MRG Conference 2009: A New Dawn
A recession-filled year wasn’t all doom and gloom, despite the “Recession – A year in the headlines” titled presentation at Tuesday’s MRG conference in London.
Sarah Quinn and Claire Sowerby from News International and Universal McCann demonstrated how working together at times like this can provide positive insight for the industry.
The media owner and media agency joined forces to work on “A New Dawn” – which pulled together existing research to build a bigger and better picture of the recession and what it means for the future.
The unusual partnership not only unveiled some interesting insight but also proved how successful collaboration can be – something which remained an ongoing theme throughout the one day event.
Quinn and Sowerby’s research project discovered five macro trends from the downturn – consumers are shopping around for cheaper options, they are going back to basics, looking for discounts, making considered purchases and being frugal when it comes to debt. What’s more is that these trends are expected to continue post-recession.
Consumers are more engaged in finances now and have been forced to become aware of what they are spending. People are using price comparison sites and online vouchers more than ever before.
The recession hasn’t just influenced people’s spending though. According to the research, affluent people are now turning to newspapers for trusted information and advice. And when it comes to television, consumers now see their Sky / Virgin box as a necessity for in-home entertainment. If they are going to be spending more time at home and less time socialising, they at least want what they count as “home comforts”.
However, as reports of a recovery spread across the industry, consumer confidence has also improved. According to NI and Universal McCann, consumer confidence increased by 10% from June to September 2009.
This trend is also expected to continue, with consumer confidence predicted to rise to positive figures in the near future, according to Quinn and Sowerby.
However, they warned that consumers have changed as a result of the downturn. They are more demanding, empowered and adaptable now and the industry needs to change with them – “The industry needs to challenge stereotypes and maximise resources.”
Aside from changing the way it views consumers, the presentation also showed that the industry should work towards collaboration, as coming together may provide the best answer to post-recession success.
Although it still seems difficult for companies to commit to the idea of “working together”, despite the refreshing collaboration and the positive feedback from delegates to the approach taken by the two companies.
During the Question and Answer session at the end of the morning, speakers were asked who should instigate collaborations in the industry, and no-one was able to provide a definitive answer.