A Looming Gloom
Following the last few years of pandemic-fuelled uncertainty, a global recession is a bleak prospect for everyone. Budgets will be cut, and teams will feel demoralised. Amidst the gloomy news and economic downturns though, there is still room for optimism.
In the massive global recession of 2008-2009 some firms you may have heard of were founded – WhatsApp, Venmo, Groupon and Uber were all created during the Credit Crunch. This proves that there are positives amongst the downsides.
Time To Get Creative
In any kind of economy, the best marketing strategies are innovative. This doesn’t necessarily have to mean wild production values or entirely new ideas, innovation can be applied throughout the marketing process. In the 2009 recession McDonalds made two important moves – they released the famous 99p menu, and they got creative with their buying power; taking advantage of cheaper ad slots to steal market share from their main competition.
Make A Difference
Experiential marketing used to be considered a luxury or an add on to more traditional marketing strategies, but this school of thought is increasingly disputed. The pandemic proved an important point about human interaction – we need it, we thrive on it and for brands, it’s one of the most effective tools for building trust and awareness.
The other problem experiential used to have is proving ROI, but new tools that monitor everything from spend to weather to footfall to likes, mean that it’s now possible to prove the real value of activations. Using your budgets to bring the joy will give your audience a sense of confidence in your product, and potentially a much-needed mood lift.
Experiential as an investment
In the past marketing departments have been quick to cut spending on experiential marketing, but this might be short-sighted. Studies have shown that money is not necessarily the best motivator, but an unforgettable experience almost always is.
One of the major arguments in favour of bold marketing and activations during a recession is the potential for free dissemination of content. Providing unique, shareable experiences will make people want to amplify your brand – offseting sponsored posts with something a bit more tangible.
As well as new and robust tools to monitor the ROI of activations, there are exceptional tools for social listening. Prior to investment in marketing, you can monitor behaviours and moods to help you develop your activation, putting you ahead of the competition and in the mindset to connect with your audience.
Connect In Real Life.
Experiential marketing creates real life experiences that in turn create feelings. You can use your budgets to react or reassure, bring joy or comfort or develop new products in line with changing needs. The recession is an opportunity to excel, make sure you don’t miss it.
For more ideas about ways to connect, contact the team at Elevate. We work with brands to make experiences that matter to your audiences.