers looking for intelligence on firms and their products […] Social media make it harder for brands to pull the wool over consumers’ eyes, but they also offer canny companies a powerful new channel through which to promote their wares and test new products and pricing strategies.”

“…this recession has triggered a wholesale reappraisal by shoppers of the value that their habitual brands deliver. The winners will be those that adapt intelligently to the new reality. The losers will be those who think they can win simply by telling consumers to ‘Want It!'”

Posted by Andy P