I remember growing up in the sixties (yes, I'm hinting about my age) during what was then a major counter-cultural and social upheaval led in large part by the “hippie” movement.  Beginning with the Nature Boys of 1947, who raised organic food in the California desert and espoused a back-to-nature way of living, to the culmination of the movement with the Summer of Love in San Francisco in 1967, there was this strong desire to abandon the stress and complications of a materialistic life in favor of simplicity as the road to happiness.  John Lennon sang, “Imagine no possessions, I wonder if you can.”  As strong as our generation embraced these beliefs though, as soon as the economy of the 80's brought increased wealth, we started consuming like there was no tomorrow!

Now this probably sounds weird coming from a marketing guy, that I might be writing about a subject like “not consuming,” but I was reading an article in the Media Post written by Sarah Mahoney who believes that the recent economic downturn is giving rise to a whole new social order of consumer beliefs.  As people lose the sense of financial stability that they have had for at least the last decade and they are unsure about the future, how and what they consume is going to be affected in a significant way.  Sarah writes that, “the way Americans view their money-management options has shifted considerably, with some 62% of survey respondents saying they have made some kind of sacrifice because of the economy—giving up vacations, buying private-label brands, or driving and dining out less.”  She concludes by saying, “consumers are on a financial diet.”

It's very difficult and extremely risky to predict how the consumer will respond when economic conditions recover, but if we believe that what is happening in our society now in any way starts to alter the social norms of consuming behavior, as a marketer we must be prepared with the appropriate response or risk becoming obsolete.  So, what does this mean? 

It is more important now than ever, that your branding and marketing message reflect your product or service value.  The cost conscience consumer must feel that they are paying the best price possible for what is being received, that they are getting a bargain.  If we are indeed moving into an era of “simplicity” and that “overt materialistic consumerism” is looked down upon, it may be best that your brand be viewed in the correct light.  Make sure that the public understands how your product moves them in the direction of simplicity with a constant eye on social responsibility.  In this way, you have a greater chance of being more relevant.

David Soxman joined BIGSHOT with a motivation to work for a small firm where he could make a difference on the agency side of marketing, helping business owners and managers grow. Learn more about David.

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