Brands Struggle to Cash in on Consumer Spending: Vericast – Martechcube

Despite inflation and recession fears, consumers are spending money – and plenty of it. But according to the latest research from Vericast, companies in multiple industries are having a tough time figuring out how to engage them to drive optimal performance.
The commissioned study, recently conducted by Forrester Consulting, surveyed more than 300 marketing decision-makers at companies in the U.S. to better understand how geopolitical issues such as inflation, rising interest rates and supply chain disruptions are affecting consumer spending decisions. Among the companies surveyed include retail, grocery and consumer product goods, restaurant, and financial services.
“Consumers are spending in more focused ways with an eye toward cost savings,” said Susan Lee, Group President, Digital Marketing & Technology Solutions, Vericast. “Specifically, they’re scaling back on leisure spend and doubling down on last-minute deals. Brands have an opportunity to adapt their strategies to accommodate these changes, with a goal of understanding customers better and creating more relevant marketing experiences. Taking this approach will lead to success in 2023 and beyond.”
Top research findings highlight how brands are pivoting:
Reaching out in New Ways – Most survey respondents said they have significantly altered their advertising programs to align with the current environment.
Serving up Deals – Companies have pivoted messaging to focus on value and increased efforts to offer deals consumers demand.
Keeping Pace with Change – Brands are struggling. Of the companies polled:
Charting a New Course – To overcome these challenges, companies are rethinking where and how they engage customers. They are looking to lean on data to inform new strategies that allow them to deliver more relevant marketing experiences and drive growth.
To learn more about how your organization can unleash the power of data and technology to develop customer-engaging marketing programs that deliver results, visit Vericast Insights.
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