Marketer, don’t pull the marketing brake in uncertain times

The ongoing COVID environment, war, energy crisis and increasing prices are just a few challenges shaping the marketing environment in 2022. As the uncertain market affects customers’ eagerness to make purchases, brand awareness is more important than ever.

The turbulent business landscape influences businesses and consumers alike. Sanoma has surveyed the state of Finns’ purchasing plans in August and October, exploring how they have been impacted by the ongoing fluctuating market. According to the latest results, even 65% of Finns have recently re-evaluated their buying habits in recent months*.

What does this mean for the marketer looking to sell more and stay ahead of the curve in 2023?

Focus on the customer

When making changes to your marketing strategy, the customer should always come first. Harvard Business Review’s study on the previous recession** shows that businesses that succeed amidst economic turbulence have three things in common. Firstly, they ensure the commitment of existing customers while actively seeking new ones. Secondly, they implement a long-term growth strategy and tweak it when required by changes in the business environment. Thirdly, they use marketing as an investment in the customer and brand capital.

While operative efficiency and possible cutbacks are also needed, trust us when we tell you that long-term commitment is key.

Consumption will come in new shapes and forms

Purchasing may dwindle or change course, but it will not die. Certain industries will do better than others, and those with the means to buy will continue to do so. According to Sanoma’s survey, two out of three skimp on something to be able to spend more on something else. Perhaps this something else is an area to be explored*.

Sustainability themes are also increasingly guiding people’s purchase decisions. Even 45% pay more attention to sustainability than a year ago*. Continue to rely on consumption, but use data when implementing changes based on current consumption habits, whether this means tweaking prices or product emphasis, new distribution channels, service development – you name it.

Don’t let your competitors outrun you

When times are bad, reinventing your strategy is a much better solution than pulling the brake entirely. Those brands that stay in the game, are more likely to come out as winners, because dropping advertising from the equation means a drop in the share of voice. This means that catching up with competitors later on will also mean catching up with your previous position in the market.

“We have seen it time and again that investments in the brand always pay off in the long run,” says Olavi Kajantie, Key Account Manager at Sanoma. “This may mean adjusting your strategy according to changes in the market environment. Sanoma is here to help brands discover the latest trends in consumer behaviour, and how to tap into them.”

Looking to optimise your media investments, but you’re not sure where to get started? Remember these three things.

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3 quick tips for boosting your media investments

1. Increase brand penetration
   Expand the client base actively, and ensure that your message reaches large enough audiences. If you must prioritize, prioritize reach over frequency.
   
   
2. Utilize targeting possibilities
   Identify the most relevant targeting options with data and/or contexts. Define the most effective messages to fit the current environment.
   
   
3. Re-evaluate scheduling
   Explore the following: What are the most critical moments to influence purchase decisions? How to stay salient and Top-of-Mind? How and when can you stand out?