Life as we know it has changed dramatically since 2019 and the start of the coronavirus pandemic. The retail sector specifically has been hit especially hard. What shoppers now do, and why and when they do it has changed and so brands (and agencies!) need to keep up.
Even with signs of an imminent recession all around us, there are ways in which brands can bolster the storm. Higham were formed in the last economic crisis of 2018/19 and so we know a thing or two of how thrive in challenging financial times.
At Highjam, we specialise in the design and creation of tailored online and offline marketing services, to ensure each solution meets our clients’ needs and goals. This adaptability supported us during the pandemic when traditional field marketing services were unable to go ahead, and even more so now as we slide towards a potential recession as well as navigate new shopper habits.
So what should brands do to get ahead of their competitors in the retail landscape?
- Research your consumer. Don’t skimp on this step, you need to know more than ever before how your consumers define value. This might not just be about price, consumers take longer to search for products, so think added value. For instance, some shoppers might trade up in the supermarket, opting for that more expensive bottle of wine because they are no longer eating out.
- Communicate your values. When economic times are hard, consumers tend to buy from brands they trust, that pull an emotional cord or are aligned with their values. Think less extreme sports and materialistic messages, and more attainable family or likeminded values.
- Maintain marketing spend. Now is not the time to cut budgets. It’s well documented that brands that increase marketing spend during a recession can improve market share.
- Support retailers and increase instore marketing presence. In uncertain times, working together will only strengthen your relationship with both customers and shoppers. By improving your shopper experience through effective, innovative and efficient shopper marketing strategies you will see a positive return on your investment in regard to both brand equity and sales performance.
Like it or not, a new era of shopping is upon us, and therefore it calls for a new approach to shopper marketing. At ISMG we were already working on this pre-pandemic, building a network of likeminded European agencies who understood the retail landscape in each of their own markets, and who worked together to creative effective European campaigns that delivered both a premium experience for the shopper and a strong return for clients.
Get in touch with a group agency today to find out more about our services and how we can help support and grow your brand.