Three ways for brands to make stronger connections in this cost-of-living crises
By Steve Brockway Maru/Matchbox | November 2022
The cost-of-living crisis is dominating the media and occupying many people's minds. The cost of basic, essential items such as food and energy bills have increased rapidly in a short period of time and much faster than average household wages.
The battle for people to keep their heads above choppy financial waters is intense.
For many, the domestic budget is under tremendous strain. The sums simply don’t add up. It is difficult to make payments and stressful to cope in an environment that keeps on deteriorating.
Even little home luxuries like streaming services have increased price increases with just 30 days’ notice.
People are doing more hours, working second jobs, and trying to make positive changes – switching accounts, making energy-saving decisions, and engaging more actively with retailer discounts and reward schemes.
The constant media coverage adds to the sense of turbulence as food banks become more prevalent and strikes take place more frequently.
How has the current climate really affected our outlook?
So, what kind of havoc is this cost-of-living crisis causing for people? How has it affected how they feel about brands and service providers?
Most of the available research on the cost-of-living crisis focuses on how people say they feel. It reports their stated attitudes and responses – the rational answers that people are comfortable recording.
This logical ‘System 2’ response of stated attitudes is only part of the picture.
There is an exciting opportunity to add value by revealing the deeper ‘System 1’ emotions that prime our behavior and choices. Maru’s proven system 1 enabled software helps clients understand consumers holistically: not just what they say they think but identify how they really feel by revealing their unarticulated words.
To do this, we spoke to 1,000 nationally representative UK consumers to better understand how companies and brands can best respond and connect with consumers in times of financial stress.
We asked participants what feelings they would say a brand should deliver to be truly supportive of customers during this time of hardship. And we asked them to express how they feel about what brands are currently doing to help with the cost-of-living crisis. In a very real sense, we set out to understand the difference between how people want brands to make them feel and how they are actually making them feel.
Please help me!
So, how do people want brands to make them feel during this cost-of-living crisis? What is the Ideal relationship?
I want to feel that the companies I use are in harmony with my situation in that they understand my situation and show empathy for me in the way that they communicate and act. I want to be positive about what they are doing, to feel stimulated by them, and feel that they are actively choosing to cooperate with me in thoughtful ways that help me intelligently fulfill my needs for me to achieve contentment.
This aspiration for the relationship provides guardrails for the tone of voice and actions if the brand wants to connect with the individual and deliver against their ideal.
This is very much a relationship rooted in the current reality and mutual respect. I want you, my provider, to signal that you understand my situation and stimulate me to help me find my way to navigate the situation.
Stop treating me like this!
Unfortunately, the contrast with how brands are making people feel right now is stark.
Companies are making me feel alone.
I am struggling with my situation; the brands are in control of me – they are making decisions to suit themselves and forcing these decisions onto me. They are restrictive towards me and make me feel like I am struggling alone against them.
I am indifferent towards them because of their superior and controlling actions.
Pathway to creating stronger connections
This technique of comparing the Ideal situation to the Current reality provides rich insight as to the path to take to build stronger connections with people in this changing environment. The cost-of-living crisis is causing people’s relationships with brands and companies to shift. This context is rich with opportunity!
Three key takeaways for brands to make more meaningful connections during the cost-of-living crises
1) It’s about their reality – empathize by showing that you understand it
To build lasting bonds, brands should focus their lens outwards: demonstrating that they understand the situation and the challenges faced by people and that their deliberate mission is to work for people to help them make intelligent and empowered choices.
2) Talk to me as an equal
The tone of voice is critical in creating communication that is appreciated. Talk adult to adult to have a chance to stimulate and engage.
3) Offer empowerment and solution options do not dictate
Create products and services that can support in challenging times. Create options and empower intelligent choices, do not dictate.
Summary
These rich, emotional descriptions humanize the stated attitudes and post-rationalized views so often seen around the cost-of-living crisis and reveal a new layer of understanding that marketing and creative teams can use to improve their consumer propositions and the communications or emotions that are wrapped around them.
Read the full whitepaper to learn how brands can make more meaningful connections during the cost-of-living crises.
Download the whitepaper
Cost of living crisis How can brands connect?
New insights that enables your brand to make meaningful connections in times of crisis
How does our approach work?
By passively capturing emotion through gamified techniques, we uncover why and how consumers connect emotionally to your brand, product, or service.
Survey participants simply scroll through a set of images and select images representing how they feel about the approach brands and companies take during the cost-of-living crisis versus an ideal or improved situation.
The images are selected from our database of thousands of globally validated visuals; each visual has been deconstructed and coded by an expert semiotician.
We use the images selected to identify the key emotional responses expressed through the selected images.
The visualization of the detailed analysis is expressed through nine primary segments (shown below). Each segment reflects different emotions, and the strength of each emotion is shown through the index.