In such turbulent times, planning more than weeks in advance seems an almost impossible task. However, Ian Sharpe, CEO of Promethean TV, shares what advertisers and marketers should prepare for when planning toward 2021 and beyond.
Since COVID-19 hit at the end of 2019, the world has irrevocably changed. The media industry has been significantly impacted.
2020 has been a disaster for advertisers. Tentpole events have toppled, conferences have been postponed or cancelled, and consumer spending has been cautious at best. Brands have been under pressure to rethink advertising strategies, leading to a wholesale reduction in advertising revenue that ranges from 50%Opens a new window for television and radio to 99% for billboard.
2020 has been ‘written-off’ plagued by closures, pressured by lockdowns, and impacted by the economics of social distancing. Attention has already turned to 2021, and how businesses and its marketers can prepare for an uncertain future.
Meanwhile, coronavirus continues to keep consumers tethered to their screens, a trend that is expected to continue even if we leave COVID-19 behind. This new trend presents a huge opportunity for marketers, assuming they can break through the noise and engage with customers during these unprecedented times. Retail therapy has moved online, and binge watching has been augmented by compulsive purchasing. The audience wants the safety and security of known brands, it is up to marketers to ensure they are emotionally connected to their consumers needs and can build meaningful messaging.
Learn More: Seizing the Advertising Opportunity Created by Surges in Home Media Consumption
1. The Importance of Adjusting In-Market Tactics
COVID-19 has caused confusion amongst businesses. Many have been forced to rapidly adjust their operations and their area of focus, making quick decisions and reactionary changes, which have had a huge disruptive effect on their planned marketing tactics. Whilst many businesses and industries have settled since they initially pressed the panic button, there are still major concerns about the drop in advertising spend in the wake of COVID-19. The Interactive Advertising Bureau (IAB) recently reported that 74%Opens a new window of buy-side decision-makers believe that coronavirus will have a greater impact on U.S. ad spend than the 2008-09 financial crisis.
As a result, marketers are responding to this change in landscape, adjusting their in-market tactics accordingly. Many are reconsidering their audience and devices they are targeting. By understanding where the audience reads and absorbs information is now more crucial than ever, meaning marketers need to focus their attention on evolving their in-market tactics to keep up to date with changing consumer attitudes and behaviors.
2. Why It Is Vital to Revise Brand Messages
The coronavirus pandemic has caused a distinct change in branding and marketing messages. During times of crisis, marketing shifts away from self-promotion to focus more on social good. There is a call for unity with consumers looking to brands to help them adjust to their new realities. The way that marketers position their brand, and the message that they deliver may have long term business impact. This is naturally achieved by positioning as a ‘customer first’ business, promoting government advice and solidarity with consumers.
This insight is echoed by a recent IAB Proprietary Report which stated 63% of advertisers are adjusting their messaging, and are increasing or reshaping a number of marketing areas. What is more, mission-based marketing has spiked, with a 41% increase in cause-related marketing efforts. This report demonstrates the importance of brands bringing support rather than sensationalizing what is happening or trying to insensitively capitalize on sales. Not only does this highlight the business is displaying empathy but also helps to get the marketing message effectively and appropriately across.
3. Getting up Close and Personal With Consumers
Coronavirus has seen a marked rise in online video consumption, which has clearly become a particularly impactful way to reach audiences. As a result, there has been an exponential shift of spend towards online, mobile and social media, with more than 42%Opens a new window of marketers considering making the move to digital advertising. It is reasonable to expect the levels of online video consumption to fall slightly when the world begins to return to its new normal, but even so, it will remain consistently higher than pre-coronavirus levels, and should be embraced as a new method of spreading the word.
Taking this one step further, marketers can maximize the opportunities created by digital platforms to boost engagement with consumers. By utilizing the data collected during the coronavirus period, marketers can create truly engaging messages to grab the customer’s attention and drive higher click through rates. More importantly for the bottom line, targeted advertising campaigns make sure the right brand messages hit home with the right demographic. Creating a call to action that leads to a direct sale rather than standard brand awareness is increasingly critical in delivering ROI in a world where content creation and delivery is far from cheap.
Learn More: 3 Steps to Reimagining Digital Advertising
Looking Forward to 2021
Whilst a few are expecting 2021 to be a ‘normal’ year again, there are likely to be restrictions and implications felt from COVID-19 for years, if not decades. And whilst the future is unknowable, we can always be certain of further change. If 2020 has taught us anything, it is the need to be adaptable – both in our physical working practices and strategic business planning. Having the ability to evolve to suit the landscape is vital, and businesses that fail to do this will find themselves falling further and further behind.
Looking forward to 2021, marketers should be looking to build a long-term plan around their short-term lessons. Rather than exploiting panic, we should all tap into passion. Rather than persisting with the old, we should embrace the new and innovate ahead of the curve. Existing workflows have already proven outdated, impractical at best, deadly at worst. Automation will be a vital part of any new approach.
Campaigns must be customized and scheduled for parts of a broadcast when they matter most to an audience. When consumer confidence is shattered, the mantra must be that only relevance leads to results. During this time, marketers should be considering the emerging digital opportunities and changes in audience consumption habits. The businesses that use the available technologies intelligently and address the current situation head on, will be the front runners in 2021.