The decisions that business leaders make in the next year will decide whether their brand thrives, survives or dies for the decade to come, according to Tyler Turnbull, Global CEO.
· Protect and hyper-target your existing customers and focus on getting them to buy one more time instead of growing into new buyers.For starters, the average duration of a recession in the last fifty years is only 11 months. And some economists predict the looming recession could be even shorter. That means that for many organizations, the strategies they are focused on now to mitigate will barely hit the market in time.
History offers us a map, but new consumer behaviors, technology and commerce make navigating this period different from the past.For starters, choice has never been more abundant. Search for any product on Amazon or Walmart and you can see thousands of skews and options. Sort by price. Pick the lowest and get what you need. And with inflation, people’s price sensitivity increases. Meaning it’s more important than ever to have a strong value-added brand. Without one, the lowest price wins.
But improved technology and targeting is a double-edged sword. It’s never been easier to hyper-target and segment, but all leaders should be wary of the siren’s song of maximum efficiency. Growth is about attracting new people, not squeezing every dollar out of your existing customers. Especially because they might not have an extra dollar to squeeze during these financially challenging times.
Creating timely communications means deeply understanding people, their experiences and the best moment to connect with them. Riding the wave of a cultural moment, in addition to having compelling advertising, creates a powerful way for brands to differentiate themselves and stand out.
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