There is a big public argument right now whether or not we will go into a recession. We don’t have the answers but we can say that inflation is at an extreme high and that is affecting the way that consumers are spending. HubSpot conducted a survey to see how people are responding to the spending habits and 30% are spending less than they previously were. 34% said that if a recession is officially declared then they will decrease their home budget. This survey also included things that consumers spent their money on during financially uncertain times. It’s not surprising that it included: essential groceries, rent/mortgage, house bills, medication/healthcare, and essential personal care products. These are all necessities, and no money was spent on luxury items. It will be important during these times for brands to market their affordability and value. For marketing purposes, reducing excess spending and refocusing on essential marketing is key. Here are some tips to help!
1. Know your audience. Campaigns that fail due to lack of knowledge on your audience is, is just throwing your money away. Who is using your product the most and where do they hang out? What are their interests? Narrowing down your customer will keep you from essentially wasting your brand’s budget. Quality over quantity here.
2. Focus on your brand. How does your brand make people feel? Do they connect with you on an emotional level? Your branding should be authentic, transparent and most of all, consistent. Use found content in your campaigns to connect with them in this way. People should be able to know it’s your brand without even seeing the name.
3. Accurate measurements. Try to use data that is highest quality if you can. First-party you can collect yourself from your website, email subscribers and social media accounts.
4. Right place, right time. This goes back to knowing your audience as well. What times to advertise are important. Knowing where is even more crucial. What is the age group? This may determine which social channel they spend more time on. Are you targeting those who typically work a 9-5 job? Then run your streaming service ads in the evening when they are most likely to be watching T.V.
5. Keywords. Knowing what people are actually searching will help them find your brand more efficiently. Explore competitors’ sites to see what they are targeting if you aren’t sure.
In uncertain times the best way to handle your brand is through focusing your efforts on things that you can control. Decreasing excess marketing spend is one of those things. There will always be things out of our control in business. This is where we can choose to thrive through shifting our efforts to improving new areas of focus. Good businesses are able to adapt and shift to new circumstances within their field.
