All Time LowBy joanne | 7th June | Marketing Training
Great news for some, but perhaps we can offer a balanced view here. The effects of a lack of change in interest rates will affect different target markets in different ways…
- Customers with mortgages could remain slightly better off, as their mortgage rate has dropped – and more mortgage deals will be coming to an end each month.
- Investors may be relieved that further Quantative Easing measures weren’t felt to be necessary, which could boost confidence in the investment and business sectors. (This was reflected in the stock exchanges today.)
- First time Buyers can probably still capitalise on lower interest rates and might use todays news to consider getting onto the housing ladder before rates start to rise.
- Borrowing money remains relatively cheap, so people wanting to invest and expand can continue to capitalise on this opportunity.
- Pensioners will continue to struggle on lower rates of interest. It’s likely they’ve rebudgeted by now, but they were probably hoping for some light relief in todays rate review.
- Businesses might consider this a lack of confidence in the Eurozone – and might wait before rolling out new projects or employing new people. This harks back to the confidence issue I mention regularly – if people feel concerned, they hold on to their cash and wait it out.
As ever, your marketing should centre on VALUE. Customers will continue to be conscious of their spending and will be looking for value. They’re more likely to shop around and take longer to make decisions. As a result, your marketing efforts are likely to be experiencing dips in returns – don’t worry – it’s something many marketers are experiencing. We’re just having to keep coming up with new ideas, incentives and methods to target our audiences and promote our solutions to them. (It’s definitely a time for Marketing as a Science to shine.)