HOW TO GET THE MOST OUT OF SOCIAL IN A RECESSION
INTRODUCTION
The final quarter of 2022 is going to be an exceptionally difficult time for brands and consumers alike. The UK economy is expected to enter a recession and the cost of living crisis is intensifying - with 56% of consumers thinking that their current cost of living has increased, compared to three months ago (according to online survey tool GWI). Meanwhile the first ever winter World Cup means the end of the year will be an even more cluttered environment than usual. Consumers will be cutting back on spending while being targeted more heavily than usual with brand communications.
Recessions are obviously difficult for brands. They’re periods of intense scrutiny from consumers and internal pressure to demonstrate ROI. And while reducing spend from key consumer channels like social can seem like a smart move, a recession is arguably the time to work these channels as hard as you can - and this is how:
The final quarter of 2022 is going to be an exceptionally difficult time for brands and consumers alike. The UK economy is expected to enter a recession and the cost of living crisis is intensifying - with 56% of consumers thinking that their current cost of living has increased, compared to three months ago (according to online survey tool GWI). Meanwhile the first ever winter World Cup means the end of the year will be an even more cluttered environment than usual. Consumers will be cutting back on spending while being targeted more heavily than usual with brand communications.
Recessions are obviously difficult for brands. They’re periods of intense scrutiny from consumers and internal pressure to demonstrate ROI. And while reducing spend from key consumer channels like social can seem like a smart move, a recession is arguably the time to work these channels as hard as you can - and this is how:
1 – ENSURE SOCIAL IS SET UP TO DRIVE AS MUCH VALUE AS
POSSIBLE
The first and most important step is to define the scope of what social needs to do to drive the most value for the brand.
Social is key customer channel as the only channel where brands can have a real-time conversation with their consumers. Understanding what it’s best at and then doubling down on these roles is much more efficient than trying to make social do anything and everything when other channels could be more effective at certain tasks. Finite budgets work harder when split across fewer tasks.
The first and most important step is to define the scope of what social needs to do to drive the most value for the brand.
Social is key customer channel as the only channel where brands can have a real-time conversation with their consumers. Understanding what it’s best at and then doubling down on these roles is much more efficient than trying to make social do anything and everything when other channels could be more effective at certain tasks. Finite budgets work harder when split across fewer tasks.
2 - BUILD YOUR QUALITY CREDENTIALS
During periods of increased financial pressure consumers generally look to trade down to cheaper indulgences rather than ceasing to spend on treats for themselves completely. According to online survey tool GWI, the single most common reason for making an impulse purchase in August was as a treat or reward for oneself.
The brands which do well in this context are those which can position their products as being worth the price they retail at. This makes comms which focus on changing value perceptions, demonstrating product quality and brand heritage more important than ever. This is especially true in categories where consumers are becoming increasingly price-conscious such as food, where the data on GWI shows us that 74.2% of consumers agree they have become more price-conscious about in the last 3 months.
During periods of increased financial pressure consumers generally look to trade down to cheaper indulgences rather than ceasing to spend on treats for themselves completely. According to online survey tool GWI, the single most common reason for making an impulse purchase in August was as a treat or reward for oneself.
The brands which do well in this context are those which can position their products as being worth the price they retail at. This makes comms which focus on changing value perceptions, demonstrating product quality and brand heritage more important than ever. This is especially true in categories where consumers are becoming increasingly price-conscious such as food, where the data on GWI shows us that 74.2% of consumers agree they have become more price-conscious about in the last 3 months.
3 - SHOW UP IN A WAY WHICH ADDS VALUE TO YOUR
AUDIENCE’S ONLINE EXPERIENCE
Arguably the most critical step is to ensure your content lands as well as it possibly can with your target audience. In a recession cutting through and meaningfully connecting with your audience becomes more important than ever. Make sure you’re communicating with your audience in an engaging way and at relevant times. The best way to do this is by understanding the needs of the consumer and ensuring that their brand is adding value against them - this could be in the form of entertainment, education, or promotion.
At Communicator we use our Person Behind The Platfrom methodology to identify what these needs are, what content and platforms will fulfil these needs and the best way for brands to create and seed content against them. We use this methodology to answer the key questions any brand needs to answer to deliver effective social comms to its consumers.The most important questions to answer are all aimed at unlocking the most value from a target audience online – the answers to them will be used shape an effective social strategy. Questions such as:
CONCLUSION
While every brand will face different challenges in a recession, there are some basic principles which hold true for all brands on social. If you like what you’ve read and want to carry on this conversation, why not get in touch at hello@communicatorlondon.com
Arguably the most critical step is to ensure your content lands as well as it possibly can with your target audience. In a recession cutting through and meaningfully connecting with your audience becomes more important than ever. Make sure you’re communicating with your audience in an engaging way and at relevant times. The best way to do this is by understanding the needs of the consumer and ensuring that their brand is adding value against them - this could be in the form of entertainment, education, or promotion.
At Communicator we use our Person Behind The Platfrom methodology to identify what these needs are, what content and platforms will fulfil these needs and the best way for brands to create and seed content against them. We use this methodology to answer the key questions any brand needs to answer to deliver effective social comms to its consumers.The most important questions to answer are all aimed at unlocking the most value from a target audience online – the answers to them will be used shape an effective social strategy. Questions such as:
- Who are the target audience and what are they like
beyond demographic data points?
- What are their motivations for purchasing certain
items?
- What do they think of the brand and category more
generally?
- What platforms do they use to research their
purchases?
- Who influences them on these platforms?
- What emotional need-states do they pass through along
this journey?
- Were do they go online to relax and be entertained
CONCLUSION
While every brand will face different challenges in a recession, there are some basic principles which hold true for all brands on social. If you like what you’ve read and want to carry on this conversation, why not get in touch at hello@communicatorlondon.com
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London
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Privacy Policy︎︎︎
DEI Commitment︎︎︎
Part of the Captivate Group
©2022 All rights reserved