There is much conversation about what consumers will be looking for as we reboot the economy – so we have summarized here what is considered to be the eight key drivers that brands need as people choose which brand’s they engage with moving forward.
There will be winners and losers in the pursuit of customer engagement – and brand association will be critical.
Consumers (and businesses) will be much more deliberate about all purchasing decisions. Every dollar counts and rebooting the economy is of paramount importance – there is a feeling of shared responsibility and that we can do this ‘together’.
6.4 million Australian’s will not travel overseas this year, which represents $50B in purchasing power. Australians will still want to ‘experience life’ and have a ‘good life’ – so smaller luxuries such as a family activities are important for people to look forward to.
In the GFC, RedBalloon found that the experience economy continued to thrive – and that people value the safety of brands that they trust.
Here are key elements for marketers and agencies to consider:
- Trusted brands (whether global or local) will want to associate with home grown success stories. Brand association will build trust.
- RedBalloon has 84% unaided household brand recall – a marketing research technique used to measure the effectiveness of a brand by questioning people about it without giving any clues.
- Economic Impact – when every dollar is important make sure that small businesses anywhere in Australia are part of the solution.
- For every dollar spent with RedBalloon, ten times that amount is created in economic impact on local communities.
- Vivid story–telling, community connection and accomplishment will make people feel differently about the brands who support home grown businesses. Customers want to feel good about the brands they choose.
- In 2019 RedBalloon delivered 600,000 customers across its 1800 experience suppliers.
4. Socially aware and a local, community first approach
- Marketing programs must reflect this array of different needs. Demographics data cannot define marketing segments – customer sentiment will. Brands need a customised approach as opposed to a ‘one size fits all’ approach.
- RedBalloon is a grassroots Australian business that has the power to bring money into the Australian small businesses and communities that need it most. The success of this was seen in the post bushfire season targeted marketing response, designed to deliver economic recovery to the most affected areas.
5. In tune with consumer sentiment
- Consumer sentiment is about #buylocal and #madeinAustralia but also reducing imports and the carbon footprint of freight.
- The traffic and popular search terms on RedBalloon.com.au act as intention data on what people aspire to – and it indicates that a small luxury to look forward to is highly valued. With RedBalloon, it is Australian, and easy to deliver anywhere.
6. Quality is important
- Marketplaces and handpicked curation are increasingly important, as a marketplace gives the added benefit of approval and authority.
- RedBalloon experiences are selected based on meeting a rigorous quality program, including government regulations, certifications, insurances, service level agreements, and customer feedback.
7. Brand and service promises are increasingly important
- Whilst online sales have increased, delivery and service issues (as well as out of stock) has caused brand challenges.
- RedBalloon delivered 600,000 customers to small businesses in Australia and NZ in 2019 with a 4.6 star rating. And works closely with bringing partners back online as soon as restrictions permit – this is localised by state.
8. New dynamics at home mean new priorities
- Just because we can, won’t mean that we will – Australian’s will remain circumspect about how many people they are in contact with.
- To meet this demand, RedBalloon has launched a range of At home experiences that continue to grow, which is driving economic growth for our suppliers.
RedBalloon plays an important role in being the conduit from big brands and companies to small businesses.
Brands who assist in the recovery of the Australian economy will capture the hearts and minds of the people. Australians are loyal, nostalgic and increasingly proud of their country. Nation building and nationalism are on the rise, so marketers have a moment in time to assist in rebooting the Australian economy.
According to studies by McKinsey, PwC and more, these are the main drivers for building brand resonance.