If you haven’t seen it, it’s essentially a typical Jamie cooking show, but with a key twist. The theme requires him to create meals that are £1 a portion. Not only that, he evaluates the energy required to make the meals, weighing up different cooking methods from a monetary perspective. This generates some innovative ideas, for example, cooking rice in the Microwave.

We’d like to thank Jamie (and his team) for being brave enough to tackle the topic. We are also fascinated by the reasons why they felt it was necessary and what it means for the marketing industry.

Shall we begin?

Tough times very much impact marketers

As behavioural economists, we start by considering the economic situation that underpins it. For so much of society, living costs are ratcheting up at an alarming rate, and we cannot yet see the top of the mountain. The government is currently focused on steadying the ship before making dramatic cuts that most people will have never seen before. This is at a time when interest rates are rising fast, fuel and energy costs at unprecedented levels, and public services are creaking. If we are to learn from previous financial crises, the peak is also not likely to be for another few years yet.

Marketers are also certainly not immune from these concerns. Although it is certainly not uncommon for them to manage major marketing budgets, they are rarely highly paid. This means many will be feeling the pinch right now, especially as they are often required to live in London. For this reason, the show’s content, as well as its premise, may well be of interest.

The show’s implications for marketing strategy

Waitrose’s decision to sponsor the show says a lot about the state of the industry. Supermarket chains are one of the main places for major brands to command real-estate. Furthermore, brands build their reputations based on quality, trust and provenance, all of which fall down the pecking order when money is exceptionally tight.

This decision to underwrite must have been carefully calculated. It may have been seen as a great opportunity to build sentiment outside Waitrose’s typical target market, and in doing so, nudge the brand’s emotional appeal. Whether this is the case or not, the approach could set a precedent for other brands that aren’t typically seen as ‘price first’. If this is the case, it means a lot for creative teams. Out with the ‘aspirational’ and in with the ‘pragmatic’.

However, the more pressing concerns surround the diminishing disposable incomes that the majority of society are now faced with. Apart from the top earners in society, a major hit will be felt by all. And when this happens, this leads to budget cuts across the board, job cuts and more unpredictability. We really hope this won’t happen, of course. However, you’d be hard-pressed to find a meeting room where these frank conversations are not being had.

So, to round this off, the show’s light-hearted nature is a welcome recognition that life behind the glossy TV bubble requires a closer look.

We hope you enjoyed this blog.

See you next time.

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