The advertising and marketing industry has been stood on its head in the last month thanks to the Covid 19 pandemic. The economic situation is unpredictable, and the timeline for normalcy seems to be weeks if not months away. The changes that advertising and marketing are experiencing now are manifesting themselves in some very specific ways.
Because so many cities and states are sheltering in place or have limited exposure rules, there is very little incentive to advertise at all. What is the point of doing a media buy if your target audience is missing during the local commute drive time? Why buy outdoor if the volume of traffic on freeways and local roads has been reduced by two thirds? If the audience isn’t there, the reason to advertise vaporizes.
Yes, people are watching TV, either trying to escape the nonstop news about the pandemic or get more information about it. The problem is, a large portion of popular content is gone. Every major sporting event in the United States has been canceled or delayed. The Olympics are on hold. Live event shows have been postponed, and all of these will remain in limbo until things have settled down and returned to normal.
Typically when a crisis forces people to stay home media consumption skyrockets. The Nelson group has found that it doesn’t matter what the source is consumption goes up, whether it’s live TV, streaming, internet, mobile gaming other channels. And while the news is attracting a larger audience base these days, most advertisers don’t want to position their product or service in relationship to the news on the Cover 19 pandemic.
So, Who is Advertising Changing?
The hospitality and entertainment industries for sure. Retail as well. These venues in many cases simply can not open their doors to the public. And those that continue to advertise are now being extremely sensitive with their messaging. You don’t want to come off as though you don’t care or understand the nature of this crisis. Pitching a product or service against the backdrop of a global pandemic could have long-lasting ramifications for your brand.
And What is Being Advertised?
Covid 19 has disrupted more than our socializing and work habits. It has made it more difficult to ship and receive goods. The global supply chain for many products has been ground to a halt or slowed significantly. Look at what Amazon is doing. They have refocused on high demand items, and restructure shipping priorities to hone in on medical supplies and household staples while slowing the shipment of nonessential goods. If an economic downturn settles in over the next few months, we might begin to see a shift in consumer demand and what brands decide to promote as well.
With he world in such an unsettled state at the moment, how can marketers and advertisers make effective marketing strategies and move forward?
What Does the Data Tell Us?
With the ground shifting on a day to day basis it’s easy to look past the data and simply react to the need at hand. “How quickly can we get this?” “We need X right now.” Being reactionary at this point in time is going to yield fewer gains than looking at your data and building a strategy based on it. Especially data that is updated daily and analyzed. Looking at end-of-week or end-of-month analytics will be too little to late. That historical information might mean very little in rapidly changing circumstances.
Update Your Approach
So much of what we do and know has changed in the last month or so. Your team’s focus has probably changed, as well as how they are producing and executing. Content and messaging have shifted as well. Media buy is probably focusing on different channels in an attempt to have the greatest impact from your spend. This is where your data becomes mission-critical. Why? because it can show you if you are being effective or if you are failing. Even the best creative will fall short if it isn’t delivered in a channel that reaches the right audience with the best impact. Using tools like Twitter Enterprise can help you understand how your brand is being perceived, how your product or service is being angered with during all of this.
During periods of uncertainty, it’s imperative that your team pays attention, asks questions, and listens closely to what your target audience is saying in order to be responsive, and present relevant and engaging content.
Keep Your Eye on the Ball.
In times of crisis, it’s easy to get distracted and become more reactionary to the situation. Remember the phrase “Cooler heads will prevail”? There is so much truth in that statement. It’s easy to get caught up on everything that is happening in the world these days. Keeping a level head and your eye on the ball is a really good approach to the situation. Concentrate on the things you can control. Be that reassuring.
It all comes down to this, if you are in the business of advertising or marketing, pay attention to your data and analytics and use that information to provide relevant contentment and messaging to your target audiences. You should be doing that anyway, but now more than ever. The Covid 19 pandemic is altering the way we do business and will continue to do so long after we get the “all clear” message. This has the potential to reshape the marketing and advertising industry for an extended period of time if not permanently.
Think about this. Most of us are working from home. How many businesses are going to see this as a chance to reduce overhead and allow people to continue to work from home after the pandemic ends? (refer to paragraph two and think about the impact over a longer period of time)