You've Changed...Still Love You, But You're Not the Same
The reason I say that is because, my targeted customer is different now, than a few years ago. He and she have a couple more bricks to lug around.
In the past few years, our society has gone through some extreme changes. These changes have created variables that pollute the usual demographics. Whether a once easily predictable customer buys or not, is contingent on how the customer reacts to these changes (variables). A brand new dynamic to consider. Also, you can't go by "age" anymore. People are getting younger, both physically and in their attitudes. And they are working longer because they can't afford to retire. Also, people are getting smarter, don't laugh. They read labels now. Wiser too, don't laugh again. Not so trusting of standard institutions.
We're definitely in the throes of a "shift", a physical and mental shift. You can see it and feel it. You can almost touch it. Our economy has been affected by this "shift", even blighted by it in major ways. We're service and technology oriented now, and even that's being farmed out. No more mass producing cotton shirts made from cotton picked in Geogia and manufactured in Virginia.
In the US, we have stopped mass producing the products that we used to be known for, which made us prosperous as a nation, which utilized our labor talent. These products kept us busy, useful, and well fed. They made it possible for us to keep buying things because we had the disposable income and/or the credit. Let's face it, we're pretty good at making things. Well, most things. I don't know what happened to the automotive industry. Planned obsolescence isn't cutting it with the consumer any more. Hint! We want our cars to last and not break down. Certainly we have the technology in the US to accomplish that. Boils down to competitiveness. Can we be competitive? I buy Japanese cars only because I don't want to worry about transportation, or the inconvenience of my car being in the repair shop all the time. Hard cold truth.
Because of competitive pricing, many American products can't be price competitive, can't compete with other countries.
My niche is based on "me" as the audience. You're supposed to know your audience...well hello. My audience is made up of lots of other "me's". I designed a niche around what I know: my values, my taste level, and my understanding of that segment of the population. I sell to other people like myself. Some people, like me, with upscale taste, haven't been affected by the economy, so they just carry on in their usual way, buying whatever they want. Price is no object. Other people with the same upscale taste, who are accustomed to buying freely, have been hurt by the economy, so they buy less than they used to, or nothing at all. Some people have champagne taste and beer pocketbooks, whatever that means. They would like to buy these products, but need to scale their purchase down to what they feel they can comfortably afford. They still have good taste, so they'll buy a designer corkscrew as a gift, and not the silver bowl.
Some people see most consumer products on the market as "crap". They don't want it. I do my best to promote the "cream on the top" products, at least quality products. I won't buy crap either. I try to put my money where my mouth is and be authentic.
What's emerging from all of this is that the American consumer is becoming more selective. No more buying in a frenzy. It's true of me, and probably of you too. Europeans have always been more selective than we are. I think that's the good that's come out of this economy. Is there an increasing demand for excellence? "Quality" over quantity? If you use me as a measure, YES!
If you use me as another example; I have quit chasing the bigger and better thing. I try to be more rational in my purchases and cautious with who I spend money with as well.
I have been less effected than most, thank God, by this economy. But I am more keenly aware about what could be.
Great post.