Fact: Advertising spend is down.Fact: This contraction signals fear/uncertainty in the market as a whole.Fact: There is more money in consumers bank accounts than ever before.Fact: Banks have record deposits. Fact: People are nervous, and some are losing their jobs.
So are we in a recession? Not likely. More likely a transformation. People have changed and brands are trying to meet customers where they are. Brands are now reassessing how to connect with consumers to get that measurable ROI (if it can’t be measured it can’t be managed). This is driving the market uncertainty. Typically recessions are triggered on low consumer confidence- but consumers know what they want, and how they want it. Companies are reacting instead of acting with intent…thus the transformation period.
So, to the leaders of brands – and the technology companies who support these brands – remember that YOU are a consumer. Simply document how you have changed…run this through a NLP to find similarities, plot the norm, lay out the standard deviations and ACT accordingly (I personally prefer Microsoft’s Azure Cognitive Service for Language). Many of these companies have 80,000+ employees AND their families at their fingertips to LISTEN to. Use your unfair advantage and stop reacting. You got this!
And to all the people who make wonderful products and technologies – THANK YOU! Keep your head up while your company figures it out.
