Harnessing The New Age Of Customer Frugality
Source: American Express
Many businesses have been bitten by this so-called "Paradox of thrift." frugality might be a great idea for the individual, but for the businesses that rely on the spending of that customer, it can really ding the bottom line. There are a lot of tried-and-true responses to this. Offer big discounts! Cut back offerings to the essentials! These are textbook things that most small businesses do to deal with such a tightening of customer pocketbooks.