PHD Malaysia and Vase (a consumer intelligence platform) interviewed over 1,000 Malaysian consumers with the results reaffirming a common consumer trait during these tough times.
Despite an improved outlook for 2020, Malaysians seem to be cautious about their spending as 57% of consumers expressed some reservation towards their personal finances.
Challenger brands will need to be innovative with their marketing strategies, with consumers likely to delay discretionary purchases and focus on the essentials. PHD maintains it is even more important for marketers to drive the full funnel experience. In this approach, it is critical to drive top-of-mind awareness and position the brand distinctively in the mind of the consumers.
As consumers seek more value for money, they will be drawn to promotions and deals, especially across eCommerce and e-wallet platforms. Marketers need to have solutions across these platforms to drive high value. While doing so, marketers can leverage on the platforms’ digital advantage and optimise data technology to bridge the consumer journey from awareness to conversion.
PHD has been partnering with clients to drive full funnel experience by applying the fundamental principles of challenger thinking, which were identified in its latest thought-leadership publication, Overthrow II. Five of the most common are:
- Effectiveness over efficiency
- Attitude over audience
- Creativity over relevance
- Personalised product/service over personalised advertising
- Share of distinctiveness over share of voice
The full article appears in campaignasia.com.