Young black woman hugging a pink piggy bank
In today's rapidly changing economic landscape with above-average inflation rates, businesses face the difficult challenge of remaining relevant, empathetic, and adaptable. Adapting to a high-inflation economy requires strategic planning and a keen understanding of consumer psychology.
Research from ad research platform Zappi provides insights into effective advertising from before the pandemic to now. According to the company's Creative Effectiveness Report, 2023 saw a resurgence of advertising, especially when it comes to emotional engagement. Ads began to resonate more deeply, scoring higher in terms of overall emotional response and intensity, exceeding established US standards.
Emotional content in advertising is about more than just evoking emotions. It has led to visible results. There has been a noticeable increase in purchase growth and brand attractiveness, suggesting that consumers are increasingly considering these brands when making purchasing decisions. Here are his five strategies on how companies can improve their advertising messages during periods of high inflation.
Emphasize value over price
In times of high inflation, consumer value perception becomes increasingly important. Adopting an empathetic attitude requires emphasizing the intrinsic value of your product or service, rather than just focusing on price. For example, emphasizing durability, quality, or versatility may justify a higher price in the consumer's mind. For companies that sell household products, highlighting how investing in high-quality products can save money over the long term can change the perception of long-term value over cost for consumers. there is.
Empathize with consumer challenges
Companies that recognize the economic challenges facing consumers can create a sense of understanding and trust. Messages that demonstrate empathy for the consumer's situation foster loyalty and long-term customer relationships.
For example, consider IKEA's recent campaign. The campaign addressed the issue of rising rents by lowering the prices of essential goods. This move not only shows empathy, but also reinforces the company's commitment to meeting customer needs and providing greater accessibility.
Promote budget-friendly options
By offering budget-friendly alternatives and payment plans, you can make your products and services more accessible to consumers facing financial constraints.
For subscription-based services that lock in prices for customers, providing financial stability and predictability are factors that ease the consumer's decision-making process. It is an opportunity to present budget-friendly pricing of products and services as a solution to the problems caused by inflation.
Strengthen brand trust through transparency
Transparency in communication is critical in uncertain economic times. Brands that are upfront about their pricing strategies and the factors that influence cost adjustments can maintain consumer trust. Communicating clear and honest messages about product sourcing, manufacturing processes, and price breakdowns can help demystify the effects of inflation and strengthen brand integrity.
Leverage social proof
By sharing your stories and case studies, you can show how others are finding value in your company's services despite economic challenges.
Companies that effectively adapt their messaging and strategy in response to high inflation are able to remain relevant and continue to grow. It is important to strike the right balance between being aware of the economic climate and providing solutions that meet consumer needs.
Do you know of any more inflation-proof marketing strategies? Share them in the comments below.
