The power of brand as inflation rates rise
We’ve all seen the media, and felt it with our own grocery shopping and power bills. Consumers are going to really discern what they want, from what they need as inflation rates rise. But how does your brand ensure they remain a must in consumer’s discertionary spend?
Branding Before Breakfast Ep 133 Transcript \ The power of brand as inflation rates rise
Good morning. Today, I wanted to talk to you about how the power of strategic brand thinking can help you with inflation. I know it’s not anything that we want to think about, but over the weekend, I was talking to one of my friends in the UK. Their power bill has gone from 200 pounds to 640 pounds.
That is a huge increase. And of course, that got me thinking about, well, how’s that going to impact the rest of their discretionary spend? And therefore in terms of brands, which brands will they be comfortable purchasing from? And I think now, more than ever, we’re really thinking about where we spend our money. Not with what we want, but with what we need.
And in order to make that decision, we’re going to think about the brands that we’re engaging with, and purchasing from. I want you to have a think about your brand positioning.
Yes, many brands have a really strong idea and a good product. But, have they really sense checked that against who their most desired consumer is? Who is this product or service most right for?
And what problem is it really solving for that person?
Will they decide to spend that hard earned money, the smaller discretionary spend that they now have with your brand? Is it very clear to them? Are you communicating well, that you are solving a problem? And that you are going to make their life better, and I think more than anytime than before, can they trust you as a brand? If you can answer these questions and communicate that through your brand positioning and through your website and your brand touchpoints.
I think that you’re going to find that brand is going to allow you to continue to operate through this period as inflation rises. And hopefully build that strong connection with your most desired consumer so that they remain loyal and continue to spend with you.
Okay.
That’s it from me. It’s time for brekkie.
Written by: Jo Whelan
Published: November 16, 2022