How Will Your Brand Shift the Narrative Around Rising Costs?

Inflation seems to be on the tip of everyone’s tongue these days. Prices are up on products and services of all sorts around the world, yet consumers are feeling less confident in their purchases than in previous years. The best response for capable marketers will be to imbue their customers with confidence and assure them that what you’re selling is, indeed, what they need. This takes some courage and grit – after all, when the economy grows uncertain, a common reflex is for companies to scale back their marketing budgets. Yet, experts share the opinion that increasing or maintaining marketing activities during a downturn is wholly worthwhile in the long run. 

Here are a few things to keep in mind as you navigate the unsure terrain of marketing during this moment of inflation:

• Vary what you’re offering. Customers will see through cost increases and will lose trust in your brand if you simply pass off your higher costs to them. Try shaking up your products and services to help customers get the best bang for their buck.
• Release a line of exclusive goods. Higher-income customers will feel less affected by inflation and will be prepared to spend more as costs rise. If you have the inventory for it, consider releasing a particular line of premium goods to appeal to this subset of your customer base.
• Lead with authenticity. Choosy customers will favor brands that are transparent about their values and honest about how they are operating in the present economic moment. Humanize your customer, and it will help you communicate from a place of level-headed care.

At ASTRALCOM, we provide comprehensive digital marketing solutions for brands, regardless of economic weather. Learn more about how we bring content strategy to life to build cohesive marketing strategies for clients across verticals.