Companies pursue new marketing tacks to attract more discerning consumers

Armed with more purchasing power, Filipino consumers are now becoming more discerning, posing a greater challenge for companies to attract and retain them, according to the Philippine Marketing Association (PMA).

PMA opened last Thursday at the Marriott Hotel in Pasay City the 44th installment of its National Marketing Conference, a venue for educating businessmen on marketing trends in the changing economy.

Dubbed as ‘Roar of the Tiger,” the event featured speakers who touched on the changing consumer behavior alongside the growth of the Philippine economy .

Businesses also gained insight on the strategies that companies can apply to maximize increased consumer spending.

Marketing practitioners, on the other hand, provided insight on communication modes and strategies best suited for marketing.

Filipino companies who have successfully expanded abroad also shared their experiences.

The Philippines and Indonesia have been dubbed as the ‘new tigers,’ or economies that are seen to have greater economic power in the next few years. This was attributed to the young, dynamic, and educated population as well as stable macroeconomic fundamentals.

“We now have greater consumer spending. Lifestyle is becoming upgraded and consumers are becoming more discerning, said PMA president Vicente Reyes in an interview on the sidelines of the conference.

He noted that with the changing consumer demographic, many traditional marketing tools are no longer applicable.

“We can no longer stereotype consumers so companies are now looking into customized and niche marketing. Companies really have to know the preferences of their target markets,” said Reyes.

“For instance, consumers can no longer be simply categorized as economic brackets A, B or C. We have to look now for particular nuances,” he added.

Conference director Yayu Javier said companies now are also challenged with keeping customers they have attracted.

“There are now a lot of companies who want to do customer retention programs. And to do this, companies must understand the behavior patterns of their consumers,” she said.