Alex Young, Marketing/Beat

The word recession is enough to strike fear into the heart of anyone in a society facing financial crisis, from individual households and small businesses right through to global brands.

Managing director of brand and social impact agency We Are Futures Alex Young explains why marketeers need to ensure that every penny of their marketing budget is working as hard as possible over the coming months.

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“Those of us who have lived through one or more recessions have an insight into the various ways it will impact our lives so will know something of what’s ahead, while for younger people who have not yet been directly affected by recession there will be a significant degree of nervous anticipation.

Add into the mix that the circumstances around each recession are different – this one comes hot on the heels of the pandemic, post-Brexit and in a climate of increased care about an organisation’s social purpose and values.

The upshot of this is any brand undertaking marketing and advertising must be careful to adapt its messaging and behaviour accordingly – all while bearing in mind that, whether it’s someone’s first or fourth recession, a sense of fear and uncertainty will prevail.

At this stage in any crisis that affects public spending – be it a recession or a global virus – the advertising industry braces itself for both short- and long-term behaviour change. If history is anything to go by, the old adage applies every time: ‘When times are good you should advertise, when times are bad you must advertise’. But it is never as simple as that.

Few businesses will go through the recession without any impact on their bottom line, so ensuring every penny of the marketing budget is working as hard as possible should be every CMO’s priority. To that end, now is the time that consumer-facing organisations should be considering exactly what they want to say – and how – over the coming months.

Switch the focus

First and foremost, a recession is not the time to be going hard on shifting product – and that has never been truer than in 2022, when the cost-of-living crisis means people’s disposable income is under greater pressure than ever before.

Ploughing spend into the marketing of non-essential goods makes little sense, and – depending on your stance – there is also arguably a moral obligation on businesses not to continue trying to shift goods to an audience which has little cash to spare.

But that doesn’t mean you can’t have a voice. Instead of marketing physical products, promote services. Add value in other ways. Use your expertise to make a positive difference to people’s experience of the current situation.

Remain front of mind

Two things to avoid are business as usual with no change in content, or a complete shut down and radio silence. Instead, change tack and see how you make an actual positive difference in people’s lives at a time when they need it the most.

How can you actively support young people, families and communities? Those actions will be far more powerful and remembered by your audience as they provide clear tangible benefits beyond standard advertising.

Education, education, education

Effective financial advice, tips on how to save energy, information around lifestyle changes that will result in tangible benefits or even the unpicking and explanation of complex financial issues are all alternative narratives for businesses at this time.

If nothing else, acknowledging that times are hard and that, as a business, you are sensitive to that, will go a long way.

Companies that can offer help, information and reassurance will create a subtle but important emotional connection. By adding value of a different kind, marketeers can reposition the role of their business in consumers’ lives.

Come at it from every angle

Instead of thinking ‘how can I get clients to spend’, put yourself in the shoes of the end-customer. Take time to replace your advertising hat with a consumer one and find a voice that strikes the right tone.

Implicitly understanding the needs of the public in a time of uncertainty will be what sets you apart from less considerate competitors. What actions can you take to make a positive impact in their lives? How can you be a friend rather than existing simply to encourage them to spend money they don’t have?

Expect scrutiny

No organisation’s popularity will plunge faster than one which is insensitive to the public mood.

Big bonuses going to senior management, windfalls for shareholders and anything that costs the taxpayer a penny are all a huge no-go at times like this. But so too is the behaviour that is less official but equally insensitive – extravagant Christmas parties, crass social media comments and behaviour that goes against the company’s external messaging.

The public – and young people in particular – want to throw their support behind a company whose ideals match theirs. They want to see organisations living their values, proving they go beneath the surface and beyond snappy straplines and marketing blurb.

Prepare for an uphill battle

Whether you are a CMO or an agency client lead, bear in mind this approach might not be the easiest sell to the next person up the chain of command. It is natural for those answerable to the shareholders to be nervous about the next steps to take once the public start to tighten their purse strings.

Marketeers must remain confident that the value of switching from outright advertising to a more public service approach will show itself, but it will be your job to show that success may not come simply in the form of clicks and conversions.

You will almost certainly find you are playing the long game, but hold your nerve and you will be rewarded.

The magic solution

The truth is, there is no magic solution here – the next 12 months or more will be difficult for everyone both personally and professionally. But there are some key actions marketeers can take today to come out of this crisis as strong as possible.

• Redirect budget to personal touchpoints and actions. Making more of a tangible impact which will be key to surviving the storm.
• Look at what your brand can offer that will help education, reassure or add value to people’s lives – be a guiding light that walks beside them through the tough times.
• Check your tone in every piece of external and internal communications – be sensitive to the stresses and strains on people’s everyday lives and ensure you are speaking their language.
• Demonstrate authenticity by joining up the way you speak and the way you behave as a business.

Remember this is not a short-term sticking plaster. Effort applied now will pay dividends when the storm has passed and the spending power returns.

Don’t panic: 6 steps to creating a recession-proof marketing strategy

Brands must ensure their messaging connects with their values to win the next generation of consumers

Alex Young, Creative Brief

With audiences becoming more and more fluid and social platforms continually evolving with new toys, features and filters to catch people’s eye, it’s never been more important for brands to find a format through which they can engage the public effectively. And as every

CMO knows, it is the consumers of tomorrow who should be a key priority. Namely, young people. 

Brands who wish to reach young people today should abandon any thoughts of just story-telling and replace it with story-doing

Alex Young, Managing Director, We Are Futures

If a brand wants to make a real impact with young audiences then creating a connection is crucial, and for that to happen they must look beyond merely traditional advertising. It’s not just about trying to work out where this audience is and deliver an ad anymore, brands have to be savvy and do more than tell a story. Draw them in and offer them value before even considering selling a product.

In fact, selling a product should be low down the list of objectives in youth marketing. At this important stage in the life of an Emerging Adult – that is, someone aged between 16 and 24 – the priority should be getting on their radar in a positive way. This age group is incredibly principled and passionate and are looking for brands that resonate with that as they make unconscious decisions about which products and services to align with as they enter adulthood. And don’t be lulled into a false sense of security knowing they are not the breadwinners in their household; their influence on their parents’ purchasing habits cannot be underestimated.

Brands who wish to reach young people today should abandon any thoughts of just story-telling and replace it with story-doing. Think initiatives such as young inventor competitions, personal banking challenges, innovation schemes, education and skills building programmes.

And if you don’t know what that looks like, let me share with you a few key pieces of advice on the best approach.

1. Spend time with your audiences

This cohort is one who have arguably suffered the most through the pandemic, seeing key education and social milestones directly impacted. Add in Brexit, the cost of living crisis and university fees and these young people are leaving school with some impossible decisions ahead.

Take time to learn their needs right now: what’s important to them, what would add value to their lives and what they may be lacking that they can’t get access to elsewhere. Free education or training in certain areas – such as finance or STEM – could deeply enhance their lives, inspiring them and opening up doors they didn’t know existed. Meet them in the middle and make their lives and future prospects better with some form of added value.

2. Connect on their level and understand their mindset

While the aforementioned Emerging Adults are the key audience to consider today, Gen A shouldn’t be forgotten. Each audience is of course very different, but assuming you have done sufficient research then tailoring programmes to a broad range of ages – with separate and age-appropriate focuses – ensures no one is left out.

And yet, while establishing age-appropriate content, also make an extreme effort not to patronise people of any age. Young people have a strong voice and know their minds. They feel empowered and want brands to speak to them on an equal footing. Take your time to respect their intelligence.

3. Give them something to celebrate

Young people respond well to praise, and offering training or education programmes that include some form of accolade or accreditation that they can share and celebrate will deepen the connection and enhance the positive relationship between them and the brand. Crucially this value exchange will also offer them a way to share the achievement and in doing so promote your offering to their peers, helping amplify your invaluable impact on their lives.

4. Strike the right linguistic tone

Remember you’re trying to appeal to and connect with people on their level, and this means language too. Social media means people form their opinion of a company from a range of sources so falling back on the traditional method of splitting the company’s narrative between the corporate website, the social platforms and the press/media is no longer effective. Adopt the right tone in your messaging, opinions and principles and then weave them through every element of your external communications. And leave the corporate speak in the boardroom. 

5. Be authentic

On a similar note, while you need to consider language and the importance of connecting on their level, don’t be seen to be trying too hard or being fake. As a brand you have a voice, just tailor it to the audience’s way of thinking, their cultural reference points and passion points, instead of trying to become part of their culture.Young people care deeply about the environment, equality and diversity: speak to these issues with genuine authenticity and you will win support. Try to fake it and the gauge will swing hard the other way.

6. Bring them something different

In the world of education, get creative with platforms, digital tools, tech or whatever you have at your fingertips that sits outside of young peoples’ everyday lives. Turn their heads, excite them and give them a reason to engage. Make learning attractive and appealing and spark something inside that they will forever associate with having started with you.

In short, spend time with youth audiences, learn their needs, relate to their story and make your communication about them, not you. The brand must meet the audience in the middle and endeavour to enhance their life with some form of added value. If you can connect now, with story-doing and not storytelling, you stand a good chance of being part of their own story for a long time to come.

https://www.creativebrief.com/bite/storytelling-vs-storydoing-art-bringing-audience-story

Mark Fawcett, The Financial Services Forum

The majority of people are being impacted one way or another by the cost of living crisis, but one demographic that can be overlooked – perhaps because they are not breadwinners or bill payers – is young people. Otherwise known as your customers of tomorrow.

People are notoriously loyal to their bank – relative to other sectors – so those that strike the right note now could win over a huge number of young people very early in their banking journey. But they must engage them in an informed and considered manner.

The experiences of today’s young people are defined by a unique set of circumstances, from global and domestic divisions and economic uncertainty, the social and political implications of Brexit and, of course, the pandemic which caused unfathomable upheaval for so many young people. Their education was disrupted but so too was their ability to socialise which at such a formative age is a critical loss.

The cost of living crisis is now exacerbating all these negative factors.

Unfulfilled, Unhappy, Lonely

Our research shows Gen Z feel unfulfilled: they are too often unhappy, lonely, lack confidence and are unsatisfied with life. They are uncertain about their purpose and place in the world, have anxiety about the future and find life less rewarding.    

Young people are looking for a reassuring voice, a helping hand and a trusted steer. But they are also guided by their principles so relate to institutions and businesses who reflect their passions for fairness, equality and diversity, and respect their fluid approach to interests, views and identities.

We should also not forget that as well as being the customers of tomorrow, they are also future employees. Perhaps as a result of their disillusionment of the past few years, Gen Z place great importance on finding happiness in their careers. Their recent experiences have been far from satisfying, so they see their career as a way to make positive change over which they have some control.

Finding the right way to speak to these people today will be crucial to every bank’s success tomorrow.  

“We’re here for you”

The massive disruption experienced by young people means the ‘we’re here for you’ language can still work but needs to be adapted for the times we’re living in and done with an authentic voice. It needs to mean ‘we understand what’s going on for you’ in terms of their poor university or end-of-school experience, their perhaps unsatisfactory exam experiences after so many missed classroom hours, their concern about job prospects, and around Brexit. Banks need to really think about how they can help during this time and have a real, tangible impact on people’s lives. Lip service will not cut it.

Businesses need to nurture young peoples’ natural optimism and be positive, and banks are in a strong position to do this given they are an essential service and one that can hold the key to a certain amount of life’s experiences. Educating young people around financial issues, helping them feel informed and equipped to deal with their financial future will create a connection.  Emphasise a brilliant future of limitless possibilities and take them on a journey of shared values. Give them hope and demonstrate faith in their potential.

A less personal but equally as important approach, is to use your platform to celebrate life-affirming stories in the world around this audience, and champion the causes they believe in, banging the drum for positive change.         

Make these a natural feature of your culture and communications, while showing authenticity by ensuring that this attitude flows through your business and features in everything you do and say. Young people feel passionately about equality and fairness and will not stand for anything that is not entirely genuine. Show that you are on their side and fighting alongside them and you will earn their loyalty.                                                                         

A great example of a bank engaging with its communities in an authentic way is NatWest’s MoneySense, a free financial education programme for 5-18 year olds. It helps tackle issues of real interest and concern to young people, such as student budgeting and staying financially safe online and within social media. The programme partnered with COP26 to put a spotlight on climate action, and also offers regular volunteer-led workshops in schools around the country. Overall, it listens to parents, teachers and young people and focuses on content where it can provide the greatest benefit.

When less is more, and means more

This all comes down to being authentic. Young people have lost faith in government and politicians to take a stand and make a difference so are looking to businesses to fill that gap, using any power they may have to effect change. So financial institutions should absolutely get involved and comment on major issues, but it is very important they only do so if they are taking real action themselves. Social media and a very savvy generation of youngsters means there is nowhere to hide and they will get called out quickly and hard.

There’s no escaping the fact that for young people banking is largely seen as a stuffy, unexciting subject that has layers of complexity and is not easy to understand. This is because it’s not something they’ve had any interaction with. If banks can change that by defining how they speak to young people in their language, on topics that matter to them, and in a tone that they will respond positively to, they will see a powerful change in how they are perceived.                                            

With so much of life now taking place online, memorable real-life encounters deliver more value and impact than ever, so a business that invests properly in promoting its support of certain issues will resonate far deeper. While authenticity is always the most important factor when deciding where to plant your flag, finding a couple of causes or issues to support as a business and then investing in taking those out to people in a more memorable way is often the best course of action.              

Some of We Are Futures’ most successful and impactful programmes support corporate employees to be in communities and schools engaging with young people to deliver real impact. The value of real-life encounters is especially relevant for young people thinking about future careers. The Gatsby Benchmarks for good career guidance include the importance of memorable encounters with employers and employees, in which school children should have multiple opportunities to learn from businesses about work, employment and the skills that are valued in the workplace.

Don’t be seen to capitalise on the crisis

Finally, just be real and honest. Offer real help and advice, support customers as much as you can and don’t take advantage of the problems everyone is facing. Banks that make financial gain out of the publics’ hardship might appease their shareholders but will make themselves very unpopular with customers. Conversely, being seen to give back in a way that makes a positive difference will put them on the right side of history and, ultimately, earn them the business of a principled generation of potential customers.

OPINION: How to talk to Gen Z during the cost of living crisis

Alex Young, People Management

The news in the last couple of weeks that the current shortage of workers is estimated to cost the UK economy £30bn a year was a sobering one but will have come as little surprise to many. 

The impact of Brexit continues to be felt in many areas but recruitment is perhaps one of the hardest hit, with additional issues – such as the pandemic and the cost of living crisis – only fuelling the crisis. 

Political uncertainty domestically and internationally inevitably rocks things further, with no one entirely confident in how the short-term future will play out for them. And for young people that uncertainty is deeper than ever. 

We may be living a post-pandemic life, but for this summer’s school leavers the effects of those two years are still being felt deeply. It’s no secret that for many in this generation the pandemic will continue to have a catastrophic effect on their lives from which some will never recover.

Disruption to education and the absence of opportunity to socialise is shaping their lives even today, and as they leave school their futures are far from certain. Meanwhile, by struggling to recruit workers across many sectors businesses see their own futures under threat. 

What is needed now – and urgently – is for businesses to rethink the way they engage with young people to ensure they are in a position to attract the very best talent and in doing so shore up their business for the long term.

Last year we conducted a research project into the attitudes and outlook of generation Z and from that created a set of guiding principles designed to help businesses better engage and connect with young people. 

Help them grow

There have been resounding calls for businesses to invest in skills and training to boost recruitment. Bringing in employees early and offering them the chance to learn while they earn will be a hugely attractive prospect for many young people. 

Building essential skills can mean a person is 52 per cent less likely to be out of work or education. It is also associated with increased wellbeing, and can lead to a significant wage premium, yet it remains something that is seriously lacking, with demand for essential skills development opportunities (83 per cent) far outstripping supply (14 per cent). Earning on the job also helps those for whom the cost of living crisis means staying in education is no longer an option. 

Young people are driven to learn and develop and every engagement with them is an opportunity to help them develop a critical skill or attitude that will build shared growth and a more successful future – for them and their employer. 

Celebrate progress

Young people benefit greatly from recognition, with 71 per cent telling us it is important they feel valued at work. Businesses must recognise their achievements, celebrate both their individual and collective successes, and help them track their progress dynamically. Give them the opportunity to be proud of their achievements and see evidence of their progress.

Mentoring should also not be overlooked in the development of young employees. Anyone at the beginning of their career should be offered the chance to join a mentoring programme for access to the guidance, advice and support that is essential for growth.

By offering them the chance to work their way up through the ranks, while giving them the tools for personal growth and development, a business can open up a world of opportunities – and earn a degree of loyalty in return. 

Check your tone and be authentic

Training, development and mentoring can be absolutely pitch perfect on paper, but unless it is communicated well it is wasted. Effective communication should speak the language of the desired audience, tapping into their passions and priorities. 

However, it is crucial that all messaging carries authenticity. Young people are quick to dismiss poorly conceived or inauthentic attempts to connect with them and will call out a business that says one thing and does another. By ensuring that the ideals they support are woven through every aspect of the business, a company can avoid being called out and shown up. 

To truly strike the right note, to stay relevant and to ensure authenticity is at the heart of everything they say, businesses need to focus on co-creation – listening to this audience and asking them to reveal the world from their perspective.

Work with them

Recruiting people is one challenge, retaining them is another. Speaking to their passions, providing support and training, and being authentic will go a long way to winning their loyalty, but understanding how they view their future is also important for any business looking to keep their homegrown talent, well, at home.

We found 44 per cent of people aged 16-24 expect to have changed jobs more than four times by the age of 30 – a true reflection of the different pace at which they live their lives. Businesses must recognise how swiftly they move through jobs, life stages and changes in their early life and be reactive and culturally relevant, making an effort to understand the real-life context of every age group. This will create an agility that will help maintain that connection as their careers progress. 

There is no getting away from the recruitment crisis we are in, and the knock-on effect today’s current shortage of workers will have on our economy. But there are significant measures every business can take to make not only their own futures more certain, but also that of individuals. By following a few well-informed guidelines and adopting an outward-focused, forward-facing attitude, any organisation can defy the projections and set themselves up for greater success.

https://www.peoplemanagement.co.uk/article/1795417/engaging-young-people-will-help-businesses-weather-recruitment-storm