{"id":23596,"date":"2024-01-24T14:25:53","date_gmt":"2024-01-24T14:25:53","guid":{"rendered":"https:\/\/thesocialelement.agency\/?p=23596"},"modified":"2024-01-24T14:29:05","modified_gmt":"2024-01-24T14:29:05","slug":"four-things-every-brand-should-be-doing-in-this-economic-climate","status":"publish","type":"post","link":"https:\/\/thesocialelement.agency\/four-things-every-brand-should-be-doing-in-this-economic-climate","title":{"rendered":"Four things every brand should be doing in a challenging economic climate"},"content":{"rendered":"\r\n
“Despite the challenging economic climate, this quarter\u2019s upbeat Bellwether findings show that companies are heeding the evidence that continuing to advertise through the tough times can help maintain brand loyalty and protect the long-term health of their brands.”<\/p>\r\n
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But an economic downturn inevitably has an impact on how<\/em> brands communicate and market themselves.<\/p>\r\n\r\n\r\n\r\n We look to the past to predict the future. People talk about how Nike doubled spend between 1989 and 1993 and Reebok slashed spend, and the outcome of each. The lesson then was to invest, to sell brand, not product. But does that lesson still apply?<\/p>\r\n\r\n\r\n\r\n It\u2019s hard to look to 1989 and apply what the world learned then to 2024. The environment was completely different. Consumers have far more channels and platforms vying for our attention than we had in previous recessions. Their focus is more divided than ever before. The beautiful, long-form, black and white series of films Nike created with Spike Lee featuring Michael Jordan were a stroke of genius, but they wouldn\u2019t work now. They were created for a different world, of cinema and TV advertising, longer attention spans, massive reach.<\/p>\r\n\r\n\r\n\r\n There are hoodies sold in H&M right now for TikTok stars with tens of millions of followers who most people walking past the store wouldn\u2019t be able to name. Reaching the maximum number of people isn\u2019t the goal any more, it\u2019s reaching the right people who are going to buy your brand (or influence their friends, communities and networks to). It\u2019s way more complicated than throwing money at the problem.<\/p>\r\n\r\n\r\n\r\n There\u2019s one lesson we can take away, though, and that\u2019s how great, creative content cuts through the noise. The kind of content people share and engage with organically, rather than forcibly. The kind of content that builds communities and influence. The kind of content that your fans create for you, because they love your brand even when times are tough. \u00a0<\/p>\r\n\r\n\r\n\r\n Finally, let\u2019s remember that while Nike did sell brand in the 90s recession, it also sold a lot of products. And it did that on the back of the world\u2019s biggest influencer, and the world\u2019s most brilliant content creator.<\/strong><\/p>\r\n","protected":false},"excerpt":{"rendered":" This week saw the latest release of the Q4 2023 IPA Bellwether Report and it appears that total UK marketing budgets were revised up to their strongest level in almost a decade. “Despite the challenging economic climate, this quarter\u2019s upbeat Bellwether findings show that companies are heeding the evidence that continuing to advertise through the…<\/p>\n","protected":false},"author":3,"featured_media":23597,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"sync_status":"none","episode_type":"audio","audio_file":"","transcript_file":"","castos_file_data":"","podmotor_file_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","footnotes":""},"categories":[1494],"tags":[68,91,96,295,219],"series":[],"episode_featured_image":"https:\/\/thesocialelement.agency\/wp-content\/uploads\/2024\/01\/Go-get-em-pic-scaled.jpg","episode_player_image":"https:\/\/thesocialelement.agency\/wp-content\/uploads\/2019\/01\/Genuine-Humans.jpg","download_link":"","player_link":"","audio_player":false,"episode_data":{"playerMode":"light","subscribeUrls":{"amazon":{"key":"amazon","url":"https:\/\/music.amazon.com\/podcasts\/3abc34c3-ff60-4a78-b347-6119461b7ed1\/GENUINE-HUMANS","label":"Amazon","class":"amazon","icon":"amazon.png"},"apple_podcasts":{"key":"apple_podcasts","url":"https:\/\/podcasts.apple.com\/gb\/podcast\/genuine-humans\/id1561811296","label":"Apple Podcasts","class":"apple_podcasts","icon":"apple-podcasts.png"},"google_podcasts":{"key":"google_podcasts","url":"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly90aGVzb2NpYWxlbGVtZW50LmFnZW5jeS9mZWVkL3BvZGNhc3Q?sa=X&ved=0CAYQrrcFahcKEwiQz-mM7dzvAhUAAAAAHQAAAAAQAQ","label":"Google Podcasts","class":"google_podcasts","icon":"google-podcasts.png"},"spotify":{"key":"spotify","url":"https:\/\/open.spotify.com\/show\/7jkfw0qeUlwrauhfy2pCGU","label":"Spotify","class":"spotify","icon":"spotify.png"},"youtube":{"key":"youtube","url":"","label":"YouTube","class":"youtube","icon":"youtube.png"}},"rssFeedUrl":"https:\/\/thesocialelement.agency\/feed\/podcast","embedCode":"\u00a0<\/h3>\r\n
Every economically ‘tough time’ is different, and this year\u2019s experience will be very different to 2008, and certainly to the recessions of the 80s and 90s.\u00a0<\/strong><\/h3>\r\n\r\n\r\n\r\n
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Little of that applies today. Digital and social media has split attention, reach and focus.<\/h3>\r\n\r\n\r\n\r\n
\u00a0<\/h3>\r\n
In practical terms, what does this mean? There are four things every brand should be doing right now:<\/h3>\r\n\r\n\r\n\r\n
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Four things every brand should be doing in a challenging economic climate<\/a><\/blockquote>