Meet Empathy With Action - Brand communications over the coming months may be met with increasingly frustrated audiences as they adapt to manage their finances over the winter months. Being able to empathise with these challenges needs to be complimented with action - whether that’s via reassuring a commitment to things/prices staying the same, or alleviating concerns in some way. If there are changes, it’s important to explain why.
“2022 is a year of crisis conglomeration - from the energy crisis to the housing crisis, the cost of living crisis to the climate crisis - all of which are interlinked, and all of which need transformational solutions. Despite the challenges we are collectively up against, the solution to one crisis could indeed solve another crisis. The opportunity exists for all businesses to re-think their status quo and move into business models that deliver for multiple stakeholders - from employees to customers, from communities to the planet - not just shareholders. I’m optimistic that we will see innovation across supply chains, business sectors, industries and nations. Key to success will be bringing young people on this journey.” Claire Hyland, Head of The Youth Lab, THINKHOUSE
Continue Offering Something Of Value - As we progress into a period of potential recession, people feeling the effects of high prices will question value more and more. In general, shoppers do not want to have to compromise when it comes to quality and often still seek ‘something special’, justifying its worth. As a brand, are you communicating your value proposition strong enough? It’s not about cutting prices or being the cheapest - it’s about being a brand people can rely on as their consistent go-to.
Don’t Lose Sight of The Long Term - A common conversation during economic recession and hardship is about reducing marketing spend, yet we know from research that brands that continue to build and maintain relevance during these times benefit from doing so. Alexander L. Biel and Stephen King revealed in their study that “those that cut their advertising expenditures in a recession lose no less in terms of profitability than those who actually increase spending by an average of 10%. Cutting advertising spend to increase short-term profits doesn’t seem to work.” Stay on your audience's radar in relevant and helpful ways where you can - actions that pay it forward to people and planet during times of uncertainty and hardship are remembered and repaid.