The recent economic crisis brought by the impact of war in the Middle East has affected countries that get oil supply from them. In the Philippines, inflation rates begin to rise. While consumers struggle in budgeting, businesses also share the same boat. The rise of raw material prices and other fees equate to higher retail prices. The solution? Big cost cutting.
Tight budget also means letting go of some aspects that keep the business growing and one of those is advertising. Let’s be honest, advertising is not a priority for a business that’s barely surviving. In fact, for a business to continuously operate, they focus on production for customer sustainability. But ads can’t just be eliminated from the picture – they are mostly necessary especially in a time of crisis.
Sounds ironic, right? Yet the truth is, investing more when others are thrifting, could save you in the long run. Here’s why:
#1 Lower competition, higher visibility
Brands get quiet at this time, so take this chance to be loud. Media costs can also fall, increasing the value of your shared voice disproportionately on what you spend. According to Futuri Media, an AI-powered solutions for Media and Broadcast, digital advertising costs may drop up to 30%, while print media rates may drop by 18%. This results in a higher exposure with a smaller budget.
While saving cash is logical in times like this, it’s important that people continuously remember your brand. Everyone is drowned in the economic struggle, ensure you make a mark by staying visible despite it all. Economic recession also births emotional stories from the community, which leads us to our next point – mindful marketing.
#2 Strategic timing comes with mindful marketing
The struggle is prominent as prices in daily necessities increase, most especially the pressing problem in fuel hikes. As history in economic recession repeats itself, the domino effect in the society also repeats. Price hike + same wage = tight budget for consumers. This means that they are already looking for more affordable products with the same product quality. Here’s where mindful marketing enters the picture.
Market your products as something worth your buyer’s investment. In a time where the majority of the society find budgeting difficult, market yourself as the product that will always be affordable and accessible even in a time when everything else is getting expensive. Ad Marketplace, a global native search advertising marketplace, suggests that 80% (majority) of the global consumers switch to lower-priced brands and products. This shift in consumer behavior can open the opportunity for a brand’s marketing to invest in diversifying their product portfolio.
Create ads that appeal to people’s emotions or be the brand that eases the burden of the economy. Thinking if it’s possible? This is how it works.
#3 Trying times connect brands with local communities
In a time of uncertainty, brands that focus on doing good for the society helps the people remember them. The Out of Home Advertising Association of America (OAAA) says that this practice creates a positive brand association and companies raising awareness during this crisis are receiving that recognition.
Advertisements usually give that “hard-selling” impression, but this time calls for a savior, a friendly reminder, or an inspirational message that can transpire through simple ads. Aside from this, a way to connect with local communities is to have OOH placements near “sari-sari” stores, local communities, or anywhere outside the common prime locations. Although many from the work force still travel everyday and public transportation hasn’t halted, people now avoid going far places to save money. So go where they’re close in proximity – their homes.
Key Takeaway
Economic uncertainty is inevitable in a society, but this occurrence doesn’t have to stop you from continuously advertising. Whether you’re a start-up business or old in the industry, remember that visibility is your business’ light when everyone else goes in the dark rabbit hole.
