The economy needs your customers to spend. And spend fast. Set the pace in the race to save the economy.
People who know me know I like a challenge.
I don’t like to admit it, but I’m naturally competitive. If someone asks me if I can do something, my instinct is to prove that I can. Cycle from London to Leeds overnight? Play rugby at 50? Swim up and down Lake Padarn in Snowdonia, in Autumn? My answer is always yes.
But now a new challenge has been set. And this time, it’s serious: Can you get your client’s customers to start spending again? Can you save the economy?
A deep recession?
Lockdown has been many things to many people. For many, it’s been intense, stressful and uncertain. For others, it’s been comfy, even convenient.
But our lockdowns have all shared one thing in common: they’ve been cheap. In April, household consumption dropped 36.5% compared to the previous year, and British households banked more in March (over £13 billion) than they had ever saved in a single month before.
Cause for celebration? Not exactly. Cause for concern? Almost definitely.
High savings and low consumption rates are the breeding grounds for a global recession. The Bank of England expects GDP to shrink by 30% in the first half of 2020, and you have to travel back to 1709 for figures that drastic.
On your marks. Get set. Spend.
The quickest way to reverse this recession is to spend. And spend fast. Whether we’re ready or not, we have all just been entered into a race to save the economy. Luckily, we’ve got more time on our side than Flash Gordon ever had, but the clock is ticking, and I doubt it will show any more mercy than Ming.
As market researchers, it is not only our job but our moral duty to get people and businesses spending. Because if we don’t, this recession will cause more harm and last far longer than it needs to.
If it’s a race, how do we ‘win’?
This isn’t your typical egg and spoon race. There can be no winners if there are also losers. To avoid a disastrous recession, UK consumers need to start spending in record numbers. For this to happen, every business and brand needs to pull their weight and reconnect with their customers. To save the economy, we must all cross the finish line.
But that doesn’t mean we all have to cross the finish line at the same time…
Our clients are used to using our insights to get ahead of the competition. This race is no different. We will work with you to ensure you lead the pack from start to finish, setting the pace for others to follow. That way, everybody wins, but you end up on the podium.
So, what can we do?
Everyone is racing to save the economy. That’s why we’re calling on our clients to start running and to get a headstart on their competitors. We’re already unpacking the national mood to identify what people are really thinking and how they’ll really behave, and we’re finding the answers which will get consumers spending again.
How we do that depends on how people are feeling, which is why testing ideas or messages is crucial. Now more than ever. By anticipating how consumers will respond to ads, concepts, ideas and pricing, we’re here to help you make the right calls first.
The difficulty is that there are now two distinct groups of customers: those wary to leave home for safety reasons, and those chomping at the bit to try to return to normality and who remember how enjoyable shopping is.
We cannot win the race with only one of those groups. We must address them both equally. They need to know that spending doesn’t come at the cost of safety.
Because if either group fails to join the race, then we simply cannot win.
Now is not the time to worry about budgets, purchase orders or director sign-offs. Now is the time for instinctive action. This is a sprint as much as it is a marathon, and we will get nowhere by sitting at the starting blocks.
The race has already begun.
So get in touch. Let’s get Britain spending, and let Trinity McQueen help you to win the race.