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How Smart Marketers Are Combating Inflation

BY: Suzanne Sugar

Worried about how rising prices might impact your marketing efforts? Read on.

Inflationary pressure is beginning to wreak havoc on marketing budgets everywhere. It’s true that budgets shift annually (we’re all used to that), but for many of today’s marketers, this is the first time inflation is the cause. After all, there hasn’t really been anything like a true inflationary period since the 1980s, which makes this a new challenge.

What’s the best path forward? For starters, marketers must be smart about which levers they pull to prompt customers to pick their products online, in store aisles and at the point of the transaction. Here are a few ways to retain your customers — and protect your marketing budget — during our current era of rising prices.

First, imagine yourself at the point of sale because this is where price comparisons happen. Could you add something to the experience that helps a customer feel like they are getting more for their money? Have you considered putting a Smart-QR Code on a package (or at the point of sale) that helps customers solve a problem? We can help you build a Smart-QR Code-connected digital content experience that gives them extra reasons to purchase your products.

Second, remember that building loyalty is more important when your customers are faced with overall price increases (and not just at the gas pump). We can help you create a strategic CRM program that keeps customers coming back. By email, direct mail and/or via social channels, brands must convince customers that you appreciate them and reward them for being loyal. 

Third, look at data to justify how you are spending your marketing dollars. In the 1980s, marketers didn’t have the treasure trove of digital data to keep their marketing relevant in real time. Today, we are so close to trends that we can tell you what your customers are cooking and provide you with the top trending recipes (hint: convenience is still king) or we can provide you with content that solves their wellness concerns (tips to keep hydrated are popular as temps rise), to name just two content categories.  You will be able to put trend data to work for you when you have a partner like Foundry 360; we have data at the ready.

Finally, the best way to hold on to your marketing budget is to use your dollars in ways that drive meaningful results while maximizing communication efficiencies. Find partners who help you C.O.D.E (create once, distribute everywhere), the mindset that will get you and your products noticed. Start by getting in touch now!

BIO

Suzanne has worked across a wide spectrum of publishing platforms from traditional print to digital, mobile and machine learning. She is a graduate of Vanderbilt University and holds a master’s degree in Publishing from New York University. She brings her work experience, along with her education, to help Foundry 360 programs succeed.

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