Prepare to Face a Brave New World When dealing with the fallout from an economic downturn, we may try to find comfort in the idea that everything will go back to normal come the upturn. But what if we get there and realize "normal" isn't what it used to be? That may indeed be the case for brand marketers.
In a recent post at The Keyhole blog, Robert Passikoff of Brand Keys suggests it's time to prepare for a brave new brand-marketing world. He identifies 10 recession-induced branding trends that will likely continue in the post-recession marketplace. Among them:
Value is the new black. "Consumer spending, even on sale items, will continue to be replaced by [seeking] a reason-to-buy at all," Passikoff notes. "This may spell trouble for brands with no authentic meaning, whether high-end or low."
Consumer expectations are growing. "Brands are barely keeping up with consumer expectations now," he continues. "Every day, consumers adopt and devour the latest technologies and innovations, and only hunger for more. Smarter marketers will identify and capitalize on unmet expectations. Those brands that understand where the strongest expectations exist will be the brands that survive."
Old tricks don't work/won't work. "In case your brand didn't get the memo, here it is: Consumers are on to brands trying to play their emotions for profit," he says. "In the wake of the financial debacle of this past year, people are more aware then ever of the hollowness of bank ads that claim 'we're all in this together' when those same banks have rescinded their credit and turned their retirement plans into case studies."
"Accommodating these trends will require a paradigm change on the parts of some companies," Passikoff concludes. "But whether a brand does something about it or not, the future is where it's going to spend the rest of its life."
The Po!nt: Ready, set, shift. The recession hasn't just interrupted business as usual—it may be fundamentally changing the rules of doing business. Tap branding insights like these to stay relevant.
Source: The Keyhole. Read the full post here.
In a rough economy, everyone wants more for less. Check out Six Smart Tactics for Dealing With the Economic Downturn to learn valuable tips on marketing during challenging times, when less-effective solutions don't work.
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