Positions on penny pinchingLast week, I overheard a group of teen boys lamenting the shorter 99-cent menu at McDonald's and a recent increase in some of the value meal prices. I was witnessing the economic downturn first hand - even the iconic cost-cutter has had to raise rates.
However, some marketers are looking at the gloom and doom as a new way to reinvent their signature products or brand positioning. A fantastic example comes from Fortune magazine's coverage of J Crew's CEO Mickey Drexler pointing out to designers that in tough times, people buy sensible, lasting style.
Other marketers are using the penny-pinching to offer small, affordable perks to their buyer base. While a shopper may not invest in a deluxe cable package, spending $10 a month to rent videos could still fill a TV watcher's entertainment void. What is your company doing to reposition itself during the time that consumers are watching their wallets?