Let’s admit it, the current global pandemic is challenging people from all spheres of life. While it has drastically changed businesses all over the world, it is also changing the way we work, work out and spend time with our family.
With fear gripping the entire world and people accepting new realities, there has also been a whiff of an economic recession. While the business slowdown is inevitable, the fear of declining revenue has seen many brands cut back in various areas with ad spending being predominant. Slowly a sharp downturn is being witnessed in the advertising industry.
According to a survey conducted by Interactive Advertising Bureau, 24% of brands have paused all ad spending for Q2. Digital ad spending is down 38% and spending on traditional channels is down 43% in March and April.
So, is going into pause mode the ultimate solution? Well, if you really want to survive these dark times, don’t hibernate. In fact, history is testimony to the brands that actually thrived during the recession. Research also suggests that maintaining or raising ad spending during an economic slowdown can result in higher sales once the economy starts recovering. However, the trick remains to tailor the right message to the right audience to boost confidence. Here are a few examples:
Undoubtedly, there are many advantages of advertising and increasing budgets during a weaker economy or global pandemic. Keep in mind that people have more time to scroll through social media, watch advertisements and play games. This is the time when millions of people see and read more. While you can cut through the noise level, it also gives you a chance to take advantage of price drops by using mediums that provide value.
According to a recent Nielsen Report, TV viewership hit an all-time high of 1.2 trillion minutes during the lockdown in India. The consumption is 37% higher than in the pre-corona period.
Here’s how you can create interesting content:
Don’t completely put off your marketing strategy or become dormant, acknowledge the current situation and adjust it instead.
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