The increase of the cost of living is no secret. From the gas prices, to milk and bread, and even simple Dollar Stores now being $1.25 stores, the inflation rate is increasing everywhere. But even as prices soar, that doesn’t mean wages increase, which in turn means consumers are paying closer attention to where their money is spent and at what cost.
When Covid started, we told our clients to keep going full steam ahead. Don’t cut back as you will come out ahead when things turn back around. Now that we are slowly but surely coming out of the other end of the Covid tunnel, our clients are still on top of their marketing and advertising. Now we are being asked about the current times. It is hard for a business to make decisions on where budgets need to be cut. But we are here to tell you that marketing should not be one of those cutbacks.
Trust In The Brand
Your customers purchase your products/services/goods, whatever it is because they have a trust in the brand. We know that it is hard to increase prices on a customer base, but as long as the brand trust is there, your clientele will find a way to pay for it. And to have brand trust means you need a strong brand presence to nurture the trust. That is why marketing should remain an essential part of your business and shouldn’t be decreased. Once a marketing budget gets decreased, it is inevitable that it will ever be increased. By marketing to your customer base the reasons why they should continue to trust you in times like these may help to ease the pain of a price increase. And along the way you will still be able to gain new customers since other brands may just fall into the pits of zero marketing, while others will just glide along by the seat of their pants, hoping their customers will stick with them for the ride.
Pay Attention to the Data
Paying closer attention to your marketing metrics will help when it comes to reusing your marketing dollars. When data shows increased sales from a particular location, double down your efforts and move around some marketing budget to that sales stream. If something isn’t working, now really isn’t the time to do trial and error. Take the loss and move on to where you’re seeing success. And let’s not forget that success in marketing can be a myriad of different things. Talk with your marketing team to discuss what success is and then trickle down to how you get to that success. Doing this will help weed out anything underperforming and could even save you some money in the long run.
Know What Your Customers Want
It is sad to think that some consumers are buying just the bare minimum to get by in times like these. Now is a good time to reaffirm to your customer base that you value them and that your product or service makes their life better. And it is an opportune moment to really relate to how your customers may be feeling and show them that you care either way. The relationship of a customer is a two-way street. You need them and they need you. Don’t shy away from content that sparks an emotional connection.
We know times are different now than they were when high inflation struck in the 1970s and 1980s because of the Internet and digital media, but those times were a goldmine for businesses, especially the ones that kept marketing. So many new businesses launched those years as audiences were ready for something that might be a little cheaper (since it was new) but were also open to trying new things. This is why brand trust is vital so that consumers don’t just switch in an instant to something else. Now in 2022, we have e-commerce at our fingertips, and this could be a great opportunity for new businesses to jump in and steal some thunder from other businesses. That is why we suggest staying on course and keep on going with your marketing efforts. You aren’t starting from scratch like new businesses and you already have a key customer base. Don’t decrease marketing budget now or you will be on a dangerous trend of always trying to build back up to where you once were.