Recession Proof Your Advertising
At the announcement of a recession, the natural response for marketeers holding the purse strings is a resounding STOP!!! They put the breaks on and stop doing ANYTHING for fear that SOMETHING might be the wrong strategy.
If you look online, there is a lot said about advertising in a downturn. But mainly it’s all said by Peter Field, and everything else is commentary. In summary:
Brand Advertising Over Sales Activation: Think about a brand message rather than offers. People are less inclined to spend in a recession, so your offers may not be so pertinent, however you still want to stay front of mind. When people stop spending you need to protect your share of voice (SOV). WORD OF CAUTION - Take this in the context of YOUR business, this is advice from big agency creative / media buffs who love conceptualising. If sales is how you can help your customer then offer sales! Duh!
Think long term: Maintaining your SOV. For the runners amongst you, it’s a bit like active recovery. You keep the heart [media] pumping at a low level so that you can recover faster and smash out those intense periods of training [activation] later. Same can be said for advertising - keep front of mind and you will be able to accelerate up the sales curve quicker when you turn the heat up.
Do not just “Go Dark”: Stats say that there will be a 5 year recovery when back in the game. Maintained market spend brings stronger growth to profitability in recovery. The cynic may say the advice is written by The Madmen of media…”No S*%@! They say keep spending! No surprise there then!”. But actually it’s right.
“Life does not stand still. Where there is no progress, there is disintegration.” (Grenville Kleiser).
When brands stop spending, they fall off the radar of consciousness. And SOV disintegrates. So instead of pulling the plug, think about your advertising objectives (brand or sales?). Does that mean abandon DRTV? No. Response mechanics still work. You still want people to converse / visit / touch you. What it means is that you need to review your offer / relationship with the viewer. Offer honest help in new economic circumstances.
Show Humanity and Generosity: When people find themselves in a crappy situation they make relationships with those who empathise. Re-evaluate what you are offering the audience. Is it serving the customer in the current climate? If not, how can you touch them so that they feel supported?
So that’s the theory. What does this look like in practical terms? Here’s 10 things to do to recession proof your TV advertising:
Firstly some businesses will thrive in a recession because what they offer helps the consumer. If this is you, keep doing what you are doing, but also ensure you are offering value for the current climate (and by that I mean holistic value, not financial, though that’s important too).
Look at your message - go back to the script of your ad, and ask yourself if it is still serving your audience? Tell people what you are doing now, with a call to action.
If you have an adaptive model of creative, which we design at Studio90, you can lift sections of your ad for an easier edit, and replace with a new message, without throwing the baby out with the bath water.
Look at what ads you have in your catalogue. Do you have footage you can use to build your new narrative?
Think about the platform you are viewed on. Are audience habits changing? In the 2008 / 09 recession digital media was up 20%. But during COVID, more people worked from home, and live TV was watched more than before.
When thinking about injecting humanity into it, consider this. You need to build trust / comfort with the viewer. Could you benefit from a brand ambassador to help that? Replace the voice over with a known voice who will translate your support.
You can read further information on what advertising in a downturn looks like in Thinkbox’s Strategies for marketing through a downturn.
My Offer to You:
If you have an existing TV advert and you’re not sure if it is serving your audience, or you are sure it isn’t!....then get in touch at team@studio90media.co.uk