The four P’s of marketing in a cost of living crisis | WARC | The Feed

The four P’s of marketing in a cost of living crisis

Choosing the most appropriate distribution channels with care is vital to preserving a brand’s carefully orchestrated brand position; this is especially important when dealing with business conditions outside of the norm, according to Frances Dennis, client development director at digital innovation agency Brandwidth.

In an exclusive article for WARC, Dennis examines the element of ‘place’ as part of the four P’s of marketing during a cost of living crisis. Getting distribution strategies wrong, she writes, can inflict grievous damage on a brand. In 2018, British luxury brand Burberry reported destroying $36.8 million-worth of its own merchandise to protect its brand reputation and exclusivity.

Why it matters

Major economic downturns change the way consumers prioritise and evaluate their brand choices. But how brands should respond with regard to their distribution strategies depends on a multitude of factors.

Takeaways

• It is better to burn money in product form than sell premium goods on the cheap or lose control of distribution channels. Marketers should remember this during the cost of living crisis, when the temptation to ‘spray and pray’ gets ever greater.
• Market research should be leveraged throughout the crisis period. Use the insights to inform a ‘stick or twist’ approach (or something in-between) to your existing distribution plans.
• Remind consumers – and your organisation – what your brand stands for and what differentiates you. Make sure everyone buys into this position and understands it.