With staff shortages in myriad industries beginning to drive up pay, your consumers will have more disposable income to spend on your products
PAY Has been beleaguered in recent months, maligned by ongoing fiscal uncertainty precipitated by the weakened pound: times are changing.
Data released by the Office for National Statistics and a survey by Markit for the Recruitment and Employment Confederation, has revealed that starting salaries for permanent and temporary roles are at 20-month highs.
With inflation levels above that of wage increases though with the last few quarters, many financial experts have been left surprised by the findings.
Fewer candidates are now applying for roles, resulting in pay incentives offered by businesses looking for both short-term and permanent staff.
Although some particularly temporary vacancies have been affected by the effects of the Brexit vote, fewer candidates are applying for jobs universally with employment reaching new highs in the current quarter.
Thus for businesses to maintain productivity internally incentives have had to proliferate once more in the guise of pay rises.
Although this may drastically be affecting profits amid the consumer spending squeeze, your business can be assured that through advertising in a more response derived context that you will elicit results amidst the at least temporal boom.
Therefore as you utilise the increasingly targeted metrics dominating the advertising world, you can systematically devise fragmented media buying strategies to target those either fresh in employment, or enjoying pay rises in existing employment.
While it may be difficult to legally ascertain this information, while also garnering the trust of consumers concurrently, focusing at least on addressable means of advertising that can segment your audience into complimentary groups.
With display across both linear TV and VOD you can drive the responses necessary while achieving your advertising KPIs of both entertaining and showcasing your products in equal measure.
For this style of advertising to work on TV and VOD the necessity to have data and knowledge of your potential consumers is imperative.
By matching your desired KPIs – for instance being employed – you can eliminate audience members who will not be relevant to your advertising tact.
Through broadcasting to those only who have enjoyed pay rises or are in fresh employment, your business can ensure maximum efficiency and drive and concise call-to-action that has emotive resonance.
Although brand response offers the highest payback for your business in the long-term, as you promote transient offers, promotions and products, no other means of advertising can rival direct response.
Therefore as you seek to exploit it amid variable pay rises, implementing data-driven response adverts will be imperative.
In particular with VOD you can place increased onus on targeting those who are employed for instance by certain companies you know have offered pay rises, or recently recruited new members of staff.
While this is possible through linear TV now, through the programmatic software that offers the realtime rotation based on the respective efficiency of your ad campaigns, you can ensure maximum efficiency and offset wastage with automated optimisation.
This exists for any campaign of course, but given the transient nature of politics, business and the financial sector as a whole, implementing creatives that can bare relevance within times of fiscal ebullience is key.
Therefore no fixed plan in this instance should be initiated.
In many respects the work of marketers and advertising campaigns carry great significance when related to the wider economy.
If you are not successfully connecting and appealing to your consumers then times where spending could potentially improve are wasted.
Although this news should not affect the tact your business takes as it undertakes brand awareness campaigns, your response should be driven around transience and resonating with the very factors for targeting them: prying on increased wages, focusing on the impulse, emotive, subconscious impressionability and relevance.
Through this you can avoid the sometimes wasteful response media buying within traditional linear, which has lead to myriad brands migrating to online to find accountable advertising outlets.
With the temporal raise in pay though for some, the key is for your business to have the adverts in place that can be reedited quickly to deliver to your consumers.
Thus having the basic creatives, which generically inform and allow scope for body language, tone and visual graphics to convey any changing information, you can seamlessly facilitate any transient periods of economic productivity.
Space City has been producing TV, online and radio commercials for 25 years, specialising in direct response to deliver sales increases of 600% for some clients.
Contact the team now and ensure you maximise any increases in pay to enchant your consumers through your advertising.