Many businesses are wondering how to market with inflation looming overhead… Consumers are panicking – everything has become SO much more expensive! Nearly 50% of Americans have identified inflation to be their primary concern.
The general advice? If your brand aims to alter your customer’s financial future, talk about inflation in your advertising. Otherwise… don’t!
That being said, 74% of consumers want to hear how your business can help them navigate an environment rampant with inflation. Consumers are desperate for resources and solutions! So if you do decide to address inflation, your brand’s messaging must be simple (but thorough), believable, and provide a clear solution.
- Everlane had an “anti-inflation” sale.
- Outdoorsy (an RV rental company) promoted adventuring in nature as an “inflation free zone”.
- AirBNB launched a suite of new tools to promote hosting as a way to remedy the costs of inflation.
- Chase continues to promote its app as a budgeting tool to help customers plan around inflation.
The recent holiday season saw more brands marketing their products as ways to spend quality time together with family instead of breaking the bank to buy mountains of gifts.
Walmart took a slightly different spin on this concept by advertising its products as “just as affordable as before” and a way to save money during times of inflation so you can spend the holidays “just as you always have”.
But being a brand that centers itself around “value” isn’t enough to survive inflation alone.
Overall, you should be speaking about your product’s durability, quality, and longevity. Or share how your product’s features deliver an experience that customers will value for years to come. You need to demonstrate how your product is something your customers can feel confident investing in when money is tight.
And remember, if you do incorporate inflation into your advertising campaign, be careful! You put your brand at risk of being judged by your customers as being “part of the problem” or otherwise not taking their concerns about inflation seriously.
So proceed delicately, with clear intentions to show your customers that you truly care.