How to achieve results on a tight marketing budget in troubled times?
Many Norwegians are uncertain about their personal finances going forward, and most expect to experience a period of lower purchasing power. But it is important to remember that this is a desired effect of the interest rate increases, which are intended to slow down consumption.
Nevertheless, as many as 58% of Norwegians plan to spend as much or more on consumer goods and services as usual at this time of year (source: Schibsted's population survey). Therefore, it is still important for advertisers to position themselves correctly and be "top of mind" when customers decide to shop.
A common reaction in tough economic times is to reduce your marketing budget. But if you have to cut first, how should you spend the remaining budget?
During the customer journey, the consumer is either in a passive or an active phase.
In the passive phase, brands and services, and their communications, are seen, used and experienced, and preferences are shaped, reinforced and changed. This means that as consumers we are never completely out of the market. When the time comes to make a purchase, most people have already made up their minds about which brand or service they want to buy. If you are not present in the customer's mind when they are shopping, they will not buy from you.
Attention is the ticket to impact
Brands with high mental accessibility are 18 times more likely to be considered in the active phase and 9 times more likely to be selected in the purchase phase (Source: Wavemaker/Momentum). Therefore, mindfulness is a crucial KPI to achieve impact from your campaigns. Thus, to increase mental accessibility, you need to ensure that your advertising is noticed and remembered.
Our insights department has recently collaborated with media agency OMD, Annalect, Facebook and Orkla and conducted a study to uncover the difference in attention across Schibsted and Facebook. The analysis shows that people are 30% more likely to remember seeing the ad on Schibsted compared to those who see it on Facebook.
Choosing Schibsted as the channel for your campaign increases the likelihood of success.