Welcome to ‘the comeback country’!!!
“As George stepped out into a sea of cameras, he took a moment to enjoy the warm spring sunshine on his face. Hoping that Mrs O had managed to remove the truffle oil stain from the lapel of his Armani jacket, George gave a confident smile towards the pack of photographers calling his name and walked towards the waiting car. He was ready…”
Wasn’t he just? As predicted, the message was one of cautious confidence – well played, Mr O. As I also foretold, journalists across the country have spent the afternoon telling us that some key points from today’s Budget are business affairs, whilst others are big news for consumers. Don’t listen – it’s all our business.
So where can you really start to think things through? Right here – courtesy of TMP’s customer experience expertise. Remember your homework from last week?
Ask yourself ‘how will my customers be feeling today?’
It’s a question that the most successful businesses are asking – and answering. David McCorquodale, head of retail at KPMG feels that the Budget has put ‘more pennies into consumers’ pockets’ and shoppers will see a boost in disposable income.
Customers that feel more confident to spend? Now that would be great, but don’t pop your cork just yet. We’re talking more pennies, not pounds – and with a low growth forecast, you’re still going to have to work hard to see some gains.
I’m not usually the bringer of bad news – it’s just not in my nature – but when it comes to winning over new customers and keeping the ones we’ve got, we might find ourselves in a tug-of-love.
Hey, no fighting at the back, please!
I don’t mean to turn my readers against each other. I love you all – no favourites at TMP HQ – but let’s just look at today’s incentives for savers, such as £1,000 of tax free interest on savings by next year. Great news for consumers and banks, but some of you out there don’t want us saving money – you want us to spend it.
Can retailers offer something better than savings with tax-free interest? In a climate of such low inflation, they probably can – but how best to sell that to customers?
Your turn, financial institutions. What are you going to do about it? How can you persuade consumers that keeping their cash in your safe will be better for their lives than a new washing machine or a fortnight in Spain?
Calm down – you all want the same thing really. You want to provoke an emotional response in your customers and prospects. To do that, you have to understand their hopes and fears – and then decide whether you’re selling a service that makes dreams come true or worries fly away.
I’m an entrepreneur, not a fairy godmother…
I get that, its fine – but think about the way ad men target the consumer. Parents of the world, you know what I’m talking about – cleaning products that keep your home free from child-catcher germs, or breakfast cereals that apparently turn offspring into engaged and motivated students. I wish…
If your business is going to make the most from today’s good news for consumers, you need to understand their emotional motivation. Statistics show how spending has changed, but number crunching can’t fully explain why – and sorry George, it’s not just about the nation walking a little taller these days.
The Monachie Project’s team of consultants are hand-picked to reflect all walks of life and customers in every business sector. We help clients see the real drivers in their marketplace.
So was it a Budget for a comeback country? Networking with other businesses this afternoon, most seemed to think the government had got it right – so now the wind’s blowing in the right direction, what are you going to do to make up some ground?
To truly connect with your customers and prospects, you just need to connect with The Monachie Project.