With the downfall of the economy and the growing financial crisis, things are looking troubling for many companies. Companies are finding they have to tighten their budget, which brings the unemployment rate up to 6.1%. Many consumers lack of confidence in the market.
Not only do consumers have less money to spend, but also food and energy costs are rising. This reduces the amount of consumers’ discretionary income significantly. Economists are expecting the worst holiday sales since the recession of 1991.
With the increasing number of problems, marketing becomes drastically more important. In a shaky economy, marketing is crucial to differentiate a company’s product above their competition.
Companies, however, need to enhance the image of their product without having to drastically increase its cost or price. Creativity helps show the customer what the product is all about. It adds the “boom factor”, which sets the product apart from the competition. This is necessary to sell the product in a declining economy.
One of the ways the creativity personality of the product can be shown is through the packaging.
Companies succeed in a declining economy by showcasing their products, through packaging, in a way that no other company does. Colorful and personalized packaging immediately attracts consumers’ attention and enhances the image of the product. The right customization can showcase the features of the product in a quick, eye-catching fashion. This will set the product above the competition and allow the company to succeed in a falling economy.