White paper: How to market in an economic downturn
Published on 1st April 2024The UK economy has faced its fair share of challenges in recent years, and the uncertainty is set to continue. What does this mean for brands and marketers?
Instability following the global pandemic, ever-rising inflation, and the ongoing cost of living crisis have set the backdrop. Alongside this, two ongoing international conflicts, numerous changes in Parliament and in the monarchy, government flip-flops on budgets and legislation, strike action affecting essential public services and goods movement, business closures, rising food and energy costs, and fluctuating fuel prices have all played a part in intensifying economic pressures in the country.
With the UK technically entering a recession at the end of 2023 and this growing list of socio, political and economic challenges, the modern consumer is under mounting pressures. And it’s no wonder. But with consumer behaviours shifting, brands need to be prepared for what is to come. Navigating the continuation of this uncertainty may sound daunting, but with challenge comes opportunity.
And where might these opportunities lie? Marketers must look to the lessons of past recessions for inspiration and turn uncertainty into a roadmap for success. By predicting and proactively preparing your audience’s behaviours, you can tailor your strategy and leverage your messaging to make a lasting impact on your audience.
In this white paper, we’ll explore how marketers can action this and build futureproof strategies.
In the white paper:
- How has consumer confidence been impacted?
- Key shifts in consumer habits and spending
- Three-step framework to understanding your audience, product/service prioritisation, and calculate consumption
- How to maintain traction with our strategic communications framework
About the author
Sarah Clarke is Senior Data & Strategy Director at UM Birmingham. Passionate about the “why” behind human behaviour, Sarah uses behavioural science combined with data and insights to craft strategic business solutions that drive growth, both for now and in the future. This ensures that the right businesses connect with the right people to solve consumer problems and drive commercial impact.
