Unemployment Rate Ticks Down, Opportunity for Marketers Ticks Up
A new infusion of growth into the job market can prove to be a win for marketers.
This month has started on a positive economic note with the nation's unemployment rate ticking down to 5.9% from 6.1% in September. That's the lowest unemployment rate we've seen in the U.S. since July 2008—more than six years ago. The Bureau of Labor Statistics reports that the private sector added more than 236,000 jobs last month, while the public sector added about 12,000. This certainly is great news that's been a long time coming, not just for job seekers but for marketers, too.
With the unemployment rate ticking down, the opportunity for marketers goes up. I believe that marketers have a chance to turn this positive development into engagement and connection opportunities with consumers. Essentially, marketers can opt to ride the wave of the job creation rebound.
First they can acknowledge the news, while at the same time, address consumers' lingering concerns over the economy. There's no doubt that marketers should remain mindful of the number of consumers who are still cautious with their spending—and those who may continue to struggle in the current job market. Marketers can do that through offering incentives for purchases, such as limited-time offers or free shipping. Or they can reward their nimble shoppers with loyalty programs or reward points.
Marketers can also create content or a culture of reward in this continually cautious economic environment. For example, brand marketers who promote products that are considered more of a luxury can create content, email campaigns, and social posts that encourage savvy shoppers to reward themselves with a treat or perhaps celebrate the good news with a small indulgence.
Social is yet another great way for marketers to get in on the conversation about the improving job market. If the news fits the voice of the brand, honor the change in the economy, chat with consumers about the current news, and show empathy for those still careful with their spending. Don't be afraid to add your company's thoughts to the conversation. Consumers often want to connect with brands that have a pulse on current news and events that are impacting everyday lives—and pocketbooks. Again, social is a great platform to encourage shoppers to splurge on themselves, and their friends or family, by promoting incentives.
At this point, 2014 is on track to be the best year for U.S. job creation since 1999. And with the holiday season around the corner, this latter part of the year can prove to be an opportune time for agile marketers who have a pulse on the current economy and on the sentiment of current and potential customers. As marketers show empathy, consumers often will trust and relate to a brand. And with the right strategies, marketers can build stronger relationships with consumers and become thought leaders in their industries.