27/06/2023
65% of British consumers have seen a decline in disposable income in the last 12 months! Plus 64% of Brits are concerned about the impact high inflation will have!
And Brits are the hardest hit of all the nations in the YouGov FMCG/ CPG white paper on Changing Purchase Habits in a Cost of Living Crisis.
This is a tough time for all businesses, but marketing should always be a source of growth, now isn't the time for drastic changes to marketing plans and budgets. Its time to hold steady and push forwards. Here's four top tips for navigating this difficult period:
📍Tone of voice - identify ways to tweak your tone of voice to implicitly acknowledge the current situation.
📍Monitor & maintain competitive pricing wherever possible. Look for ways to add value to the customer experience without significantly increasing your costs.
📍Continue to reinforce the quality of your product and it’s USPs compared with competitors
📍Increase your reach: look for cost efficient ways to continuously increase your reach, test new tactics on your existing platforms or test new methods for reaching your target customers.
Have other tips for brands, drop a comment below!
