In today’s fast changing economy, where prices keep going up faster than usual, businesses have a tough job. They need to stay important, caring, and able to change. Dealing with a high inflation economy means businesses have to plan smart and really get what customers are feeling.
Research from the advertising research platform Zappi shows how advertising has changed from before the pandemic to now. Their Creative Effectiveness Report for 2023 says advertising made a big comeback, especially when it comes to emotions. Ads are hitting people harder in the feels, scoring better in how much they make us feel and how strong those feelings are. They’re doing even better than what’s normally expected in the U.S.
The emotional punch in ads isn’t just about making us feel things; it’s actually making a real difference. Research shows that ads with more emotional oomph are making people more likely to buy stuff and like the brands behind them. So, how can companies step up their advertising game during times of high inflation? Here are five strategies:
Highlight Value Over Price
When inflation’s high, how people see the value of stuff becomes super important. Being empathetic means focusing on why your product or service is worth it, not just on the price tag. Instead of just talking about how much things cost, highlight what makes them great. For instance, if you’re selling stuff for the home, talk about how durable it is, how good the quality is, or how many things it can do. This can make people feel like they’re getting more bang for their buck. You could even show how investing in quality now saves money in the long run. This helps folks see the value in what you’re offering beyond just the immediate cost.
Empathize with Consumer Challenges
When companies recognize the money problems folks are dealing with, it builds a sense of trust and connection. Messages that understand and relate to the struggles people are facing can make customers feel like they’re being heard and cared for. This kind of empathy can lead to stronger loyalty and better relationships with customers over time.
Take IKEA’s recent campaign as an example. They tackled the problem of rent going up by lowering prices on important stuff. This wasn’t just about being nice; it showed they get what their customers are going through. By making their products more affordable, IKEA showed they’re serious about being there for people when they need it most. It’s a clear sign of their dedication to staying connected with what their customers really need.
Promote Budget-Friendly Options
Giving people cheaper options or letting them pay over time can make what you’re selling easier to get for folks who are tight on cash.
For subscription services, keeping prices steady can give customers a sense of security. It helps them plan their budgets better and makes them feel more confident about sticking with your service. When inflation’s a problem, presenting your products or services as affordable solutions can really hit the spot for consumers.
Reinforcing Brand Trust Through Transparency
When the economy’s shaky, being open and honest in your communication is key. Brands that are upfront about why prices change and how they decide on costs can keep customers feeling good about them. Clearly explaining where products come from, how they’re made, and why they cost what they do helps people understand how inflation affects things. It also shows the brand’s honest and trustworthy side, which goes a long way in keeping customers loyal.
Leverage Social Proof
Showing off testimonials or examples of how other people have benefited from what your company offers, even when times are tough, can really drive home the value.
Businesses that can tweak their messaging and plans to deal with high inflation stay important and keep doing well. It’s all about recognizing what’s going on with the economy while still giving customers what they need. Finding that balance helps companies stay in the game and keep growing.
