Times are changing
Australian consumers are changing the way they spend, and it’s all the more reason why you should be building your brand online.
Whether it’s the cost of living or other financial pressures, more and more Australian consumers are feeling the economic pinch—resulting in a severe change in spending behaviours focused on necessities and minimising the amount of money spent on entertainment and food.
With stagnating incomes and interest rates rising, people are paying closer attention to their spending habits and household budgets. This current trend is significant for tourism and hospitality brands offering products and services often viewed as non-essential.
So, what should you be looking out for, and why is it now more important than ever to be building your brand online?
NAB Consumer Insights
From a survey of 2,050 Australian consumers over the period 18-29 May 2022, the key findings from the NAB Consumer Insights were:
- 54% are switching or shopping around for cheaper brands and products.
- 48% are cutting back or turning off electrical appliances and electricity.
- 46% are cutting down on car journeys to save petrol.
- 44% are cutting down or stopping buying micro treats—coffees, snacks, lunches.
- 43% are cutting back on food delivery services.
- 43% are creating and following a budget and tracking spending.
- 40% are cancelling or cutting back on entertainment.
This level of penny-pinching means Australian consumers are looking for deals wherever they can, and where do people turn when they’re looking to save money or grab a bargain? Online. Building your brand online keeps you front of mind for bargain-hunting consumers.
1. Sell benefits, not products
It’s all well and good to promote products online, but it’s so much more effective to sell the benefit of said products. How will your customers benefit? Will it make their workflow more efficient? Will it help their team grow? You’re not selling what a product is; you’re selling why people should buy it.
By building your brand online, you’re giving yourself every oppurtunity to educate, entertain and nuture the community around your brand.
2. Follow trends and embrace new social media features
Recently, we’ve had incredible success on Instagram with Live Ningaloo, a client of Coffey & Tea. In just six months, we have grown Live Ningaloo to more than 10,000 followers, largely thanks to investing more time into Reels.
When potential customers are more financially conscious of their purchases, it’s crucial to keep your brand at the front of people’s minds, and an excellent way to do that is through social media.
A solid social media following is essential to building your brand online, as it adds credibility to your online image and gives you another place to interact with potential customers.
3. Online visibility is crucial
Because more and more Australian consumers are becoming increasingly reluctant to spend money on entertainment and seemingly indulgent purchases, building your brand online is more important than ever. However, this doesn’t mean going overboard with paid adversities or traditional marketing.
Nowadays, online visibility is all about creating more organic-feeling content. Whether it’s Instagram or TikTok, you want to make your content feel less like traditional advertising and more natural. From the Feed to the For You page, people don’t want to feel like something is being sold to them constantly, so your content should always focus on adding value, shareability, and engagement. Lookout for trends you can jump onboard with, and don’t forget to think about the type of content that your audience wants to see from you online. Remember: you aren’t making content for your brand; you’re producing content for your audience.
5. Build your brand and its reputation
Consumers looking for a deal or savings don’t simply want the lowest price possible from just any old source. Deals aren’t just about saving money; they’re about peace of mind in knowing you’ve made the right purchasing decision and you can trust the brand or business you’re purchasing from.
As a brand online, your greatest asset is your reputation. By building your brand online you’re creating avenues for word of mouth, positive reviews and a strong community centred around your brand are crucial to moving potential customers along your customer journey.
