A recent study by IPA TouchPoints has revealed that consumers are becoming increasingly cost-conscious. The study found that over a third of consumers are struggling financially, and many are actively looking for ways to save money. This change in consumer behaviour presents a challenge for brands, but it also presents an opportunity.
What the Study Found
The IPA TouchPoints study found that:
- Over a third of consumers (36%) are struggling financially.
- Consumers are actively looking for ways to save money, such as using money-off vouchers (70%) and checking online prices before making a purchase (78%).
- Consumers are changing their spending habits, opting to visit pubs and restaurants less frequently (62%).
How Brands Can Respond
In this new economic climate, it's more important than ever for brands to focus on value for money. Here are a few tips on how your brand can respond:
- Highlight the value proposition of your products or services. What makes your offering worth the price? Clearly communicate the unique benefits your offering provides to consumers. By understanding your target audience and their needs, Buymedia can help you deliver your message effectively through the right media channels at the optimal times.
- Offer promotions and discounts - Consumers are actively seeking ways to save money, making promotions and discounts are effective short-term strategies to attract attention. However, to truly capitalise on these opportunities, a dynamic media plan is essential. This allows for flexibility to adapt to changing consumer behaviours and economic conditions, ensuring your campaigns remain relevant and impactful.
- Reward loyalty - Loyal customers are more likely to stick with your brand during tough times. Reward your loyal customers with exclusive discounts or other perks. By understanding your loyal customers' media consumption habits, you can effectively deliver targeted rewards and incentives. This not only strengthens loyalty but also positions your brand as a trusted partner.
- Be transparent about your pricing - Don't try to hide your prices from consumers. Be upfront about how much your products or services cost.
- Focus on customer service - Good customer service can help to build trust and loyalty with consumers.
By following these tips, you can help your brand weather the storm and continue to connect with cost-conscious consumers.
Source: IPA TouchPoints
At Buymedia, we understand the importance of delivering the right message to the right audience at the right time. Selecting the optimal advertising channel is paramount to campaign success. Through understanding the media consumption of your existing and future consumers, you deliver tailored promotional messaging that drives results. Our platform allows you to be as flexible and dynamic as your marketing team, and allows you to adapt your strategy as consumer behaviours evolve.
By using the Buymedia platform your organisation can develop a media strategy that resonates with cost-conscious consumers, giving your campaigns a better ROI.
To hear about how Buymedia can help your business advertise effectively, request a free platform demo here or email us at hello@buymediahq.com.
