Since the beginning of the pandemic, the market has been turbulent to say the least. Consumer spending has reduced, logistics costs have increased, and global events are weighing the scales in ways we simply cannot reliably predict. In times like these, it can be tempting to take your foot off the gas when it comes to advertising.
What direction should you be pushing? What is the best way to connect with your audience when your audience’s motivations are changing? These are important questions to ask, but pulling back can be the same as giving up when it comes to your company’s momentum during uncertain times. Today, we’re taking a closer look at the right advertising strategies when you simply cannot know what is around the next economic corner.
1) Seek to Understand Your Audience
Step 1: Know your audience. While there are many things you can’t predict about the economy right now, you can know your customers and the people who value your products. Their priorities may be changing, but the people are still familiar to you. How are your target demographics most affected by recent changes, and how are their behavior patterns changing?
For many, the new top priority is simply keeping families and companies afloat as costs rise and certainty disappears. Their concerns are likely similar to yours. So find ways to relate, and retarget your advertising strategy to connect with what your audience cares most about right now.
2) Don’t Stop Your Marketing Momentum
Marketing is all about momentum. The leads you get six months from now will be built on the advertising you do today. Letting up on your momentum when the market is uncertain is the same as slowing down when driving over snow. If you don’t want to drift to a stop, you’ve got to keep up the pace. While you may be reworking your strategy, it’s important to maintain your visibility and keep a strong connection with your audience.
Keep advertising. If you’re not sure what to say, try honesty. “Times are tough, but we’re here for you” is always a good strategy when everyone is on their back foot financially and uncertain about what comes next.
3) Adapt to Changing Needs and Interests
In the current economy, interests are changing. As goods become more expensive, experiences and services are rising to the top. After the remote work migration, many people are focusing more on the home. As travel becomes uncertain, many are focusing on local and digital opportunities.
Adapt your strategies to meet your audience based on their changing needs and interests. A sporting goods brand might retarget for camping instead of sports events. A local restaurant might focus on family meals instead of indulgent extras. Shift your advertising to meet the current needs of your audience, and they will see the benefits your brand has to offer in the new and changing context.
4) Rely On Your Digital Channels
Going digital is a strong strategy based on current trends. Remote work, hybrid businesses, social media influencers, and live streaming are all at their peak. In today’s environment, it is safer for most people to stick with digital experiences – and more affordable than either goods or venues. This is your opportunity to build your brand’s online presence and enhance your digital experience.
Update your website, produce an engaging mobile app full of useful features, or start hosting virtual events to meet your audience in the digital realm instead of relying on out-of-home audience engagement.
5) Add Value During Tough Times
Lastly, look for low-cost ways to add value to every purchase or service that you offer. Everyone is looking for ways to save and bundle right now, so even little perks for your loyal customers can turn the tables. Throw in guidebooks, infographics, and online courses. Grant membership months, store credits, or loyalty program points.
If you see a need that your audience has that you can contribute to, do. If you see a way to ease stress, increase joy, or make life easier without overstretching your resources, don’t hesitate. Now is the time for brands to show that they will persevere alongside their audience, and can win long-term loyalty in return whether your clients are consumers or fellow businesses.
Advertising in Uncertain Times
What lies ahead may be uncertain, but the bond with your customer base should not be. Advertising during uncertain times should focus on building that connection and trying to provide what your audience needs. But whatever you do, don’t disappear. Keep your advertising strategy strong and adapt to whatever curve balls come around the corner. When it’s you and your customers together against uncertainty, they will stick with you if you stick with them.
For further insights on how to adapt your advertising strategy to changing times and digital channels, contact us today.