Growth can be attained in hard times too (Part 2)

In his study James Russo, Nielsen’s senior vice president responsible for global consumer insights writes: consumers are willing to pay more for products if they get additional value with it.

He also stresses that a wide range of products is offered these days and it is useful strategy for market players to establish models which can help them come up with offers customised to individual consumers’ needs. Mr Russo reckons that another option is finding a market niche where one can do better than anyone else: either by creating a trend or by profiting from an existing one. In the end, everything depends on the selection of goods offered and on consumer demand. Nielsen’s vice president is of the opinion that companies, brands and retailers can realise their goals only if they know their customers. They have to work on understanding consumers’ priorities and serve them accordingly. They need to create values that prove to be lasting and look further than the price aspect.