iStock: Three Tips to Help SMBs Future-Proof Marketing In A Time Of Recession

Rhea-AI Summary

iStock's VisualGPS research indicates that financial wellness has become a top consumer priority in the post-pandemic landscape, with 50% of respondents experiencing financial anxiety. As the cost-of-living crisis looms large, 67% believe expenses will outstrip income. The study suggests small and medium-sized businesses (SMBs) focus on celebrating small moments and showing empathy in their marketing strategies to engage customers. With over 60% prioritizing financial literacy, businesses are encouraged to demystify financial services in their visual content to build trust and support clients facing financial stress.

Positive

• 67% of consumers express concern about expenses exceeding income, signaling a market opportunity for financial services.
• 87% of respondents are interested in celebrating small moments, offering SMBs a strategy to enhance customer engagement.
• VisualGPS encourages businesses to place empathy at the core of their marketing, building consumer trust.

Negative

• 50% of consumers report financial anxiety, indicating a challenging economic environment.
• The cost-of-living crisis is profoundly impacting purchasing habits and mental health.

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LONDON, Oct. 27, 2022 (GLOBE NEWSWIRE) -- iStock’s latest VisualGPS research reveals that financial wellness is the top priority for consumers in a post-pandemic world, with half of all respondents signalling they experience financial anxiety. As a result, customers are now looking for ways to celebrate the small moments in life that make them happy. With that in mind, iStock, a leading e-commerce platform providing premium content to SMBs, SMEs, creatives and students everywhere, provides tips for small businesses on how to better engage with their customers during the current economic uncertainty.

iStock's VisualGPS data, which captures the sentiment of over 7,000 customers of small businesses across the globe quarterly, also shows that 67% of people believe that the cost-of-living crisis will mean expenses will exceed their means. As three in five consumers are now making purchase decisions based on visual content, it is important for brands to take the right visual approach.

Dr. Rebecca Swift, Global Head of Creative Insights at iStock, comments: “The cost-of-living crisis is not only affecting consumers’ pockets, but it is also having a profound impact on their mental health. With rising energy and food prices affecting people’s purchasing habits across the globe, our VisualGPS analysis shows that people across all generations are keen to improve their financial literacy and save money for the future.”

On VisualGPS Insights, iStock’s visual trends tool for SMBs, searches for ‘cost of living’ visuals spiked globally in the last three months, and the most used visuals primarily show people worrying about their growing household bills. This means that there is an opportunity for businesses (especially those in the financial sector) to visualise how they are there to help during the crisis.

Below, iStock reveals three key takeaways for small and medium-sized businesses to consider:

• Celebrate the small moments
  

The combination of the digital world and societal shifts due to Covid has prompted many big brands, such as John Lewis, to pivot their marketing strategies and focus on people’s appreciation for the everyday. iStock’s research also shows this pivot in consumer sentiment, as 87% of people are now looking to celebrate the emotional rewards of the little moments in life that make them happy, rather than just celebrating big milestones, such as buying a house. SMBs can think about ways to adopt this strategy to their marketing and advertising campaigns, as consumers are more likely to engage with images and videos that portray accessible experiences driven by the here and now.

• Show empathy
  

Now that consumers are increasingly focusing on their financial wellbeing, there is an expectation for businesses to be wellness brands. VisualGPS research reveals that 3 in 5 people globally want more financial security in their lives. Placing empathy and wellness at the heart of visual messaging is key to building trust with consumers, so consider using images, videos and illustrations that visualise the proactive care of people who are currently experiencing financial anxiety and stress.

• Demystify financial services
  

For over 60% of consumers, improving their financial literacy and saving for the future are much higher priorities now than ever before, according to VisualGPS. Businesses can educate and support their customers by highlighting the ways in which they can protect the financially vulnerable in their visual choices, for example, showing how people can easily access resources for better money management.

To find relevant imagery and videos, go to https://www.istockphoto.com/

Media contact:
Gill Jones
gill.jones@gettyimages.com 

FAQ

What does iStock's VisualGPS research reveal about consumer financial wellness in 2022?

The research shows that financial wellness is a top priority for consumers, with many experiencing financial anxiety.

How is the cost-of-living crisis affecting consumer behavior?

The crisis is causing significant financial worry, leading consumers to make more cautious purchasing decisions.

What marketing strategies can small businesses adopt according to iStock?

Small businesses should celebrate small moments, show empathy, and demystify financial services to engage customers effectively.

What percentage of consumers prioritize improving financial literacy?

Over 60% of consumers now prioritize improving their financial literacy and saving for the future.

What visual content is trending in response to the cost-of-living crisis?

Visual content showing individuals worrying about household bills has spiked, indicating a need for brands to address financial concerns.