Brand lessons from recessions gone by

It’s clear that our nation has some economic challenges, potentially set to last for a while.

Whilst this puts pressure on us all, it’s important to build upon the lessons from previous recessions and explore what they could mean in today’s world. So that’s what we set out to do.

With the Deloitte Consumer Confidence Index hitting a record low at -20% (twice as low as a year ago, its time marketers consider the implications.

Short term, it’s hard to tackle the challenges driven by supply-based economics (trying to not mention Brexit here), so with the upward pressure on employee salaries driven by the cost of living and downward pressure from the economy, many brands are taking stock.

Let’s not be too down, here are some pro-active lessons from the past to focus our positive thinking:

1.  Make your brand as relevant as possible

In times like these, brands need to remain as relevant as possible to their customers. This means connecting brand narratives to customer perceptions, increasingly including projecting brand purpose and supporting values. Previous testing in consumer goods demonstrates that purposeful brands can be more resilient to fluctuations in market conditions.

Adverse trading conditions can put increasing pressure on brands to be clearly differentiated, with focussed and compelling narratives. Frequently this means simplifying and then amplifying the very core of the brand.

2.  Get the customer experience right

Where brands have invested in building direct and personal bonds with their customers, the relevance of the brand in peoples lives can be significantly reinforced. This also provides the platform to identify changes (or slumps) in behaviour and address these through targeted communications and promotions.

3.  Listen more

Whilst it doesn’t come naturally to many brands, many should 'stop talking’ and 'start listening’ for a while! Resilience requires insight. Our experience shows that brands which reflect what customers’ need to hear can be more compelling that those who don’t listen. Co-creation with customers can really help lead the way.

4.  Be human

Emotive messaging can connect with customers in far deeper ways, when done with sincerity it can make them feel more invested. Projecting open and genuine reflections of people’s lives and the challenges that they are facing demonstrates human understanding and empathy. Not words many brands are used to discussing, but immensely powerful nontheless!

Film is also always a simple and powerful tool to make these emotive connections.

5.  Innovate

In a changing world, it’s important to remain relevant with product models to reflect peoples changing lives and needs. Innovation doesn’t always mean adding complexity. Some of the most compelling innovations come from reframing a brands relevance in people’s lives and forming new connections to reflect their changing circumstances.

6.  Focus on the big things

The cliché is 20% of work drives 80% of income. Whilst we may all debate the ratio, focussing on doing fewer things better is key as it drives a better return and can create a stronger experience. It’s also easier to deliver!

7.  Stay visible

Historically, many of the brands who have retained their marketing investments have recovered faster. The temptation of many boards is to reduce marketing spend, without fully understanding the correlation between awareness, relevance and income. For some it may feel brave, but customers need to see that you’re still there, still relevant, still understanding and still appealing.

8.  Stay positive

For many brands, this is our defining moment! The same can be said of Marketing Directors.

9.  Don’t be afraid to seek help

That’s where Big Strategy Box comes in.

How Big Strategy Box can help

As a strategic marketing and co-creation consultancy, we have extensive experience in all the above. Specifically, we are

• Leaders in customer journeys and experiences to engender lasting relationships

• Co-creation specialists to keep close to how your customers are feeling and what this means in real communication terms.

• Creatively innovative to ensure your cause remains relevant.

• Delivery focussed, to keep your brand engaging and relevant as the world around us changes.

For more information on how we can help please get in touch with Paul.Handley@bigstrategybox.com