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Ad Agencies

2022 recession out of home media

COVID-19 has left a mark on the world, and it’s not going away anytime soon. In fact, the economy is expected to take years to recover from this downturn. And for marketers that means recessionary spending mode is activated!

When consumer spending drops significantly during an economic downturn, companies often slash their marketing and advertising budgets. This can be devastating for brands that are trying to stay afloat: without any marketing efforts or ads, what’s going to make consumers choose them over another company? And if they don’t have enough money in their budget for marketing or advertising, how will they compete with other brands who do?

But there is hope! While it may seem like a bad idea at first glance, cutting your advertising budget actually presents an opportunity: now is a good time to create brand awareness while other companies are cutting their ad budgets out of necessity. The availability of ad space goes down when demand goes down, so now is an excellent time to dominate your market share before other companies catch up.

This means you should take advantage of free or discounted advertising space while it lasts—and use this recession as a chance to build up your brand awareness in order to stay ahead of the game when things return to normal.

Why You Should Invest in Marketing Now

Marketing is a long-term investment, but in the short run, it could mean spending more than you’re making. However, in the long run, if you’re smart about it, it can mean earning more than you spend.

In fact, companies who advertise and market aggressively during recessions can maintain or increase sales at a time when competitors are cutting back on advertising budgets and promotions. Why? Because they want to keep their market share!

Brands that don’t spend lose market share… up to 15% of it, to be exact.

“rules of recession-proofing” report

All it takes is for a similarly-sized competitor to double their ad spend right when you’re cutting yours. And because brand building takes time (generally three years), aggressive marketing during a recession gives marketers an opportunity to differentiate themselves from their competition by building brand loyalty early on—and reap rewards later on when consumer sentiment improves again.

In the past, the recession has been a period where businesses cut back. However, smart advertisers know that a recession is actually a golden opportunity. In a recession, buyers become more cautious and spend less, so most companies assume that they’re unlikely to see a return on investment. What they don’t know is that ad space will become cheaper, and customers will be paying attention to branding and marketing more than ever. And what we saw with the pandemic and “revenge travel”, we will likely see with “revenge spending” post-recession.

There’s a sense of mounting anticipation among consumers: they’re eagerly waiting for the economy to bounce back so they can start spending again. When companies develop marketing strategies that encourage trust, conversion, and brand loyalty, they will inevitably reap the rewards of a better economy in a few years.

Building Brand Loyalty with Recessionary Spending

Brand loyalty is especially important because it gives you an edge over competitors when it comes time for advertising again—you’ll have an established audience that trusts you, and your share of the market increases when you advertise during a recession because there’s less competition. This means that you get more bang for your buck! Finally, it’s also a good opportunity to exercise creative marketing skills in order to stand out from the crowd

Some other recession marketing strategies include:

  1. Encouraging trust: Customers will be more cautious about spending money on products and services during a recession. You need to build trust with your customers so they know they’re buying something they’ll be satisfied with.
  2. Getting customers to convert: If you have good products and services, then getting customers to convert is not as hard because they will feel good about what they’re buying. You also need to make sure that you have good customer service so that if something does go wrong, they will come back again.
  3. Keeping brand loyalty: During a recession, there are fewer brands spending on advertising than usual because they don’t have the funds for it—this means that those who do advertise will get more bang for their buck because there isn’t much competition out there! This creates an opportunity for businesses like yours that want their share of the market in order for them to reap the rewards of an improved economy down the road when things start picking up again

Tips for Advertising During a Recession

You don’t have to spend a lot of money to create a brand that stands out. You can use the recession as an advantage by being bold and making a statement about your business and its products or services. Be creative with your marketing, ensure you are driving conversion, and focus on brand development. Also from the same report mentioned above, contextual advertising is king. Consider how your brand can play with certain mediums; OOH advertising is a great playground for content + context.

Contextual advertising is 1.2 to 2.5 times more effective than other forms of advertising, including behavioral targeting.

“Rules of recession-proofing” report

Marketing is a great way to keep your business afloat when things are slow. There are many ways to market during these tough times, and with the right strategies, you’ll be able to reach new customers who have never heard of you before.

At Wrapify, we can help you develop a long-term branding strategy that will drive conversion, create customer loyalty, and keep you moving forward through the struggling economy.

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The goal for any agency is to make a big impression for their clients. But this is becoming more difficult with increased competition, limited ad inventory, and growing campaign requests. That’s why you need new, innovative OOH market strategies to win against these challenges. Based on the mission you have, here are four market strategies that work (and the specific brand campaigns to back them up!)

Mission: Overcome limited OOH inventory

We’ve all been there. Your client wants to advertise in a market with limited OOH inventory. With the ever-growing gig economy, our driver-base can deploy OOH advertising virtually anywhere. We’ve helped build target audiences in places with limited or scarcely available media like Austin, Raleigh, and even College Station. 

Limited Media OOH Market Strategies

For recovery footwear brand OOFOS, they knew WHERE to target high-performance athletes (Ironman), but they weren’t sure HOW. The location of the Ironman North American Champion Race was in St. George, UT. With limited media options available, Wrapify helped them overcome these challenges. Just last weekend, they launched a successful advertising campaign that targeted the right audience at the right time. 

Mission: Increase footfall and product sales

Retailers, CPG, and alcohol brands often want to target distributor zones and key zip codes to drive foot traffic and product sales. These lofty goals can be difficult to achieve and even more to measure. That’s where the gig economy and performance-driven ad tech can step in. 

For example, TaylorMade aimed to measure sales for its new TP5 golf ball. One of their strategies was to drive wrapped cars around Dick’s Sporting Goods stores in DMAs like Atlanta. The result? A 102% lift in visits made to their TP5 product page.

Product Sales OOH Market Strategies
Product Sales OOH Market Strategies

Mission: Reach target market segments

Donut Effect OOH Market Strategies
Donut Effect OOH Market Strategies with Amazon in Seattle DMA

COVID-19 completely changed America’s major metropolitan areas. With less populated city-centers and more people working from home, the “donut effect” transformed the suburbs into the new hotspot for target buyers. Wrapify compliments core media and gets brands into the suburbs of top markets – where people are spending more time than ever.

When Amazon wanted to drive recruitment in their top 20+ markets, Wrapify created hot zones based on the “donut effect” philosophy. Then, drivers were sent to the city center AND the suburbs of the key markets. This ensured the widest possible audience for the campaign.

“Wrapify has allowed Amazon to reach pockets of key markets that our traditional OOH buys weren’t reaching. It’s been a great addition to our traditional media mix and we’ve been impressed with their ability to track performance with foot traffic attribution data.”

Sandra F., Senior Media Manager, Amazon

Mission: Dominate the market

For larger media campaigns that need a nationwide reach, you need a “surround sound” campaign. This means flooding key markets with your client’s advertising. Wrapify’s campaigns can be amplified in multiple markets at once, penetrating downtown areas as well as suburbs and local neighborhoods.

For sports-betting platform Caesars Sportsbook, they were able to reach markets from NYC to Ann Arbor. Their Wrapify SWARM campaign included super-sized, fully-wrapped ride-share vehicles. They drove around key sporting events, providing the wide audience reach they were looking for. 

Market Domination OOH Marketing Strategies
Market Domination OOH Marketing Strategies

In conclusion, advertising within the gig economy, ride-share advertising, car advertising, ads on cars, or vehicle wrap advertising (whatever you want to call it) …  is not just a one-trick-pony. As many brands have experienced, this high-recall OOH medium has been the key to brand building AND measuring performance. To see which OOH market strategies would work for you, contact us for a personalized strategy session.  

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