When volatile political and economic conditions put you and your customers under increasing financial pressure, making spending decisions based on sound data is more important than ever before.
Brexit, an unstable global economic future, rapidly changing consumer habits, a volatile Trump presidency and the threat of potential trade wars between superpowers: it feels like it’s a hard time to make definite predictions about anything at the moment.
A recent Guardian article highlighted the fact that UK inflation has just hit 1.8% – that’s higher than it’s been since June 2014. Prices have gone up at the fuel pump, but inflation has also been driven by the pound’s tumble since the vote to leave the EU. This has made imports to the UK more expensive. For businesses, it’s clear that costs are rising, with manufacturers’ fuel and material costs going up faster now than they have in the last eight years.
For all of us – especially in marketing – knowing where to put our resources in order to get maximum ROI, is getting increasingly hard to judge and more critical to get right. So what should we do?
- It’s critical to use sound, reliable data to identify the correct target market for your communications
- Clean your data so you’re not wasting money on those that will never respond
- Create relevant, personalised communications that will engage your customers. This is more important than ever before.
At a time when your customers are feeling their own financial pressures and are being forced to make tough decisions about where they spend their money, making them feel valued – and being clear on how your brand will add value to their lives – is vital.
Research from MarketReach shows that 57% of people who receive direct mail feel more valued. That’s a big deal. So if you spend time cleaning up your data and understanding exactly who your customers are, you can create powerful communications that guarantee a higher response.
We’re pretty sure that in a world where everything feels uncertain, showing your customers you care, through well thought out, targeted communications will make a huge difference to your bottom line.