In an increasingly challenging market, consumer acquisition for businesses is often more expensive, and paid advertising tactics may not offer the same return on investment (ROI) they once did. This year, the demand and supply shocks, coupled with rising interest rates, inflation, increases in the cost of living and a cloudy macroeconomic climate are forcing consumers across the globe to realign their shopping habits and adopt cost-cutting behaviours, so competition for consumers’ attention is likely to be fiercer than ever.
According to PWC’s 2023 Global Consumer Insights Pulse Survey, 96% of consumers intend to implement some type of cost savings plan over the next six months. But don’t worry, it’s not all doom and gloom. Research shows that consumers remain resilient and are keen to resume their pre-covid habits by returning to brick-and-motor stores and travelling again. 43% of consumers also said they plan to increase online shopping in the next six months. So, what’s the main takeaway? PWC explains that consumers on the whole are “seeking frictionless experiences in a world of disruptions”, meaning that they’re willing to part with their cash in exchange for seamless brand experiences that meet their needs. So, when it comes to generating quality leads, consumer-facing companies need to put their best foot forward and create content that pushes ideal prospects further down the marketing funnel. Join Wordsmith to find out three ways you can drive more high-quality leads this year through content creation.
1. Create savvy questionnaires that will help you redefine your consumer persona
Recent research from Forrester discovered that better customer experiences lead to higher revenue growth. And this is not only because of the sales, but it also can lead to positive customer reviews, and user-generated content while bolstering word-of-mouth marketing which can all help to attract other high-quality leads without even having to dip into your marketing budgets. However, their study showed that less than 1 in 4 brands have the technology needed to engage with consumers and potential prospects consistently. So how do you overcome this challenge when budgets are tight? One of the most worthwhile and cost-effective ways to attract new, high-quality prospects is to truly understand your current consumers' needs, which may mean having to relook at your consumer persona. Why waste time, money and brand reputation by telling potential prospects what they want before you’ve even asked your current consumers what they need? Now, more than ever is the time to listen and act on your audiences’ needs – as they might have shifted with the current economic climate. Trust us, it pays off in dividends. Companies that conduct consumer research grow up to 70% faster and are almost 50% more profitable than firms that don’t.
Sahar Andrade, Leadership consultant of Sahar Consulting, LLC, explains that in order to hook new prospects, brands should focus on redefining, “the consumer persona—their needs and wants, their pain points, what they’re struggling with and what keeps them up at night. It is about focusing on showing how you are a solution that solves their issue, what value and transformation you’re adding to their life and how you fit their needs. It will no longer be about price, for consumers or new prospects – it will be about what brand delivers the most value in the moment.” But how do you do this? Vice President at Contently, Joe Lazer, urges brands to go beyond the persona to find their muse by doing focus groups and interviews, “they’re one of the best ways to get to know your audience. If it’s not something you’re in the habit of doing, it should be.”
Another great way to learn more about your customer’s current psyche is through surveys, social engagement and questionnaires. Reach out to your loyal customers via email and give them incentives or discounts they can’t refuse as a thank you for completing short questionnaires. Take this feedback and use it to redefine your consumer persona and generate content that helps address both prospects and consumers' concerns. What content can your brand generate to make the case for your product or services to prove that it’s bang-for-the-buck? This is a pivotal moment where you can showcase your value and reinforce why prospects should choose you against other competitors. If used correctly, the research you gain could ultimately attract more engaged, higher-quality prospects that are eager to spend with you.
2. Produce content that solves prospects’ recession-related problems
We touched on this back in 2021, and the same rings true today: if you’re trying to attract strangers and top-of-the-funnel prospects, you need to provide them with interesting, reliable content that will help guide them towards a solution. This could involve producing content like informative blog articles, eye-catching social posts, how-to guides on YouTube and bite-sized webinars. These ultimately help to build your credibility and brand presence with prospects, so they will come to see you as a thought leader in your industry, which encourages them to pay for your goods or services.
During this recession, John Quelch, Professor of Business Administration at Harvard Business School explains, “It’s critical to track how customers reassess priorities, reallocate funds, switch brands, and redefine value”. Many prospects will be looking to stretch their money as far as it can go and get the most from what they pay, so every piece of content you create must inform them that either your product/service is the most cost-effective on the market, or reinforce the value they receive from your product/service to convince them that it’s worth spending that little bit more on. Most importantly, every piece of content should be geared towards making people's lives in the recession easier. In turbulent times, customers are also less likely to be loyal to one particular brand and are therefore more open to looking at other options in the marketplace – which may offer you a golden opportunity to reach out and grab new prospects’ attention, with your interesting, value-led content.
If you’re finding difficulty in creating a consistent stream of content to hook prospects, why not consider hiring outside help? Even amid this global recession, we’re seeing an increase in demand for freelance content creators, that bring fresh, new lead-generating ideas to the table. Gartner research revealed that 58% of CMOs don’t think they have the in-house talent “needed to execute on their strategy.” Addressing your talent gap is not only a smart way of reallocating your content budget, but it also has the potential to skyrocket the number of high-quality leads you receive in a shorter period of time.
3. Introduce freemiums
Once you’ve captured your potential prospects' attention with blogs and videos, another great way to nudge your potential leads towards the middle of the sales funnel is by upping the ante with “freemiums”. Freemiums the combination of “free” and “premium” has been a popular pricing strategy that many brands have adopted during the recession to lure and hook prospects. This is where audiences can enjoy your basic product or service free of charge, but additional features and services that may enhance your experience of the brand even further, are chargeable. A dominant business model commonly used among smartphone app developers and internet start-ups has now expanded into other industries to scale up and attract a new user base without expending resources on costly paid ad campaigns and sales teams. So, if you’re a content-led business, you could offer prospects freemium content such as white papers, case studies, pamphlets and credible eBooks, but this time in exchange for their email addresses, so you can open up new lines of communication and encourage them to buy your other products.
According to research from the Harvard Business Review, Freemiums are much more successful in attracting and retaining new prospects than other limited-time offers and trials, because customers want to avoid the inconvenient cancellation processes and find free access more genuine and rewarding – making them more likely to consider purchasing further down the line. Vineet Kumar, an Assistant Marketing Professor at Harvard, says for this type of content to be successful, brands need to “view freemium not only as a revenue model but also as a commitment to innovation”. She continues, “It’s a mistake to see freemium merely as a customer acquisition tool and to drop the free version when new customers stop coming in or when the upgrade rate dives. Users who join late are typically harder to convert; therefore, in order to keep increasing upgrades, you’ll need to keep increasing the value of your premium services.”
Although it’s wise to contain costs, this is not the time to take your foot off the pedal for creating content that attracts new prospects. Now more than ever, you need to put consumers' needs under the microscope, redefine your consumer persona and nimbly adjust your marketing strategies to create a consistent stream of value-led, recession-sensitive content in response to shifting demand, so you can not only survive the recession but flourish with a strong base of newly acquired customers.