The recent COVID-19 pandemic has brought many changes around the globe, mostly to our economy. Governments had to impose lockdowns to prevent the spreading of the virus and as a result, businesses have failed and jobs have been lost.
During economic recessions like this, financial uncertainties undeniably change the behaviour of everyone.
This is why we think we can all agree that the coronavirus pandemic has affected all of us financially in different ways. For a lot, unfortunately, it impacted them negatively. While others have realized that their finances are not as stable as they thought. This pushed them to be more financially aware and budget better in an attempt to keep their finances secure.
How did the pandemic affect you?
The confidence of mothers in their finances
The financial anxiety that COVID-19 has caused did not leave young families untouched. If anything, it would be surprising if parents were not the most worried about their finances in these critical times because they have children to feed and support. 61% of mothers in Southeast Asia were worried that COVID-19 would affect their finances badly last March 2020.
Because of COVID, in the same region, only 39% of mothers were optimistic about their current finances (August 2020). The confidence of mothers in their finances affects their willingness to spend and causes them to change their spending habits.
Many marketers value the thoughts of mothers as they are the “big spenders of the family.” Meaning, they are mostly in charge of choosing what to buy for their kids, the family’s daily necessities, and other big household purchases.
A report by theAsianparent insight in August 2020 showed that because of the pandemic, mothers are changing their brand preferences and priorities. In the same report where more than 4,000 SouthEast Asian mothers were surveyed, it was shown that they are less likely to spend on big-ticket items now. These big-ticket items include furniture, appliances, new gadgets, luxury items, personal vehicles, and even financial products.
In these times of financial worry, how do we market effectively to young families led by mothers?
1. Connect with mothers by being relatable
Did you know that brands can have a lasting impression on mothers if they start portraying them realistically?
Another report by theAsianparent insight with surveys conducted pre-covid has shown that a big percentage of mothers are looking for an accurate representation of their lives as struggling parents.
The advertising industry has a habit of showing stress-free “looking” models in ads targeting mothers. This is something most moms do not really like. How do we know?
In the same report, about 50-60% of mothers described that advertisements directed to them always depict beautiful and confident models. But, guess what? Most of these mothers expressed that these ads are unrealistic and they wish to see more they can relate to.
Indeed, showing mothers that you really understand them would be the best way to connect with them. Especially during these tough times where compassion from brands is expected by the majority. As a result, they will feel attached to your brand more as they develop a connection with you.
The best thing is, your brand can achieve this through ways like simply changing how you portray your models in your ads or through writing/filming relatable content.
Doesn’t that sound so simple?
There is a reason why 95% of mothers agree that advertisers should know how it feels to be a mother. Perhaps, they feel like having these advertisers lead can help them become more accurately represented. Let’s help them feel more seen and make sure they’re not alone during these times!
2. Gain their trust by encouraging user-generated content
Because of the pandemic, internet usage by the clear majority has sky-rocketed. To the point where peak hours are no longer very distinctive. This is true for moms, too! This is why digital marketing has grown exponentially.
That being said, if your brand caters to the needs of young families, user-generated content is the way to go! UGC is a highly influential trend in the digital marketing world. In fact, about 85% of consumers who are active on social media find visual UGC to be more influential than brand photos or videos. Parents are also in this statistic!
We think it’s also important to note that this is not really the best time to hard-sell your products. A big percentage of people today find ads to be “intrusive.” Also, if you’re financially worried because of the pandemic, you won’t likely be actively looking for products to buy. It is undeniable that content marketing is the more effective and more economical digital marketing strategy to have in this age.
On top of user-generated visuals, 43% of 3600 mothers also tend to make final purchase decisions with UGC (specifically, online reviews and word of mouth). If you include professional reviews in the mix, this would be a killer combo!
Best ways to do a user-generated campaign
Now, if you’d ask us, the best way to execute a user-generated campaign is through (but not limited to) the following:
- Create a campaign that encourages parents to post photos and videos i.e raffle draws, hashtags
- Asking them questions and involving them in conversations through social media platforms
- Incentives for writing online reviews about your products or services
- Honest reviews & testimonials from professionals, influencers, and other trusted people in your industry
Parenting apps & websites are proof that there are so many social media active parents that can engage with you on the internet. TheAsianparent platform alone has over 35 million monthly users. Don’t let this potential go to waste!
For examples of user-generated campaigns, here are 5 Mother’s Day UGCs from Vesta.
3. For premium brands, introduce a “fighter brand”
As the pandemic has increased financial anxiety among parents, the willingness to buy premium-priced items has lessened in line with their changing priorities.
If you’re a premium brand, the desire to lower your prices is tempting. While giving discounts is certainly not a bad thing, having discounts on your products more often than usual could be harmful to your brand.
Getting back your image as a premium brand after people have already been used to your low prices is a difficult thing to do. This is one of the things that the great recession of 2008 has taught us, and we’re here to remind you of this.
Introducing a “fighter brand” to offer lower-priced products would be the best thing to do if your market is among the financially worried during COVID-19. This could prevent you from losing your customers to your lower-priced rivals, and it’s quite a common strategy top brands do when economies are down. Maybe it’s time for you to join them if you haven’t already.
Should you launch a fighter brand? Here’s an article from Harvard Business Review for a more in-depth answer.
TL;DR
Economic recessions like what the COVID-19 has caused impacts the way young families shop for products. In regions like Southeast Asia, mothers decide on most of the everyday products their families buy. This is why one of the best ways to market effectively to young families, is by focusing on mums. Connect with these mothers by portraying them realistically. Encourage user-generated content to build your community. Lastly, for premium brands, consider introducing a fighter brand to be able to offer lower-priced products.
