8 Strategic Moves to Boost Your Business in 2024-2025: Insights from Canada's Latest Consumer Expectations Survey (Bank Of Canada)

The recent Canadian Survey of Consumer Expectations – Second Quarter of 2024 offers valuable insights for businesses navigating today’s challenging economic environment. As leaders and decision-makers, it's important to adjust the strategic plans according to the current consumers' demands and market trends. Here, I elaborate on the key strategies that have emerged in this survey which will allow you to see a clearer picture of how to put your company in a much better position, improve your marketing activities, and engage your customers with their changing necessities.

1. Target Value-Conscious Consumers

What the data says: With high inflation and interest rates constraining consumer budgets, many are cutting costs and focusing on managing debt.

Strategic recommendation: Position your products or services as high-value, long-term investments. Consumers are looking for value more than ever. Offer bundles or loyalty rewards that highlight the quality and durability of your offerings. For luxury brands, emphasize the exclusivity and premium experience, making it clear why the investment is worth it.

2. Capitalize on the Strong Housing Demand

What the data says: Homebuying intentions remain strong, particularly among newcomers, despite elevated interest rates.

Strategic recommendation: If you’re in an industry related to housing or home products, this is an opportune moment to market to homebuyers. Focus on how your offerings can enhance their new homes. Additionally, target marketing campaigns to newcomers, who are driving a lot of this demand. For example, highlight how your products make the home more luxurious, functional, or efficient.

3. Provide Financial Relief Options

What the data says: Financial stress remains high, with many consumers seeking ways to manage their finances better.

Strategic recommendation: Offering flexible payment options like installment plans or financing can be a game-changer. Consumers want ways to balance their financial commitments without feeling strained. By offering flexible payment models, you can make your products more accessible, especially for big-ticket or luxury items.

4. Develop a Strategy Around Labour Market Dynamics

What the data says: While wage growth expectations are high, especially in the public sector, job insecurity is rising, particularly in the private sector.

Strategic recommendation: If you’re hiring, focus on industries with more stability or target employees in sectors with rising wage expectations. Additionally, for industries experiencing job insecurity, highlight the stability and growth opportunities your company offers. This is also an excellent time to address professionals looking to upgrade their careers with products or services that can help them navigate this uncertain job market.

5. Leverage Optimism in Wage Growth

What the data says: Many consumers expect wage increases, particularly in the public sector.

Strategic recommendation: Use this anticipated wage growth as an opportunity to market premium products. Consumers expecting higher income may be more inclined to indulge in luxury or aspirational items. Focus on your brand as a symbol of success or reward. Showcase how your products can enhance lifestyles, positioning them as attainable yet luxurious investments.

6. Strengthen Your Online Presence with SEO Optimization

What the data says: Consumers are cutting back on major purchases but remain optimistic about spending on lifestyle experiences like vacations and events.

Strategic recommendation: Optimize your digital content to capture attention in these areas. Leverage keywords around value, lifestyle, and experiences. For instance, if you sell coffee, you can position it as a “luxury daily experience” or “premium Italian coffee for the discerning palate.” Engaging content that speaks to aspirational living will help draw traffic and convert leads, even in tighter financial climates.

7. Build Long-Term Customer Relationships

What the data says: Many consumers are saving and paying down debt, meaning they are making selective purchases.

Strategic recommendation: Focus on building trust and loyalty with your customers. Introduce loyalty programs, subscription services, or exclusive offers for repeat buyers. By showing customers that you value their business in the long term, you’ll encourage them to return, even in a market where spending is limited.

8. Address Economic Pessimism with Positive Messaging

What the data says: Pessimism about the economy is high, and many consumers are uncertain about the future.

Strategic recommendation: Your messaging should address this uncertainty by emphasizing stability, reliability, and the long-term benefits of your products. Show how your offerings can help customers feel more secure or prepared in uncertain times. Highlight testimonials, case studies, and examples of how your products or services have supported other customers through challenging economic periods.

Conclusion

The economy of Canada is facing a maze through which we have to navigate, and as decision-makers, you should change your strategies accordingly. By knowing the current behavior of consumers and financial pressures, you can make your business to be in a secure position. Emphasize the points of value, stability, and the long-term outcome, then you can be sure to build a much better relationship with your customers from which you will get your profits and you will also be successful.

These strategies not only help you respond to today’s challenges but also create opportunities to lead in a competitive market.

Feel free to reach out if you’d like personalized support in adapting these strategies to your business or need expert guidance to optimize your marketing and drive growth in today’s challenging market. Let’s connect!