Marketing during a cost-of-living crisis
When money is tight, and there are few households not feeling the effects of the cost-of-living crisis, it can seem that marketing will be a waste of money. Here we hope to give you some strategies for marketing during the cost-of-living crisis. These will ensure that your marketing budget is put to the best use, even in tough times.
It’s essential that your marketing and digital PR choices not only raise revenue. However, they must also positively impact your brand reputation and customer sentiment. The messages your advertising gives are always important. But now, it is even more important to be empathetic and understanding when a buyer’s cash is tight.
What to consider when marketing during a cost-of-living crisis
It’s not what you say but how you say it
It may seem odd to acknowledge that you know your customers are feeling the pinch. However, even for those selling luxury or high-end products, it’s essential to show you know that times are tough. Your messages should highlight how you deliver value and a worthwhile product or service to them.
If you have had to raise your prices
Be open and honest. Explain when and why before it happens. Be prepared for high sales after the announcement, as people will probably want to stock up. Customers will respond more favourably if they aren’t caught out!
No matter how high-end your brand is, you should find an appropriate line to show your value. You need to explain what a customer can get when they buy your product or service that makes it worthwhile. If you offer extra quality or durability that can help avoid false economy or whether your brand is value but just as good, let the customer know what makes your product worth its money.
Help customers make savings
Forget about the hard sell and offer some helpful cost-saving tips that will make a difference to your potential customers and make them remember your name positively when they want to make a purchase. Target them so that you aren’t pushing them to buy but also doesn’t dissuade them from doing so. Give advice and information that will benefit your customer, show them how to extend the life of your product etc., but avoid the full-on money-saving tips type, as customers will see this as covert selling and not be impressed.
Reuse and revamp
Reuse a single creative content idea in various ways. You need to repurpose and rethink your approach to deliver the same message but in a way that gets the message across to the right people. Maximise your use of organic search strategies by understanding how your likely customer searches for your products and what platforms will help throughout your marketing strategy. Make sure you maximise blogs, videos, social posts and any user-generated content across the various channels in a medium that speaks to the specific audience. This will help your budget, too.
Final words on marketing during a cost-of-living crisis
Check out our guide to marketing when customers aren’t buying. Here, you can see if they really aren’t buying. Or whether your message is no longer delivered the right way. It may mean a tweak to your marketing, and brand awareness can change things.