As consumers, we can feel it in our pockets and hear constant rumblings across news stations and news notifications. As business leaders and teammates, we’re aware of, and participate in conversations to review and rethink strategies.
What I’m talking about, of course, is inflation.
Living in times of high inflation (rates we haven't since the 1980s) introduces an incredibly complex time for brands. Consumers may begin reaching for cheaper alternatives to avoid stretching their budgets, and brands themselves struggle with higher purchasing costs that shrink their margins.
However, with crisis comes opportunity. Unlike the 1980s, brands today have the ability to keep a constant pulse on their strengths, weaknesses, and how they are perceived in the market while monitoring any changing needs and sentiments of consumers.
For example:
Does our messaging still resonate with the context that consumers are in? How can I better differentiate myself from competitors? What changes can be observed due to inflation rates? When should I invest in short-term promotions (brand activations) vs. long-term campaigns (such as brand building)?
These are just some of the questions brands can be monitoring to help navigate these tumultuous times. And the word monitoring here is key. On-going quick, insights are crucial for confident decision making (and building proactive strategies) during periods of high inflation.
Now what about that opportunity?
Stormy markets come and go. But with them they leave behind new world orders, new wants, needs, and new allegiances towards the brands and products they buy. Take advantage of this time to find new ways to support and cater to consumers. High quality tracking insights are a great place to start - Let us show you how.
I look forward to communicating more closely with our quantilope community. Subscribe to our new newsletter to stay connected and up to date on all we have to share. Feel free to contact us if you would ever like to discuss anything here or learn how our customers are prioritizing their market research agenda in these uncertain times.
Regards,
Peter Aschmoneit
CEO, quantilope
