FanFinders

What we’ve discovered talking to parents about the cost of living crisis

FanFinders have been digging into how brands can retain and even attract new customers, despite many consumers feeling the pinch.

The cost of living crisis is a reality for so many families across the UK. But we wanted to find out what brands could do to support them during such a tough time.

So we asked thousands of Your Baby Club members what they wanted most from brands heading into 2023, with some interesting results… What parents are saying

UK families are hugely uncertain about their outlook for the foreseeable future. An overwhelming 97% have already had to cut back, with only 12% feeling like they’d be back to normal within a year. Even more troubling is that almost half have seen their household income actually decrease over the last year.

Clearly, this financial turmoil is starting to impact people across all income brackets. And as people are feeling the pinch, they’re clamouring for support wherever they can get it. As a brand, you can’t fix the problem, but you can offer them tangible changes that reflect your customer’s needs, whilst also building up long-term brand loyalty. How to adapt your offering

A huge majority of parents said they recognised that price changes would happen, but they just want transparency from brands. In fact, 70% would be more likely to buy if they felt that brands communicated this openly. And at the heart of that sentiment, is the idea that parents just want to be able to trust brands. This sits in a similar theme as parents overwhelmingly appreciating any brands that actively help them to find the best deal (90%).

So as a brand, there are clear and obvious ways parents want to be supported. And this doesn’t mean going overboard about every deal and price change, but rather embodying the sentiment behind it all - of being on their side. After all, this is a tough time and they will remember the brands that help them get through it. Tangible Steps

As well as more sentiment-driven changes, there are lots of tangible changes that parents value during this time.

Free samples represent a key way to entice parents to try something new. Which is especially important if your brand is bringing out new products or trying to reignite a consumer base that’s looking elsewhere.

And that is a challenge many will face, with 84% of customers having to cut back on brands that they’d ideally keep using. Even if you have a great product that parents want to use, they just might need a little push to demonstrate the value your brand can offer.

And if your brand wants to retain customers, a good strategy could be to encourage your own unique take on a loyalty scheme, which 73% of parents felt would encourage them to buy. Combined with online marketing opportunities, you could strategically encourage customers to visit your online store or to take other ‘top of the funnel’ actions, helping build awareness of your full range of products. A delicate balance

There’s a delicate balance between short-term gain and long-term strategic marketing at this time. It’s worth remembering that your customer base is dynamic and they are having to make decisions that they wouldn’t normally make. And in order to retain and attract customers, you have to follow suit.

With a crisis affecting basically everyone, it makes sense to position your business around the values they truly care about, such as transparency and fairness, in order to cement your brand for a lifelong relationship with families across the UK.

Ultimately as a brand, you aren’t in a position to fix the issues caused by a cost of living crisis, and parents know that. But what you can help with is embodying the values that would help any family through a tough time, and reflecting that in your business practice and marketing. Tailoring your service around the things that they need in the short term will strategically position yourself for longer-term success.

Brands and retailers can try FanFinder’s pay-on-results partnership marketing to mums with a no-risk, no-obligation one-month trial.

FanFinders is a performance marketing company that connects brands with parents via Your Baby Club in the UK and US. Find out more at fanfinders.com or contact info@fanfinders.com