What does a recession mean for your brand awareness?

The world of marketing can be a slippery slope in even the best of times, but as we enter the realm of a stagnant economy in what financial reports call a long-lasting recession, brands everywhere are faced with two pressing missions: pivoting their marketing focus, and re-evaluating their business strategy to account for less consumer spend.

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In a time of economic uncertainty, consumers are seeking trust, value and confidence in any purchases made. Likewise, businesses and brands are looking to maximise their limited budgets to reach as many consumers as possible. To do this, we as marketers need to pivot our strategies in a more human-centric direction that offers reassurance, radiates optimism, and leaves customers feeling like they’ve made the right choice.

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The best way to initiate this marketing shift, is shining the light on brand awareness. It might feel counterintuitive—with brand awareness typically being less reportable than other performance indicators—but not only is it the key foundation for selling in a tricky economic market, but when it come to growing on the other side of the recession, a good starting point can only set you up for success.

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The best brand awareness is all about brand purpose

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Your brand’s purpose is your brand’s reason for existing beyond making money. But how do you go about establishing this purpose? Ask yourself the following questions:

1. What is your brand really about?
2. Who are your customers?
3. How are you solving a problem they might have?
4. How do you want your customers to view you?
5. What makes your brand stand out above your competitors?

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Give your brand value

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Think of your brand as a door-to-door salesman. When your ideal customer opens the door, what can you do to keep them from sending you away? Similarly, when your target audience comes across your brand on social media, what can you do to keep them from continuing to scroll?

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When considering the value of your brand, put yourself in your customer’s shoes, and consider the problems they’d like solving. Some examples of brand values are:

1. Customer reassurance
2. Caring about a cause or topic your customer cares about
3. Making your customer feel understood and heard
4. Being a beacon of optimism and hope in a time of great uncertainty
5. Assurances about your service offering’s quality, moral values, sustainability beliefs and world views

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