2024 The Indefatigable Year
At this time of year, a host of trend reports come out from around the world forecasting how the next twelve months is going to be.
I’m told the word of the year in America, and one I have seen in reports already is that 2024 will be “Indefatigable”.
My first reaction was to get the dictionary out ( yes, not Google) and find out what the word means.
According to the report ‘Consumer spending has been indefatigable” In my language the American consumer is not getting fatigued by the economy and is continuing to spend and hence putting of a recession. The same thing is happening in Australia to some degree. In our own farm shop business, we are finding that the spend each day over the same time last year is around the same, but we have fewer customers spending more.
Businesses I have talked to are in similar situation.
What does this mean for retailers?
1.Consumers that come to your business trust you and want to spend with you.
2 Make sure that you have a range of Price Maker products as well as Price Taker products.
3 Provide them with an experience they will talk and, or click about.
One of the best examples I can provide you of the new world is from our own retail experience at the farm. Most consumers that come to the farm know that they can get chestnuts for around $15 a bag in the supermarkets, in fact we tell them that the supermarkets buy them from the grower for $2.50 a kilo. we set the Price Taker rules.
We then give them a quick tour to build the experience and finish the tour by asking them if they would like to try our best selling product. Of course we get a 95% yes. I then pour a small sample of our Chestnut Liqueur and inform them that the only place that sells the product in the world is our farm.
I give them the story while their taste buds get into action. I promote it as a Price maker product, but do not tell them the price.
Around 70% of those that taste, buy a bottle. I never tell them the price until I’m processing the sale. Nobody has ever questioned the price.
Our customers are so Indefatigable.
Have you got your price Marker products ready for your customers and are you building the experience around the product. Telling them the price will not work.