Research released (Thursday, 14th January 2021) from the EACA Knowledge Centre of Effie Europe winners reveals 7 salutary lessons on how marketing communications enable premium brands to thrive during a recession.
Titled the "The worst of times, the best of times: how communications enable premium brands to thrive in tough times" the research has been conducted by marketing effectiveness experts - The Effectiveness Partnership, who have analysed data from EACA Effie Europe winners from 2008- 2019.
Contrary to industry commentators' expectations that premium brands are the ones most likely to suffer the worst in recessions, The Effectiveness Partnership found Premium Brands can best weather recessions through adhering to these 7 lessons.
1. Communications have the potential to drive the strongest business effects for premium than non-premium brands, both in and out of recessions.
2. The most successful campaigns for premium brand in recessions balance volume growth with value growth.
3. Continually reaching and persuading new users is the strongest driver of large business effects for premium brands, in and out of recessions.
4. Successful premium brands focus on one audience segment to give communications strategies more focus, although the impact is often felt belt beyond that particular segment.
5. Most successful premium brand campaigns in recessions support new product launches.
6. Emotional campaigns are even more effective when you are a premium brand in a recession.
7. Broadcast and narrowcast channels work hand in hand for success.
The EACA Knowledge Centre for Effie winners divides brands into 5 categories:
- Superpremium
- Premium
- Midmarket
- Value
- Other/Not for profit brands
Premium brands which are the focus for this study are defined as brands which command a price premium, brands which are desirable and brands that have a reputation for quality.
This whitepaper is available to download below and free of charge from:
www.eaca.eu, www.effie-europe.com or www.theeffectivenesspartnership.com.
Gurdeep Puri, co-founder The Effectiveness Partnership and co-author of this report stated, "The Effectiveness Partnership was delighted to be able to conduct this rigorous research into Effie Europe winners from the EACA and offer these rays of hope to premium brands - showing that communications can help premium brands not just survive but thrive in a recession."
“We were pleased to see that with the right growth strategy and using communications as an accelerator, premium brands can achieve growth in the toughest of times, as well as times of economic growth," said Tamara Daltroff, Director General, EACA. "This creates some optimism and hope for our industry.”
