Constructing Invaluable Manufacturers In Unsure Instances
What is valuable? This is a carefully answered question in times of uncertainty. Today is no exception, people reevaluate what is valuable in their life and what is not. With an almost official recession and in step with a health crisis, brands need to think about how they will remain valuable to those who are most important to their future.
The past provides brands with important and current insights that can help eliminate uncertainty.
During the last recession, brands have used different tactics to respond to changing attitudes and behavior among consumers. A 2009 JWT study found that most approaches fit into six areas: optimism, humor, nationalism, nostalgia, empowerment, and value / price.
Let's take a look at these approaches and consider how they can now impact your brand.
1. Optimism: During the crisis, people learn to live with losses (jobs, houses, savings) and uncertainty, which makes them more sensitive to what is really important. As in any extreme change and loss situation, people begin to think about the meaning of their life. Brands can give a positive boost by inspiring consumers to be optimistic. The beacon of optimism in a world with bad circumstances can prove to be a strong differentiator.
2. Humor: Brands can illuminate a gloomy situation through recession humor. Humor, the most well-preserved form of advertising and messaging, can magnetize your brand for those looking for a way out. Ask yourself; If you could make your customer feel like what would it be? If there is ever a time when happiness is valued more, it is during a recession or crisis.
3. Nationalism: If you can claim, stress the positive impact that doing your Made In USA brand has on the local economy. The recession marketing strategy must take into account the economy in your customers' world. Remember that this world could have a small radius. Make sure your brand is helping to boost its economy.
4. Nostalgia: Fear and nostalgia go hand in hand – in difficult times it is only natural to seek comfort in memories of an apparently easier time. Think about how you can remind your customers that you were with them in good times and bad. Give them a lens for the better world you shared and the bigger future you will create with them.
5. Authorization: By giving your customers the feeling that they have more control, you can strengthen your brand in challenging times. Be the leading provider of your choice – payment plans, various sizes, options or experiences that give your customer back control add value to them.
6. Price and value: Consumers will do all types of valuations in response to fears. It is therefore not surprising that the vast majority of recession-related work revolves around value and price. The strategic introduction of price promotions, savings or discounts as well as value or “more for less” messages can motivate consumers to buy in a depressed economy. However, it is important to use the strategy sparingly. Be the brand that gives discounts, not a discount brand.
So what makes your brand valuable? What additional value can you introduce to become the indispensable brand in your market?
At The Blake Project, we help customers in all phases of development to answer these questions Online strategy workshops. Please email me, Derrick Daye for more. I can also be reached directly at 813-842-2260 in Los Angeles, California.
Brand Strategy Insider is a service from The Blake Project: A strategic brand consultancy that specializes in brand research, brand strategy, brand growth and brand building
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