With May unemployment numbers just around the corner, we’re once again challenged to wrap our heads around how much has changed within the past few months.
Based upon conservative estimates, the United States lost 20,500,000 jobs in the month of April, resulting in an effective unemployment rate of 14.7%. Per The New York Times, the monthly change in jobs is literally off the charts. This rapid change in joblessness is unprecedented and presents some very difficult challenges for marketers.
Unemployment can change everything about how customers engage with a brand. The financial impact of a lost job impacts every aspect of life…for both the individual and the household:
- Shopping for apparel as well as other work-related items like subscriptions to professional journals & magazines as well as other supplies materially changes or stops.
- Transportation needs have changed. No need to drive into the office if the office doesn’t exist anymore. This also includes mass transportation and ride sharing apps. Think about the lost advertising potential with podcasts as well as other out-of-home avenues
- General consumer spending from impacted individuals and households are on decline as belt-tightening measures are implemented – cords may be cut at a quicker rate and carry-out order may be significantly reduced with a loss of discretionary spending
As a marketer, it’s easy to get discouraged with how to engage consumers and households with so much changing so quickly.
What we do know is that times like these can’t last forever. We also know, as marketers, we need to take advantage of everything available to maximize the ROI of our budgets.
That’s where Speedeon can help.
Contact information is likely to change for tens of millions of Americans. Email address may no longer be valid and company phones / work phone numbers change. We maintain a best-in-class verified contact database with email, address & phone to ensure that you’re able to effectively engage with consumers experience a contact channel change.
Additionally, millions of Americans are moving. Individuals and families impacted by a job loss may consider moving to a more affordable location or perhaps with relatives. This also means that people may move into new markets as new jobs in new cities become available. Speedeon has you covered here too – our mover data is one of the things we’re best known for within the market.
One of the things that COVID-19 taught us is that things change whether we like it or not. One thing that hasn’t changed though is that Speedeon is here to help.