How Marketers Can Drive Real Business Results in a Down Economy
Reaching your desired target audience is never easy. Even if you know the current trends, competitive landscape, and best advertising practices, connecting with your dream consumer is still an uphill battle. During questionable economic times, the hill becomes even steeper.
The big debate at every board table is whether our 2023 economy will experience a recession. With economists seeing a 70% chance of a U.S. recession this year, it should come as no surprise that many are bracing for an economic slowdown. Instead of succumbing to the pessimism of an impending recession, let’s adapt our marketing plans to the current economic climate, allowing us to better connect with our audience which ultimately generates real business performance.
In short, it’s time to take lemons and make lemonade, marketers! Here are some tips on how you can advertise your brand during economic uncertainty that can be fueled by real-world behaviors:
First Step: Real World Behaviors
Data Is King
Get ready for the battle of the brands, marketers! With consumers taking a more conservative approach towards spending, expect fierce competition from your brand rivals to win their fair share of the market. To stay ahead of your competitors, you need the right data to give your brand an unbeatable edge.
What kind of data can help your brand win customer loyalty? For starters, real-world behavior data can help forecast marketing trends and provide insights into brand loyalty and customer growth opportunities. You can pull behavioral data through real-time tactics like GPS marketing and beacon advertising, which predict consumer habits and help identify their intent.
Home Is Where the Wallet Is
Don’t take it personally if you receive fewer Sunday brunch invitations this year. Instead of eating at expensive restaurants or going to pricey events, many will prefer to stay in to save some extra cash. To keep themselves from breaking the bank, consumers will likely spend more time enjoying cheaper and more convenient forms of entertainment.
So, as marketers, how can you reach your target market when they have decided to stay home? Since consumers are more likely to watch content on their TVs, tablets, or phones from the comfort of their couches, capitalize on their viewing habits by leveraging video advertising. From pre-roll ads to CTV/OTT advertising, incorporating video into your marketing strategy will help you better connect with your stay-at-home audience.
Get With The Deal!
Last year, the big economic fear for many consumers was inflation. To mitigate the impact of inflation, customers shifted their purchasing habits from experience buying to more of a savings-centered approach. In fact, 50% of consumers in the US were expecting to switch brands to save money in 2022.
With many fearing an upcoming recession, expect even more consumers to become deal shoppers this year. To capitalize on this purchasing behavior shift, consider promoting sale days or special offers based on price point. To break it down in its simplest terms: if your target market wants a good deal, give it to them!
Never Too Early For A Holiday
From clipping supermarket coupons to downloading extra-savings apps, people have a variety of ways to save money during a recession. One deal-seeking habit consumers will likely lean into this year will be to shop earlier for holiday-related purchases. In an attempt to find better deals, roughly 37% of individuals planned to start their holiday shopping earlier than usual last year.
To make this habit work for your future marketing strategy, adjust your marketing timeline to incorporate earlier shopping habits for your target audience. You should also reach customers as soon as possible in their consumer journey. Using real world-behavior insights such as visitation data and sales spending data, brands can capture their audience’s attention early through multi-touch advertising strategies such as cross-device targeting, which allows them to connect with their target market on multiple screens during different phases of the purchasing journey.
Next Step: Real Business Results
As the famed economist and Nobel laureate Paul Romer once said, “A crisis is a terrible thing to waste.” With the right attitude, and the right marketing plan, your brand can turn an economic obstacle into an untapped opportunity. You got this!
Looking for the right insights to give your brand a competitive edge that drives real business performance? Contact us today to see how GroundTruth can help your business achieve its marketing goals!