From the boardroom to the living room, everyone’s feeling the inflationary pinch. And right now, it’s painful. According to a CNBC article, the consumer prices were 8.5% higher in July compared to a year ago.

With a global pandemic followed by supply chain issues, you would think the business gods would give everyone a break. But after adapting to unprecedented conditions, you’re now faced with yet another new challenge: adjusting your marketing plan in the wake of a bear market.

Maybe you’ve already acted or are doing your research before coming to a decision on your next steps. Either way, we’ve put together some tactics that can help in the near term.

FOLLOW THROUGH ON YOUR MARKETING

If you can, keep your marketing budget the same or even add to it. Because here’s the reality: since everyone else is cutting back, it leaves you the perfect opportunity to grow your presence and, hopefully, your brand’s share of voice. Also, by pressing ahead with a similar or bigger marketing budget, you show your clients or customers that you can weather the current inflationary storm.

OPTIMIZE UNTIL YOU CAN’T OPTIMIZE ANY MORE

If you have different campaigns going at the same time, make sure they’re integrated, not only with one another but with sales as well. Speaking of campaigns—while this may seem counterintuitive, right now is an ideal time to push out a new campaign. Why?

When your competition zigs, you should zag. For example, if your competition is cutting back on advertising or delaying product innovation, now is your time to steal the spotlight and single out your product or service with an eye-catching campaign.

CONSIDER PROGRAMMATIC ADVERTISING

This next suggestion may seem crazy, but hear us out. If you’re in retail, lean into programmatic advertising, specifically holiday, starting today. By getting the holiday shopping word out this month, you allow consumers to accomplish the following:

Search for the best offers before the busiest part of the season
Pick from the best inventory
Avoid supply chain bottlenecks

SHOW YOUR VALUE

During periods of inflation, there’s usually a decrease in consumer confidence and an increase in making dollars go further. That’s why it’s always a good rule of thumb to reinforce your product’s or service’s overall value by communicating its unique advantages. This could include touting your exceptional warranty, praising a product’s variety of uses, emphasizing the convenience of using your service, or something similar. Remember, value doesn’t always have to equate to cheap.

SHARE POSITIVE REVIEWS FROM CUSTOMERS

There’s always a time for you to share info about your must-have product or service. But there’s power in a credible and positive customer review.

If you don’t have a catalog of reviews to choose from, start asking for some. If you already have a list, begin sharing—whether through social media, a testimonial ad, or a campaign. When you let current clients or customers do the talking for you, don’t be surprised when potential ones take notice.

MAKE ROI A PRIORITY

On the other hand … if you have no choice but to slash budgets, there’s still a way to get the most out of your marketing spend. Focus on what’s performing best as it relates to pushing traffic, sales, and conversions. Then put all your eggs in that basket.

EMPHASIZE CUSTOMER LOYALTY

It’s no secret that it takes more money to obtain a new customer than retain a current one. So if you’re tightening budgets, consider creating a customer loyalty program.

Luckily, there are different options to go about doing so. For example, you could provide a discount after a set number of purchases have been made. Or you could provide incentives, like a promotional freebie, for customer referrals.

By introducing a loyalty program, you provide customers with some much-needed rewards or discounts. And they’re more likely to reward you with repeat business.

CONSIDER YOUR NEXT STEPS

There’s so much you can do to guide your brand through inflation. In fact, if you adjust now and continue to stay agile, you can come out of this period stronger than ever.

At Vimarc, we’re helping clients tackle tough inflationary issues—whether it’s through adjusting media spend, switching up messaging or other tactics. So if you’re still a little unsure about what to do next or if you’re looking for some guidance to keep your marketing strategy nimble, reach out to our team for a quick chat.

7 Ways To Adjust Your Marketing & Boost Sales During Inflation