The auto chip shortage and supply chain crisis are creating severe inventory shortages, especially for auto dealers and furniture stores. While waiting for supplies and products, you may be wondering is it worth it to keep advertising? The short answer is, yes! Here are the top reasons why you don’t want to put the brakes on your marketing plans.
Keep Your Brand Awareness High
Reach and frequency are the keys to creating an effective marketing campaign. It takes an average of 5-7 impressions for a customer to remember your brand.
As the holidays approach, media ad space becomes more competitive. To prevent your brand awareness from diminishing in the market, you may want to maintain or even increase your ad efforts. This will allow you to maintain your brand awareness.
The majority of customers (77%) make their purchases based on the brand name. Consumers feel safer spending their hard-earned dollars on products that have met their needs before. Supply issues may hinder sales this season and customers may have to look at alternatives to their preferred brands. A targeted ad campaign can speak to these customers who are trying to plan their holiday buying strategy.
Having inventory in stock and letting customers know via advertising, will help your sales efforts during the holidays and beyond. Targeted ad campaigns utilizing the proper reach and frequency can help your holiday sales.
What if you are experiencing inventory issues with your business? To stay top of mind when inventory is low, pushing your existing inventory on multiple channels is a good marketing strategy. If you're airing a television commercial, it should have a clear CTA inviting customers to your social media or website. OTT ads can be interactive and include direct links to product pages you have in stock, creating an even more seamless customer journey.
Consider making tweaks to your ad messages to keep your customers informed. Assure customers in your ad message that inventory will return and let them know how your brand can improve their lives right now. Advertise upcoming inventory restocks. You may want to specify future availability dates so customers are not confused about inventory availability.
Customers Want to Know About Shortages
Be transparent in your ad messages. Customers typically understand delivery delays and wait-times for products – especially with news stories on issues with supply chains. Studies have shown that being transparent in your marketing efforts can sway former customers to give a business/brand a second chance after a negative experience.
Also, because of current inventory shortages, customers may feel inconvenienced right now due to the price hikes on many goods, from food to retail items. Some customers may see higher prices as an unnecessary “cash grab” by a business. Customers may not understand that companies are having to have to pay more for products to meet renewed customer demand. In some cases, business may be buying additional inventory to have on hand should supply chain issues continue past the holiday season.
As customers are visiting social media platforms to ask questions, address their concerns in an empathetic and polite manner. Social media is also one of the best places to provide real-time updates about your current inventory.
Be Prepared for New Inventory
As inventory and products trickle in, you want to make sure you’re top of mind with your customers. This is prime time to focus your energy on beefing up your advertising campaigns. Consider refreshing your marketing message to address the current business and inventory climate.
By creating a relevant ad with meaningful and creative ad copy, you can still incentivize customers to buy your current inventory. Perhaps you want to have a special offer in your message. Consider BOGO deals or including coupons for items that will be restocked soon. In addition to connecting with customers, you're making memorable advertising messages to increase brand recognition.
When new inventory arrives, be ready to take immediate action. The holiday shopping season is underway, and customers have heard through the media that they should purchase gifts early. Share their enthusiasm by showcasing restocks in your email marketing or posting pictures on social media.
Successful Advertising with Low Inventory Is Possible
With honesty and a concrete marketing strategy, you can still increase your brand awareness and sales while dealing with supply chain problems. Before your inventory returns, consider positioning your brand for more success by connecting with a media partner. These experts can help you develop a transparent and relevant advertising campaign that will truly make an impression on your audience.