As financial uncertainty grows both at home and abroad, the idea of companies marketing and selling themselves might suddenly seem a bit distasteful. But of course, business must go on. So how do you market your brand during a cost-of-living crisis?
The first answer is “with consideration”. But more practically, this presents a challenge for marketers. In April 2022, KPMG conducted a survey, and the results speak for themselves:
- A third of consumers are buying less so far in 2022
- Clothing is the most common cost-cutting target, followed by eating out
- A third of consumers with savings are using them to offset their cost of living
- Rising costs are 4x greater a deterrent to spend savings than pandemic uncertainty
- Value for money is the main purchasing consideration for consumers in 2022
With all that negativity, it may be tempting to “turn off” your marketing activity. This is not the thing to do. Bad idea. Remove that from your head. It’s not about turning it off. Your target consumers will forget you exist. It’s about sensitivity and analysing what you’re doing.
Here are some thoughts on what that might look like in practice:
- Focus on the value your product provides. People who can still spend, will still spend. They just need to know it’s a sound investment. Whether you’re flogging a kilo of carrots for 30p or selling a decent reusable coffee cup that stops people from needing to replace cheap ones so often, show your value.
- Make sure your retention strategies are strong. It’s cheaper to keep current customers than find new ones. Make sure the people regularly buying from you are being treated well and receiving relevant messages.
- Check out your competition. What are they doing in response to the crisis? At The Inside Story, we firmly believe that the most successful companies focus on themselves and being better than they were yesterday. But that doesn’t mean you shouldn’t be aware of what’s happening with your competitors, especially at a time like this. Are their messages working? Learn from their successes and mistakes.
- Consider which products you market. Supermarkets are focusing on their essential products – veg, meat, dairy, bread and household items. While things may shift a bit over Christmas, you’re not likely to see Tesco advertise their Clubcard price on Moet. They’re telling you the price of a bag of spuds.
- Always think ahead. This is particularly important with social media – keep that audience engaged. Don’t slow down your activity because you’re selling less. People will return when they can.
- Can you genuinely help people? Can you offer better deals? A bulk buying promotion? Free delivery? Vouchers offering a discount for signing up to an email list?
- Be honest. Customers value directness and honesty. Don’t beat around the bush if you’re putting prices up. Be open as to why.
- Show your values. Can you donate a portion of your profits to a charity?
- Be creative. Don’t just do the obvious “We’re all in this together” message. People are seeing the same stuff everywhere.
- Do your research. Articles like this very one and many others out there have actionable tips and advice. It’s worth reading up.
For more ideas or simply to have a conversation about how your marketing can be improved, visit gettheinsidestory.com.