How to Market Your Brand During a Recession

The theme of this year’s holiday season, so far, appears to be discounts and promotions. According to the ICSC, 65 percent of consumers surveyed plan to spend more time looking for discounts than shopping this season.

 What do businesses need to know?

While value is a priority for consumers this year, it doesn’t mean the storytelling element to holiday marketing needs to go by the wayside. According to The Marketing Dive, brands need to be in tune with what consumers are saying right now and understand what their pain points are. According to Oracle Retail, the economic environment has even prompted 71% of consumers to consider store payment plans or other financing options to cover their purchases this season.

As noted by Tyler Higgins, Retail practice lead and managing director, AArete “You’re starting to see the shift: People are going to really care about what they spend every dollar on.” But while retailers have been answering this shift by launching Black Friday-like sales events earlier in the season and having deals extend for longer, it is recommended that brands do no inundate consumers with too many deals as it runs the risk of hurting your brand identity.

In other news…

Elon Musk has revealed new details for the revamp of Twitter’s $8 verification program, which was initially launched three weeks back but pulled from live production due to a raft of impersonations.

 What do businesses need to know?

To limit the potential of misrepresentation of corporate and government accounts, Musk says that those profiles will now get a different colored checkmark, which will ensure that people can’t just buy a blue tick and then pretend to be well-known brands like Disney, for example. As per Musk, gold check will be for companies, gray check for government, and blue for individuals (celebrity or not).