Well, so far, our fears of a recession limiting consumer spending haven’t come to fruition. No one is going into full crisis mode of not spending any money unless completely necessary. However, according to research from Vericast, another problem has risen in its place. Now, even though consumers are spending money, many brands still aren’t reaching their revenue goals. Here’s what you can do to help out your client.
How to Drive Consumer Spending to Your Client
Focus on Deals
While consumer spending isn’t in a downward spiral, they are aware of a potential recession. Recession threats are a worry for brands and consumers. So, according to Vericast, consumer spending is now driven largely by deals and savings. If your client wants to increase their revenue, they need to create ad messaging around any deals, sales and promotions they have going on. Vericast says that:
- 67% of marketers are creating more targeted promotions
- 61% are changing their ad messages to focus on cost savings
- 52% are releasing more promotions and deals
So, not only is it important to consumers to spend where the savings are, your client’s competition has noticed. In order to stay competitive, your client needs to follow suit.
Don’t Be Afraid to Change Strategies
Does your client have an “ol’ reliable” advertising strategy they’ve been using for a while? It may not still be relevant. According to Vericast, marketers are making changes in three areas of their ad strategies:
- “59% are experimenting with new engagement techniques:” Older generations are getting more tech savvy. People in general are experiencing digital fatigue. Younger consumers are breaking into your client’s target demographic. Your client’s target audience is changing. The ads they prefer probably are, as well. You need to do some research to figure out how best to reach them nowadays.
- “49% have changed their target audience:” Maybe the reason your client isn’t reaching their sales goals is because their ads are reaching the wrong consumers. It may be time to check out some demographic information to make sure your client’s current target audience is who actually wants their products and services the most.
- “41% have changed the types of products and services they advertise:” If your client offers a variety of products and services but still isn’t seeing the revenue they’re expecting, they may be highlighting the wrong products and services in their ads. Do some research into what your client’s target audience wants to buy this year and plan what to feature in your client’s ad campaigns around that data.
Making one, or a combination, of these changes could be what your client needs in order to earn their fair share (or more) of consumer spending.
How to Research to Stay Competitive
The changes above require a lot of research to execute correctly. You and your client need a competitive market intelligence tool in order to minimize the amount of work and headaches associated with that level of research. That’s where AudienceSCAN on AdMall by SalesFuel can help.
AudienceSCAN features marketing information for hundreds of audience profiles. All you have to do is look up your client’s target audience and you’ll find:
- What types of advertisements drive this audience to take action. This information will help you know whether or not your client needs to switch up their ad strategy to earn consumer spending dollars.
- The products and services your client’s target audience plans on purchasing within the next year. Does one of the products or services your client offers rank higher than another? Make sure that one is spotlighted in their ads.
- Demographic information for that audience. Maybe there are more members of Gen X, parents, dog owners, etc. than you and your client thought among their target audience. Switch up their ad messaging to better reach these consumers.
With this information, you can easily enhance your client’s advertising strategy to make sure consumers do not overlook them.
Photo by Sincerely Media