The recent inflation problem is, unfortunately, changing online consumer behaviour. However, with even more families living on a small budget and reluctant to spend, getting the results you want from your marketing will be challenging.
So, what are you going to do to ensure that business continues to thrive and not sink?
Five ways To Adjust Your Marketing Strategy
- More People Are Going Out Less
What is the solution? Increase your online visibility
It is better to invest not as much into your marketing during times like these in an economic downturn, as your customers will not be going out and shopping as often.
- Consumers Are Less Willing To Spend
What is the solution? Deliver your value
As ends are going to be harder to meet for people, many of these consumers will then not want to spend as much. So in this situation, it may be necessary to increase your prices to get through this; it; is vital to focus on your marketing and the value of your pricing.
3. Consumers Are More Cautious About What They Invest In
What is the solution? Be transparent
Honesty is the key to keeping a solid relationship in marketing because of their customers. These consumers are more careful about what they are spending and being transparent about it.
This means that you need to be clear with the prices, message, and delivery of the services you are offering to your customers.
- Online Search Terms Are Changing
Opportunity: Adjust your SEO strategy
Optimising your website to align with the trending terms and marketing will increase your online visibility even more. Depending on what you do to help boost your traffic levels and leads.
- Fewer Customers Are Willing To Travel
What is the solution? Meet your customers’ needs remotely
Offering free webinars and virtual events through your marketing company is sometimes one of the best ways many businesses can operate; if you do it this way, you will have more chances of getting way more customers.
How Can Brands Navigate The Cost Of The Living Crisis?
The marketing’s main priority might still be keeping everything as it was, but it is a good idea to cut back, keep business costs low and see if that will help them during these times, even if it takes time.
Go Back To Basics
Quite a lot of these marketing people are already trying to fight their crucial argument and the case of trying to keep their brand above water during a difficult time.
The evidence to support this is relatively strong for the people who can continue doing this. Continuing to distribute the same or possibly more during this time has shown that it can be more beneficial in the long run.
All of these consumers, 91% to be exact, are concerned about the ever so rising cost of living, with 58% of them worried about all of the prices that will be getting out of control.
This has been surveyed in the latest data source from KMPG, which shows a 3% drop in sales and marketing up to the end of April, compared to 51.1% in April alone.
Positioning Your Brand With Purpose
In these kinds of times, the marketing industry has been able to lower its price and value, getting rid of other factors that might not have been as important.
The company’s value might increase what it means to their customers facing a 6.5% in income, and it will then be likely that the clients will have to think about how they can afford it.
How Do Small Business Owners Feel About The Living Crisis?
The dramatic rise in the inflation levels has put so much on all small businesses causing lots of added stress for the owners and managers, in this instance, marketing.
69% of small business owners say the current cost of all of this living crisis is harming their business and mental health.
What Is The Government Doing To Help With This Living Crisis Issue?
The government has helped all of these businesses by giving them some income to support them through this challenging time to try and tackle the rise during this hard time in marketing.
How Can You Budget For High Costs And Inflation?
Switch to a remote working environment as it has so many more benefits and is a safer way to work in marketing. Having a flexible office space will offer you the option of working online or in the office, whichever you feel more comfortable doing.
Co-working with others is also a great option as it is more economical and better than the usual office location. It also gives your colleagues better opportunities to have help if need be.
How Will The Cost Of Living Crisis Affect Your Marketing?
If you want to know how the cost of the living crisis is affecting your marketing, give us a call. We would love to talk to you. Email, [email protected] phone tel:016170620012 Or fill in the contact form page