Although retail analysts are already reporting feeble signs of an economic recovery, in all probability there will be several months before the market reverts to normal trading conditions. Therefore understanding customers' purchasing behaviour in the recession and responding to it with suitable offers will remain a key business skill for weeks to come.
It wasn't surprising therefore that the winners of this year's Which? Awards were the companies which have provided best value to their customers, whilst continuing to flourish in the economic downturn. Peter Vicary-Smith, CE of Which?, commented on the results: "Now, perhaps more than ever, consumers want to know that if they spend their hard-earned cash on a product or service it will be worth it."
Yet, the expectations of ‘value for money' do not necessarily mean lower prices but adding small extras which give customers a feeling that they are wisely spending their depleted budgets. "When the economy is slowing down, quality is even more important because customers want better things for the same price," added Mr Vicary-Smith. John Campbell, a young retailer speaking at the retra conference, called this "exceeding customer expectations in recession" with such things as free delivery or installation.
Perhaps one good outcome of the current recession will be a new perception of value for money which will benefit those who truly put customers first.
Anna Ryland, Editor
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