Consumer sentiment continues to remain volatile while inflation puts pressure on discretionary spending. Businesses tend to cut costs when this happens, and merchants (and consumers) look for ways to save. The first thing merchants typically cut is marketing expenditure. However, marketing during a down market can offer tremendous growth opportunities while your competitors cut back.
Not every marketing campaign is equally effective. Marketing in a down market should be tactical. Choose marketing strategies that reflect directly onto your bottom line. Provide value to your customers during difficult times. Choose strategies that can specifically target your desired audience. Your customers are looking for savings and they are willing to switch brands for the right offer.
Marketing returns are notoriously hard to measure. Are your marketing campaigns contributing to revenue growth? Are you even able to measure your marketing campaigns? We assume it works, but some campaigns are just that: an assumption. Effective advertising measurement often uses lagging indicators, consumer surveys, and brand awareness.
Figg’s transaction-based AdTech offers the benefits of traditional marketing methods without the typical downsides. Marketing spend can be measured all the way down to each individual transaction. It is a zero-waste media platform, and we can measure each campaign’s results in real time.
Transaction-based marketing can target new customers, lapsed customers, and customers looking to save. Inflationary pressures create more incentives for customers to look for savings. Cash is no longer king. Plastic has become the primary source of payment. Consumers are shopping smarter, and they are looking for value. Your transaction-based marketing campaign can garner new business and gain market share in one of the fastest-growing media channels.
If you plan to reevaluate your marketing spend in 2023, transaction-based marketing can offer advertising solutions that drive purchases and revenue in a down market. Figg offers a tactical approach with the ability to track online offers to in-store spending and consumer targeting based on their historical spending. Contact us to schedule a demo or learn more.