This May, rates of inflation hit 9.1%, with bills including energy, groceries and home entertainment rising as a result. This has led to the cost of living rising to the highest it has been since 2008. UK household finances have of course been impacted, but another knock-on effect has seen changes in the ways individuals consume different modes of marketing.
This means digital marketing companies will be made to rethink their strategies to encourage consumers to remain with them. With the cost of living rising, more families are living on tighter budgets. With this in consideration, digital marketing results will continue to be challenged, with there being different ways to tackle this change:
Remaining Transparent with Consumers
Due to the rise in the cost of living, not only are people looking for cheaper alternatives to products, but they are also being more cautious with the products they invest in. The main aim for a business in the current climate, should be to deliver an exceptional customer experience. Research suggests that “70% of us are willing to pay more for extra benefits or rewards from a brand”, with these rewards setting your brand apart from others. Honesty and full transparency is key when building a strong relationship with your customers; the use of strong copy and branding will help you to verbally and visually portray this.
Consider Consumer Habits
With prices of key commodities rising, it is clear why people are less willing to spend large sums of money on unessential products and services. With the aim to keep consumers interested in your products, the clever use of strong website copy, blog writing, organic social media and paid campaigns can help to portray product benefits. This not only builds the relationship between the company and the consumer, but also helps the customer to rationalise their purchases through your reassurance.
It is also important to consider what makes your brand special and relevant to your customers, ensuring your company ethos stays in line with their current circumstances and needs. Showing genuine empathy for any impact of the increase in the cost of living will help strengthen and reaffirm relationships – not only with your clients, but with your associates and suppliers too.
With fewer people going out and more people staying in, it is important to maximise your online visibility; the number of consumers browsing online and spending time on social media is only increasing. This means that having a strong online presence and remaining visible to consumers is imperative. SEO, Google Ads and social media therefore hold the keys to your brand’s ongoing visibility.
Staying Ahead of Competition
One of the easiest ways to stay ahead of competition within the current climate is to regularly engage with your customers, with social media being one of the most accessible ways to do this. A consistently maintained social presence for your own company is crucial, and so is reaching out to your customers online by interacting with their social accounts. Add to the conversation by commenting to help build your relationship with them digitally. Furthermore, the use of assets such as Instagram Reels will help you to create concise and digestible content for your company, showing who you are as a brand.
The Immediate Future of Marketing
With the cost of living only continuing to increase as the year unfolds, it has never been more important to continue to connect with your customers and clearly communicate your brand ethos.
By incorporating small changes to your marketing, the trust which is associated with your brand will strengthen, the negative impact of the cost of living crisis being decreased.
For digital support designed with your clientele in mind, get in touch with our team.