Socio-economic topics are set to have a significant impact on marketing strategies this year, with inflation one area that has caused changes in marketers’ approach. A recent survey from Vericast, conducted by Forrester Consulting, found that most marketers have adjusted their advertising programs as a result of the current environment.
Some ways in which they’ve done so including experimenting with engagement techniques (59%) and changing target audiences (49%). But when reaching target audiences, brands face a variety of challenges, some bigger than others.
The most-cited difficulty is interpreting customer data and understanding the needs of the moment, as cited by a majority (54%) of respondents. Close behind, some 53% say that face obstacles in creating personalized advertising experiences. And half are challenged by driving insights from customer data, a common challenge for marketers.
Consumers are facing difficulties of their own, and empathy for customers and a deep understanding of their needs is crucial to meeting their expectations. Still, close to half (46%) of the Vericast survey respondents find it challenging to express empathy in their ads, and a similar share (44%) are struggling to strike the right emotional tone given what may be happening in the world.
More encouragingly, fewer (23%) are unsure which promotions will be most effective, and only 1 in 5 (19%) say they can’t change their strategy quickly enough to respond to unforeseen events.
It seems that brands have been able to adapt their messaging, as two-thirds (67%) have created more targeted promotions, and 6 in 10 (61%) have changed their messaging to focus on cost savings.
For more, check out the results here.
About the Data: The results are based on a survey of 316 marketing decision-makers responsible for advertising strategy at companies in the U.S. from industries including Retail, Grocery and Consumer Product Goods, Restaurants, and Financial Services.
