SPIKES: Opportunities of marketing in a recession: Textappeal

Polak spoke about the numerous opportunities that brands have in the present economic crisis and the various qualities that brands can adopt to weather the economic climate.

Empathy or the ability to feel peoples pain is an important lesson for brands today, to tell consumers that they understand how they feel and react accordingly, he said.

He gave the example of Carrefours advertising in Spain where women were encouraged to buy value for money products that would continue to make them feel beautiful.

Another trend is inconspicuous consumption. There are consumers who may have the money but don't want to be seen indulging in conspicuous spending. Brands have realised that there is an opportunity in doing business online where the products get delivered to their home. Less is more is another trend Polak said and being green is driving a considerable amount of loyalty among consumers and brands have realised that. Fiat tapped into this by introducing Fiat Eco:Drive which allows drivers to transfer fuel consumption data from a car to a USB memory stick so they could see how much fuel they had saved or wasted.

Polak pointed out emotional comfort is an added value that brands can offer to consumers today. Here, he gave the example of the popular Snuggies blanket.

Brand stretch was a further trend that Polak said had been evident recently. He was of the view that while brands like McDonalds had successfully adopted this by offering McCafe at their outlets, those like Starbucks have not, having chosen a pricing led strategy.

Finally Polak said Going Mobile could work in a brands favour by offering convenience and value. Idea Transfer is another key trend that some brands have identified and used to their advantage, by adapting ideas from one part of the globe and adapting them in another cultural context.

Polak shared a few details from their Worldwide Marketing Sentiment Index which shows a gradual recovery in the global economy. Click here for the full report.

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