Businesses are facing a familiar problem: economic uncertainty. This time, the coalescing effects of the COVID-19 pandemic, record-low unemployment rate, and a newsworthy-high inflation rate have created a unique challenge for businesses and their marketing teams. What do we do when the population theoretically has money to spend, but the high cost of basic necessities makes them cautious to buy?
In this whitepaper, Coegi researchers provide an overview of the recent North American economy as of Q1 2023 and the corresponding consumer behavior changes, acknowledging the current challenges and opportunities for businesses and marketers.
Importantly, we acknowledge that each business’s target audience is made up of real, living people, and thus there is no one-size fits all approach to marketing during times of economic volatility.
However, using a data-driven approach to understanding outcomes of previous economic strife, we provide evidence-supported recommendations. In short: fully pausing your marketing communications rarely yields future dividends.
Download Coegi’s whitepaper covering:
How brands should react to the inflation in 2023
- The impact of inflation on consumer behavior
- Finding the upside of marketing in a down economy
- Pivoting with resilience: creating a future fueled by marketing efficiency
Key ways to recession-proof your marketing
The impact of inflation on advertising in key industries
- CPG and retail
- Financial services
- Healthcare and pharma
- Real estate and home buying