Author: Annette Malave, SVP/Insights, RAB
Eggs! Have you ever heard so many people talking about the price of eggs? If you do an internet search on eggs, you will probably get “fed” articles on chicken coops. That’s right – people think it is better to buy a coop than to buy eggs.
Although it is a little humorous, the truth is that consumers are concerned about the economy, the cost of goods and so much more. Businesses of all sizes are seeing the impact of these concerns and experiencing it. Careful consideration of the consumer mindset can help businesses – large and small – deliver messaging that connects and resonates with consumers. As a trusted medium, broadcast radio can help these businesses connect, inform and reassure consumers.
In a survey of consumers, comprised of radio listeners and nonlisteners, Provoke Insights, a full-service market research firm analyzed results of 1,500 adults ages 21-65. Findings show that, despite inflationary and economic concerns, listeners and nonlisteners alike are very/moderately optimistic. Inflation and the economy are the greatest concerns for both groups compared to other issues, but job stability concern is greater among nonlisteners. Regardless, optimism will also grow among both cohorts as the economy improves.
While this blog started out pointing out the cost of eggs, the truth is that inflation is seen across all retail establishments and businesses – supermarkets, restaurants, big-box stores, department stores and drug stores, as well as furniture retailers. Based on the survey, radio listeners appear to have greater awareness of increases so businesses would benefit by noting sales, savings and deals in their messaging. This information will resonate among radio listeners since 73% of radio listeners are more aware of their budgets than they were six months prior.
Radio listeners are trying different methods to stay within budget. Radio listeners are 27% less impulsive with their purchases than nonlisteners. Businesses should highlight the value and quality of the service or product they offer. Purchases can appear to be less impulsive. Radio listeners are more apt to use coupons (20%) versus nonlisteners (18%), so special QR codes, discount mentions, text-for-discount opportunities would work well.
During the height of the pandemic, some businesses experienced loyalty losses mostly due to costs. As consumers remain thrifty and continue to find ways to save money, businesses should focus on stating the value and savings they are making available to consumers. Using a medium that delivers messaging in a trusted and personal medium can provide a halo effect for brands during these economic times.
RAB members can view the economy report on the Provoke Insights page on RAB.com.