Dentsu has released its inaugural Reading the Room survey, which has uncovered key consumer segments that demonstrate how Australians are responding to concerns around the economy.
The survey also shows how Australians are responding to the cost of living and identify the different ways in which consumers behave.
In today’s post-pandemic, inflation-powered world, dentsu aims to help marketers be more agile in their thinking, launching a new proprietary intelligence report to help businesses better understand quickly changing consumer sentiments.
These segments – the Rich & Ready, the Bet Hedgers, the Wealthy & Unwise, the Suffering & Scared, and those Living for Today – are all responding to announcements like the Reserve Bank of Australia cash rate decision which lands on the first Tuesday of the month in different ways and dentsu’s Reading the Room survey is a tool designed to read between the doom and gloom of news headlines.
David Halter, chief strategy and growth officer at dentsu ANZ, said: “Inflation, rising interest rates and stagnant wages are having a direct impact on the standard of living for everyday Australians.
“As this scenario plays out, brands must understand how the whole nation is feeling and intending to behave.
“The first Tuesday of every month is shaping up to be a critical time for consumers, with many consumers using the RBA rate announcement to carefully plan their budgets and this is when brands should also be thinking about their marketing.
“It’s these brands, the ones that ‘read the room’, analyse the consumer trends and adapt accordingly that will win as we all navigate these times of economic uncertainty,” Halter added.
Dentsu’s Reading the Room survey is the tool designed to help marketers and brands to gain fast insights into their customers and potential customers and adapt marketing plans to respond to changing conditions.
The survey is compiled via a survey of 2052 Australians, allowing dentsu allowing to really understand how recent economic circumstances have affected different consumer groups.
Halter said: “Knowing which category your consumers are in is the first step for any marketer navigating the current economic conditions. Brands must be asking themselves critical questions to turn these consumer insights into opportunities.”
“Where does your product or service sit, and is there an opportunity to reframe, reposition or re-promote to align with real needs? ‘Business as usual’ is no longer going to cut it because life no longer is.
“For many brands, it will require investment and a shift in strategy, which is why we have designed Reading the Room playbook to help brands balance their way through these changing times,” Halter added.