Like everything at the moment, marketing costs are rising. Here is how to navigate and adapt to a world where it costs more to do business.
Relate to your target market
Everyone is stressed now which is tragic but at least puts most of us (sauf The Kardashians) in the same boat – so use that to communicate with and relate to your audience. Advertisers can be part of the solution with guidance, deals and opportunities to deliver on basic needs and self-care. Brands that prioritise engaging with consumers will stay top of mind and be rewarded with long-term loyalty.
Squeeze every cent and measure the results
Now that every penny counts more than ever, an objective assessment of the return on ad spend you are (or are not) getting for each campaign and tactic is critical. Your audience constantly changes behaviours and develops new media consumption patterns. Smart money says to test and learn what’s working to profitably drive sales. That will include evaluating new channels like social media platforms and connected TV (CTV), and homing in on the most effective media mix with tried-and-true tactics like shared direct mail packages and display advertising. Christine Moorman recently said in the Harvard Business Review, “When used together, traditional and digital marketing can reach more audiences, build and keep trust, and motivate buying from consumers who otherwise might tune out marketing messages.”
Maximise on discounts, coupons and other offers
Customers want coupons and deals to help them stretch their spending as far as possible. Otherwise, they may have no choice but to stay at home and not spend at all. Tough economic realities also mean people value brands that deliver sincere, empathetic and relatable messages. Just as you are trying to make the most of the present circumstances, consumers want guidance on how to survive and thrive in these times.
Consider new formats
Due to the lack of finances, you may need to redirect budget toward media that is readily available or cost-efficient, or looking for a more reliable partner. Now might be the time to consider new formats, tactics and offers to account for logistical and financial headwinds. For instance, due to cost and availability, the printing and mailing of a monthly catalogue might temporarily be shifted to a direct mail insert pointing recipients to an online experience.
The best partners are those with whom you can openly share challenges and work together toward the best solutions. Addressing the rising cost of direct mail as a marketing tactic means investing in partnerships that offer data and insights.