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Avoid using scare tactics in advertising: Consumers may feel anxious about their financial situation during a slow economy. Advertisements that use fear-based messaging, such as warnings about the consequences of not buying a product or service, can exacerbate these feelings and push consumers away. Instead, advertisers should focus on highlighting the benefits and value of their products or services and avoid using negative or alarmist language.
For example, instead of an advertisement that says, “Don’t let your car break down – get our tune-up service now,” an advertiser could say, “Keep your car running smoothly with our expert tune-up service.”
Be mindful of pricing: Consumers are often more price-sensitive during a slow economy, so advertisers should be careful not to appear too expensive or out of reach. Advertisements that focus too heavily on luxury or premium offerings may not resonate with consumers who are more focused on finding good deals. Instead, advertisers should consider highlighting the value of their products or services and emphasizing any discounts or promotions that may be available.
For example, instead of an advertisement that says, “Experience luxury living at our high-end apartment complex,” an advertiser could say, “Enjoy comfortable living at an affordable price at our apartment complex.”
Avoid appearing tone-deaf: Advertisements that seem out of touch with the current economic climate can be off-putting to consumers. Advertisers should be mindful of how their messages may be perceived and avoid appearing frivolous or wasteful in their advertising. Instead, they should focus on highlighting the practical benefits of their products or services and demonstrate how they can help consumers during difficult economic times.
For example, instead of an advertisement that says, “Treat yourself to a luxurious spa day,” an advertiser could say, “Relax and rejuvenate with our affordable spa services.”
Don’t cut down on advertising spend: One of the biggest mistakes advertisers can make during a slow economy is cutting back on their advertising budget. Advertisements play a critical role in attracting new customers and keeping existing ones, and cutting back on advertising can lead to a decline in sales and revenue. Instead, advertisers should consider adjusting their advertising strategy to better align with the current economic climate rather than cutting back on spending altogether.
Avoid being too generic: In a slow economy, it’s important to stand out from the competition. Generic advertising messages will not resonate with the audience as much as a message that is tailored to their specific needs and concerns. Advertisers should focus on being more specific in their messaging and highlighting their products’ or services’ unique features and benefits to attract more consumers.
For example, instead of an advertisement that says, “Buy our latest smartphones”, an advertiser could say, “Upgrade to the latest camera technology with our latest smartphones.”
Overall, advertisers should focus on being sensitive to consumers’ financial concerns during a slow economy and avoid using negative or alarmist language. They should also be mindful of pricing and avoid appearing tone-deaf to the current economic climate. By focusing on the value and practical benefits of their products or services and not cutting down on advertising spend, advertisers can help consumers feel more comfortable making a purchase. Additionally, by avoiding being too generic in their messaging, advertisers can differentiate themselves from the competition and stand out in the market.
About the author
Venkata Bhonagiri is currently serving as Senior Partner, Group Director, leading the strategy and analytics practice at Mindshare in Chicago. He has over 13 years of experience in media strategy, insights, and analytics. He developed, integrated, and scaled core service offerings, including business planning within Mindshare. In his current role, Venkata spearheaded multi-channel data-driven planning, marketing, and implementation of bespoke global media solutions for major brands such as Kimberly Clark, Ferrero and Discover and supported businesses across verticals including CPG, B2C & B2B, Tech, FinServ, Travel, and Insurance sectors. To reach Venkata, email: venkata.bhonagiri@mindshareworld.com.
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