New Warc survey offers advice on how to deal with inflation — and with looming recession
17 November 2022 - 05:00Marketers the world over may well be worried, because next year is going to be torrid. In an extensive survey that includes South Africa, the World Advertising Research Center reports that 95% of respondents say they will be affected by inflation and a probable recession.
Linda Lee, chief marketing officer of Campbell Soup/Meats & Beverages, says: “The recession is real and that’s led to a new effort on our end around value, marketing, and messaging. At a time like this, it’s important to not cut back on marketing but lean into how we can help our consumers.” Broll’s Rose believes marketers should adopt a two-speed approach. “Consumers are counting their rands, but don’t react to present challenges at the cost of your long-term goal. You may be tempted to go for price promotions, but never forget your brand value.”
Warc says the rise of TikTok and Amazon, and relative newcomers like Netflix joining the advertising space, may enable marketers to re-evaluate and recalibrate media plans to suit their brands’ needs.
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