Golley Slater and Relative Insight release report on navigating imminent recession – Retail Times
Golley Slater, an independent UK marketing communications agency, and Relative Insight, a text analytics software company, have released a report “Navigating a financial crisis: The impact on shoppers and how brands can add value.”
The report provides an in-depth look at shopper conversations in forums and on social media, taking a comparative approach to uncover surprising consumer insights surrounding a likely recession. Employing Golley Slater’s deep experience and expertise in shopper marketing and Relative Insight’s advanced technology for analysing and visualising text data, it is designed to help businesses identify what can be done to add value for customers in times of hardship.
“We know that shoppers in particular are already feeling the pain and brands need to know how to support their audiences,” said Emma Thompson, head of consumer brands agency, Golley Slater. “By analysing online conversations using Relative Insight’s AI-driven, comparative text analytics approach, we were able to pinpoint some surprising insights surrounding consumer sentiment and behaviour.”
The first round of the report reveals shopper views of rising prices in several key categories, and their behavioural shifts to becoming more value-conscious and cutting overall spending. Findings also reveal the mindset and attitudes of shoppers in real-time over a 12-month period to show how sentiment has shifted over time.
By using Relative Insight’s comparative text analytics software, surprising insights were identified beyond changes in spending patterns. Driven by social media communities, for instance, many consumers are discussing topics such as meal planning and batch cooking, while the paper also includes a range of category-specific findings in clothing, coffee, fitness, luxury and more.
“Using our comparative approach to text analysis, we were able to surface statistically significant differences and similarities among language sets, pinpointing the words, phrases, topics and emotions more prevalent in one data set over another,” said Alex Kibblewhite, senior account director at Relative Insight. “This provides the basis for digging deeper into exactly how consumers are reacting to the threat of recession; giving brands deep insights.”
“Navigating a financial crisis” includes wide-ranging advice for brands and retailers, from initiatives to build loyalty to creating long-term plans for marketing. By focusing on giving genuine added value, having clarity on benefits and reinforcing quality perceptions, brands can build lasting trust with their customer base.
New data will be released in the autumn, with experts from Golley Slater and Relative Insight presenting a webinar on the study. This free, online event, being held on 29 September, 2022 at 12.00pm, will give an overview of the key findings and further practical advice for brands and businesses to help their audiences better navigate the recession.
Golley Slater, an independent UK marketing communications agency, and Relative Insight, a text analytics software company, have released a report “Navigating a financial crisis: The impact on shoppers and how brands can add value.” The report provides an in-depth look at shopper conversations in forums and on social media, taking a comparative approach to uncover surprising…