Certainly, it is a tough time for marketers right now around the world, but all they need to do is rethink their marketing plans
Concerning the current market scenario, it is absolutely understandable for marketers to be concerned about the future. However, market leaders need to be more focussed on the future, as it is not the time for marketing to go in the dark.
According to IAB, there is a 33% dive in the digital ad spend and 39% with the traditional media. Besides, nearly 74% of brands, media buyers, and planners believe that COVID-19 will have a more significant impact on the economy as well on advertising globally – which is significantly more than the 2008 recession.
From cancellation or postponement of business events to global sports events, it is reflecting on people’s lives, both personal and professional. Clearly, the marketers have faced an unprecedented situation with an all-time low. Thus, brands need to differentiate themselves from peers aiming at the right marketing mix and right content creation.
The world is in no position to resume “business as usual” anytime soon, but the situation needs to be tackled wisely. Empathy is a key factor right now – customers are worried, and they feel good if brands check-in on them. During such a challenging time, businesses need to extend more values, keeping aside their profit margin. This will help brands to rebound with agility, strength, and responsiveness.
Consumer behavior is another crucial component. Today, more people are engaged with the internet and social media than ever before. Covid-19 has dramatically changed customers’ behaviors, interests, and lifestyles with more media consumption than ever. According to Unruly, about 49% of customers cited that they want to receive ads from brands as it makes them feel informed, and 37% reported ads to make them feel good and happy.
Hence, more marketers should study the current consumer behavior to understand and act accordingly with the enhanced marketing mix. Experts also feel that both Millennials and Gen Z consumers have increased their consumption on online media and televisions with news, gaming, and more. Basically, after a rush to COVID-19 related news to understand the economic impact and medical information, people of all the generations are turning into their interests.
“We are all in this together” – this is the key ‘mantra’ for many in terms of messaging to the target audience. Many bigger brands are providing customers with free services or educational courses in order to keep their branding safe. For instance, AT&T is providing doctors and medical teams with 3-months free unlimited wireless service, Adobe is offering free access to its Creative Cloud for education, and many more.
The key remains how brands can convey a ‘message’ and with what content. If businesses can deliver the right advertisement, as many are already doing – they will come out stronger than before with a much more relevant business message.