You’ve seen it at the grocery store. At your local car dealer. Maybe you’re trying to build a new home and can’t get the supplies you need. The supply chain crisis that we’re experiencing touches the lives of every person – marketers included.
2022 has been a year of uncertainty for almost every industry. War overseas coupled with record setting inflation and fears of a recession have caused turmoil for families and businesses alike. Consumer habits have adjusted accordingly. According to eMarketer, over 41% of consumers have switched to private label brands because products from national brands have become prohibitively expensive or are simply out of stock.
As consumers become more particular about their purchases, advertisers must change their messaging and tactics. While there is no shortage of challenges for advertisers as we navigate these changes, there is also a major opportunity at hand.
More consumers are switching away from their preferred brands, and as many as 90% say they will continue to do so moving forward, according to a McKinsey Company. This opens up the opportunity for marketers to take businesses from their competitors – and your marketing mix should reflect that.
At Brkthru, we recognize this opportunity and can help you strategize and run your next media campaign with all of this in mind. For local advertisers, this could mean bidding on your competitor’s name in Google searches, or geofencing their store to entice clients to switch to your business instead.
Brkthru recommends adjusting your messaging to reflect what you do have available to your customers right now. While some of your products may be out of stock, it’s important to drive home messaging on what you currently have available. Too often, consumers have become used to hearing NO. At Brkthru, we are founded on saying YES, and we know your business feels similarly.
Some businesses, like car dealerships, may not have the luxury of having inventory to market. But that doesn’t mean you shouldn’t advertise. Keeping your brand top of mind is now more important than ever. If you don’t have a specific car model in stock, we still recommend running high funnel tactics that will keep a customer aware and engaged in your brand for the time that you do have that inventory. Then, you can work with Brkthru to adjust messaging and run lower funnel tactics to get that car off your lot and into the driveway of your newest customer. As the path to purchase changes, Brkthru can customize your media plan to still follow that path.
If you’re ready for more YES when your competition is saying no, contact us today.