Relative Change in Advertising & Digital Marketing Due to COVID-19
The economy is starting to hit Tornado mode because of the pandemic. Businesses have become uncertain about survival. However, multiple experts have said over and over that if your business can play smart, your survival as a small shop can definitely flourish.
Old-school advertising strategies like in magazines have almost pulled the plug; due to the virus spread, people are too scared to indulge in print media. What came to the rise due to this downside is digital advertising!
The pandemic caused a major drop in advertising expenses. In fact, as of September 2020, advertising spends have gone down by 9% across locations. However, if you look at the social media paid advertising numbers as per a research study by Influencer Marketing Hub, a brand for Online Computer retailers, BuyPower.com increased its paid advertising budget by 1250% in March. Other US firms also increased their paid advertisement budgets during the COVID-19 crisis, including veeam.com (1086% upscale), wpengine.com (859% rise), easybib.com (852% increase), and ywilio.com (750% rise).
But, why?
COVID-19 is changing consumer behavior: The change in consumer behaviour is modifying across the globe, hence advertising strategy as well. If you look at the past trends, you will get evidence that a shift in consumer behaviour has affected the advertisement spends on media. The pandemic led to a major shrink in cinema advertising almost instantly when the pandemic upscaled also, print advertising has almost closed shop right now.
Advertisement budgets upscaled for online platforms like social media say ‘We Forum.’ Furthermore, retail brands email open rates have upscaled by 25% Week-on-Week. Daily email open rates have momentarily increased by 5-10% on a weekly basis according to IMH study.
The pandemic is giving priority to Payper click advertising wherein, the online environment is highly favorable for awesome direct response campaigns implying, it encourages quick purchases by customers and builds an attractive base for brands. Also, if you look at Facebook and Google revenue back in the first quarter of 2020, it’s way higher than anticipated because brands knew the need for cautious spends (paid social media marketing and Google Adwords was smart enough to lower the bid prices for a win-win situation.)
Digital marketers right now, in fact when the pandemic began have been in great shape because businesspersons from across locations realized the need for online advertising. Tencent’s digital advertising revenues in the first quarter rose by 32% with a growth rate increase predicted as 8.4%.
The uncertainty about people’s spends and consumption behaviors as well as patterns makes it difficult to make global predictions. Products can be radically altered, marketing and advertising strategies can completely flip over and there is so much advertising data which may be flushed down due to uncertain consumer changes.
Your business is getting to explore digital advertising trends
Need for an integrated approach: As a matter of fact, digital advertising cannot work alone. It needs digital marketing to increase brand awareness, build on engagement and generate some real good revenue! Marketers today need to understand that this merge makes advertising more personalized and relevant rather than a wholesome experience altogether!
Pro Tip: A carefully devised social advertising strategy wherein, an ad is placed in the middle of social feed can really boost revenue for your brand. But first, start social media marketing! Moreover, kickstart your website for reliable online presence.
Focus on revenue: The massive change in market caused an influx of online users who shop implying, brands need to increase their budgets for online advertising and marketing for seeing a rise in ROI in spite of the pandemic!
Pro Tip: Reach out to a marketing firm and get going with organic and paid strategizing for your business including Search Engine Optimization, Paid Marketing, Social Media Engagement Strategy, email marketing, conversational marketing as well as programmatic advertising.
Looking for a profession? Become a digital marketer: A study back in 2017 displayed a major outcome that there has been a need of about 56% when it comes to digital marketers. However, merely 24% of marketers could cater to market needs for advertising and marketing. Due to the pandemic upsurge, 2021 may possibly see a drastic rise in digital marketers because of the need for a savvy marketing strategy.
Pro Tip: Your time to flourish! If you’re new, try an internship.
Long-term implications for digital advertising & marketing:
1. Advertising is probably going to collaborate with marketing in the upcoming months. In fact, it’s already begun. This is one of the best ways for ad firms to survive and bring in creativity when it comes to marketing. All thanks to the consumer shift that’s been happening, companies now need to find innovative ways to pitch ideas, transform reality and push products the best way ever!
Corporate decision-makers, make your advertising strategy a lot more affordable by adapting to paid advertising online. Use your data beautifully with digital agencies like Kenscio to upsurge revenue on local and global levels.
* A reduction in television advertising is also on the rise all thanks to online streams like Amazon Prime and Netflix. There has been a mere difference in viewing hours across almost every age group when it comes to TV view versus smartphone and tablet usage.
* The pandemic upscale Direct-to-Consumer content which is most likely to continue. The reason being, huge amounts of money were saved. Unilever is a great example, read more here. It’s an interesting strategy to tap on provided you have patience.
* Confinement measures or global quarantine processes have led to out-of-home advertising growth. These are offline channels which are designed to accelerate shift to digital channels. There is soon going to be pressure on the advertising market to bring in ROI across channels and platforms. All you need to do is, start talking about your brand online, become very open about digital presence and seek more flexibility while procuring media.
Brands like Heinz are amazingly collaborating advertising and marketing amid the pandemic.
* Bring in transparency and acceptance now! Things are changing, times and needs of consumers are changing as well. In order to stay as the leading global economy, you need to build no stability and ensure it stays consistent. That can happen with effective digital marketing. It’s tough, we know; but with a digital marketing agency coming at great pricing, grab it before some other business does!
Concluding words: COVID-19 sure is going to leave a mark in history; it’s time for your business to do the same. We saw a distinct difference in revenue with online marketing strategies. Do consider spending time on learning, attending webinars or reaching out to a marketing firm just about now to kick off your brand.
Read the blog to know about Post-COVID Social Media Marketing Strategies.
Start generating revenue and online visibility NOW!