Sunday, April 27, 2008

Rising Gas Prices Affecting Brands

With the prices at the pump rising higher each day consumers are less likely to spend on non-essentials and more likely to spend on just the necessities. Clothing brands, electronic brands even restaurant brands will start feeling neglected. Everyone from teens to adults will spend more time eating and entertaining at home. Department stores and upper-end teen stores will feel the pinch as teens start purchasing gently used clothing at resale shops. Consumers will become more selective. In order to survive crunch time, brands need to be strong and must come up with a way to stand out above the rest.

Some brand survival tips include:
  • Re-evaluate your brand strategy and streamline your plans. Focus on core activities
  • Tweak your message. Instead of talking luxury and status talk value and efficiency
  • Meet your customers needs and market what they want

Make some adjustments to meet your consumers' needs during this tough time. Use your brand to show you understand what they are going through. By making these changes your brand should still remain on the A list.

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