Inflation has subsided, with the consumer price index clocking in at 5% in March 2023. While this still isn’t the ideal 2% that lawmakers strive for, this is still somewhat a suitable figure from the spike of 9% in June 2022.
With more and more consumers trying to cut costs to cope with inflation, most businesses are now trying to figure out how to effectively market their products without incurring unnecessary expenses.
Print marketing could still work in your favor. Here are some suggestions on print marketing techniques during inflation.
- Continue to advertise. A study by the Ehrenberg-Bass Institute suggests that brands that curb their advertising are likely to see a drop of 25% in sales after two years — a critical figure if you are trying to stay afloat during inflation. Instead of focusing on all media channels, determine where your audience is most likely to see your ads and then put your efforts into that medium. Also, prioritize which product or service you will advertise depending on your target consumer base.
- Modify your messaging. Despite the inflation, you are trying to convince your audience to buy your products or services. As such, you have to show empathy. Bond with your audience and show them that you understand — you should be helpful and caring, especially when your audience is already in crisis because of inflation.
- Consider your pricing. Understandably, inflation affects even your suppliers, and you may be paying more to produce the same number of products. Consider that your customers may be unwilling to pay more for the same item. So, you can ensure that you employ the right strategy in adjusting your prices, such as by offering discounts in bulk or reducing the number of items per pack. You could also look into using different materials without compromising the quality of your product. Finally, there may be a better time to increase your prices.
Print marketing could still be profitable during inflation. If you want to improve your print collaterals, head to printtime.com.