DRIVING REVENUE IN A RECESSION
When the chips are down and costs are up, what should marketers do? John Buckley, Stuff’s Director of Digital Revenue and Strategy and veteran digital agency expert, has five steps for brands navigating New Zealand’s cost of living crisis.
It is the marketer’s eternal challenge: a recession has been called, consumers grow more vigilant about what they spend and the brands they choose, and marketing budgets are scaled back. Recession marketing is in, and price sensitivity is everywhere.
But you can drive revenue in a recession and the clever will brand-build now while others will suffer from short-termism in teh long run. There are, however, a few tricks and strategies to successfully navigating such a challenging time. So, what can you do?
1. Get your data in order and make sure you know your customer. This is, of course, easier for large customer-direct businesses, but the rule applies across the spectrum. Look at your customer lists, investigate their order history and wherever you capture their feedback, consider how it affects the product and service you provide.
2. When it comes to activation in paid channels, find your people. For data-rich advertisers, there are more and more ways to find your audiences on platforms that don’t rely on third-party advertising cookies. The technology is complex, but the customer matching experience is safe and smooth, allowing you to talk to customers based on their needs rather than guesswork.
For brands that don’t have big databases, large-scale news sites like Stuff can provide campaigns with many facets to improve targeting efficiency to make your spend go further.
The best question brands can ask themselves when navigating a recession is: how can we help? Ensuring your messaging
