[private_member]MEMBERS – Please view in .pdf form – State of the Hunting Industry Report – January 2010[/private_member]
Edition 3 A Publication of Hunting Business Marketing January 2010
Now is the Time to Prepare for the Fall 2010 Hunting Season
2010 will be an interesting year for the US economy.
Image courtesy of ellienvanhoutte
Consumers and businesses are still reeling from the recession and wondering if the so-called recovery will continue and lead to sustained growth. It seems that ‘recovery’ for most businesses is defined as slowing the drop in business that occurred in 2008.
So while businesses have been able to flatten their trend in the past few months and consumers have been able to save more in the short-term while increasing their spending of late, there is still an uneasy feeling among most Americans going into the new decade.
The hunting industry is no different.
In some states like Wisconsin, hunters are feeling the poor effects of a slow hunting season. Not only are hunters reeling from the poor economic conditions of the past year, but they are feeling let down by the state of the hunting situation this past fall.
While it seems there isn’t much to look forward to in the hunting industry there are bright areas and even some opportunity to build your business’s value to set yourself up for success in 2010.
Value is going to be a big term in 2010.
Consumers are looking for value in every purchase they make. Value doesn’t always mean the lowest price, but it does mean the most for a given amount of money for a quality product or service. Customers are paying attention to the true competitive advantages businesses are offering.
So while your business may not be able to match the prices of your competition due to operational restraints, you may be able to compete through value-added services such as trusted customer service or via an informational blog on your Website.
Now is also the time to think about making changes to your Website and overall Web presence before the summer and fall hunting spending seasons kick off.
Align your goals for the upcoming year and begin implementing your strategies today so you’re prepared for a successful season.
From Forbes (Jan. 2010):
While the downturn has certainly changed the economic landscape, it may also have fundamentally altered the behavior of numerous U.S. consumers, who are now learning to live without expensive products. Many companies with strong premium brands are anticipating a rapid rebound in consumer behavior–a return to normality, as after previous recessions. They are likely to be disappointed.
New McKinsey research found that, in any given category, an average of 18% of consumer-packaged-goods consumers bought lower-priced brands in the past two years. Of the consumers who switched to cheaper products, 46% said they performed better than expected, and the large majority of these consumers said the performance of such products was much better than expected. As a result, 34% of the switchers said they no longer preferred higher-priced products, and an additional 41% said that while they preferred the premium brand, it “was not worth the money.”
For companies attempting to address the change in consumer behavior, understanding the economic theory that explains why it is now shifting can help to inform decision making. Textbook theory posits that changes in the relationship between how much consumers are willing to pay, on the one hand, and their perception of the value they are receiving, on the other, underpins behavioral changes. As the exhibit shows, if consumers perceive enough value in a premium-brand product (Product A), they will favor it over the product of a more basic brand (Product B), despite the premium product’s higher price. In a recession, though, consumers become less willing to pay more–the slope of the demand line flattens, and the preferences of some consumers begin to shift from Product A to Product B.
Read the entire article How The Recession Has Changed U.S. Consumer Behavior
Impact on your business
Consumer sentiment has definitely changed in the past 18 months. Consumers are looking for value with all of their purchases – both necessary and for enjoyment. The important thing to remember is that consumers are not simply looking for the lowest priced item in any competitive market. Consumers are looking for the best value at any level of the price chain as it makes sense for their purchasing ability. Consumers are willing to spend more money today on an item they know will last long and provide value for the longer-term.
In your marketing efforts in 2010, work to show your customers the value in the purchases they make from your business. Don’t worry about the prices your charge if they are higher than your competition. Focus your email and Website copy instead on the value for your customer.
What will make your customer feel good about their purchase?
From Forbes (Jan. 2009):
Consumers want brands with four ”goods”: Good taste, good for health, good for the wallet and good for the planet.
Call it 2010. Call it twenty-ten, or even 2K10. No matter how you refer to the last year of the first decade of the 21st Century, everyone in the marketing is wondering what the past few sobering years will mean for brands and consumer behavior.
It doesn’t take a seer, or even a branding professional, to declare that consumers will continue to demand value, no matter which direction the economy goes. Consumers have learned–some the hard way–that financial discipline is a must. They will also demand that the values practiced by the companies with which they choose to do business are good and honest and trustworthy. And lest any company thinks it can put one over on anyone, a text, a blog, a YouTube video or a Tweet will quickly prove otherwise.
While I’m on online trends, I believe we’ll see a survival-of-the-strongest scenario in social media sites. The only bet I’m willing to make is the continuing growth and popularity of Google ( GOOG – news – people ) and Twitter. My sense is that before the end of the next year we’ll see some jump-balls between a number of other well-known social networks. People are busy. Consumers will become more selective, looking for digital brands that offer unparalleled usefulness and connectivity, along with rich content and multiple relevant applications. On the business side, I expect that more and more companies will rely on social technology to encourage collaboration between employees, and collaboration with customers. And they’ll turn to sites and applications that provide them the same usefulness and efficiency.
Read the entire article Marketers: Expect A Return To Core Brand Value–And Values–In 2010
Impact on your business
While financial discipline is a must for consumers and businesses, the mindset of consumers is always to consume within their own comfortable levels of risk. The triggers for emotional rationalization will change in 2010 as consumers look for different reasons to make purchases for items they need and want.
Consumers are saving their money more while still looking for ways to make life enjoyable. While consumers tighten their belts on some of the big purchases and look to cut back on some debt, they’re still looking to make purchases where they perceive there is value.
This added value will likely come in the form of a sacrifice by your business. It may mean that you’ll have to discount a price on a guided hunting trip or that you’ll have to find a way to manufacture your hunting products more cost effectively while making your customer feel like they are getting great value for their money.
From Gallup (Dec. 2009):
While half of Americans foresee no change in their travel spending in 2010 compared to 2009, a larger proportion plan to spend less in the coming year than say they will spend more. That deficit is particularly high relative to air travel and hotel stays. However, even the percentage of Americans saying they will spend less on vacations in general exceeds those saying they will spend more by a slight margin, 27% vs. 22%.
In addition to broad changes in vacation spending, nearly 3 out of 10 Americans — 29% — plan to spend less on airline flights specifically in 2010 than they did in 2009, while 16% say they will spend more, and about half say they will spend about the same. The same pattern is seen for hotel stays, with 30% planning to spend less and 16% planning to spend more.
Read the entire article Tourism Industry Still Dealing With Cautious Consumers
Impact on your business
Travel and tourism mirrors the hunting industry. Hunters often travel many hours to their hunting camps each year or travel around the country and world for a chance to take a guided hunt at trophy game.
It’s good to see that Americans are looking to continue spend money on travel and leisure in the coming years. It’s not unexpected that Americans are looking to spend less – they’re looking for trips and vacations that offer value. People want to have a good experience for the money.
If your hunting business can perceive value, you can attract these consumers.
Web Design Trends
From Web Design Ledger (Nov. 2009):
1| Oversized Logos/Headers
2| Sketch/Hand-drawn Design
3| Slab Typefaces
5| One Page Layouts
6| Huge Images
7| Change of Perspective
8| Interactive/Intuitive Design
9| Modal Boxes
11| Oversized Footer
13| Intro Boxes
14| Magazine Layouts
Read the entire article Web Design Trends for 2010
Impact on your business
If you’re thinking about redeveloping your hunting business Website for the 2010 hunting season then now is the time to start the process.
The process for a redevelopment takes a few months to implement and you’ll want to have all the bugs worked out in plenty of time for the summer spending season when hunters are spending money in anticipation of the fall hunting season. You’ll also want to be prepared for the spending in the fall as hunters purchase the gear they will need for their hunting strategies.
For more, please see 50 Best Hunting Website Designs for examples of quality hunting Website design.
Today’s customers are looking for trust around every corner.
In 2010, you’ll want to show the emotional value that will allow consumers to rationalize purchasing your products and services. Will your business leave your customer feeling positive about their purchase today and for the long-term?
Consumers are saving and changing their spending habits, but their desire to consume remains. Communicate with your customers today and earn their trust as a valuable resource and they’ll reward you with their hard-saved dollars.
It’s a new consumer market, but the dollars are still out there to be had.
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