Article | August 13, 2020
In the months since states first declared shelter-in-place orders and economic uncertainty gripped the country, consumers have reprioritized their spend. As they spend more on some categories and less on others, it can be hard for marketers to gauge whether these represent permanent or temporary shifts in behavior. To help answer this, we’ve taken a look at how share of consumer spend has shifted between industries over the past few months. The results are both expected and surprising.
Article | June 2, 2021
Before the pandemic, the business sector of near about all industries were heightening rapidly and planning for new opportunities. Whether it was private or government, small businesses or large enterprises, each sector was trying to enhance in every aspect. The Covid-19 outbreak changed the way businesses approach towards potential customers as well as marketing strategies. Indeed, even as the world starts to re-open all the more forever, it is evident that the pandemic will have a lasting impact on consumer behavior and brand-to-consumer engagement.
SURVEY REPORTS FOR ADVERTISING AGENCIES DURING PANDEMIC
The global advertising agencies market confronted at decline from $346.9 billion in 2019 to $346.5 billion in 2020 at a compound annual growth rate (CAGR) of-0.12%. The decay is chiefly because of the COVID-19 flare-up that has led to prohibitive regulation measures including social distancing, remote working, and the discontinuance of businesses and other commercial exercises bringing about operational difficulties.
The whole production network has been disturbed, affecting the market contrarily. The market is then expected to recuperate and reach $418.3 billion in 2023 at a CAGR of 6.48%.
In March 2020 the review of U.S. advertisers and advertisement offices tracked down that 89% of respondents had put forth changes to their promotional efforts because of the COVID-19 upsurge. Among the most intense changes made was, dropping a campaign totally as per 34% of reacting industry experts. At the point when the inquiry was rehashed in April, the percentages had increased to 44.
Near about all regions worldwide experienced a reduction in media financial plans in 2020, for instance by 46% in the LATAM region. However, the pandemic particularly showed its impact in 2020, with the average allocated money being cut radically.
As per study information, in the first half of the year 2020, 29% said they investigated new channels for new organizations and another 29% offered new administrations to customers, while 17% even wandered into new enterprises.
Decrease in ad spends worldwide in 2022 compared to previous predictions due to coronavirus will be 17.72 billion USD.
According to a survey of 400 media buyers and brands, 74% believe the COVID-19 pandemic has a greater impact on their advertising spends than the 2008 financial crisis.
ADVERTISING CHALLENGES DURING COVID
Cyber security issues
Consumer behavior changes
Lack of team support
Adoption of new technology
Unable to maintain client relationship
Decreased creativity & productivity
HOW COVID-19 HAS CHANGED THE PLANNING AND THE STRATEGIES OF ADVERTISING AGENCIES
The advertising industry experts have changed their approach in terms of strategies, investments, and campaigns to reach potential consumers. They initiated very influential steps to attract their target audience.
Artificial intelligence in advertising during COVID
The expansion of Artificial Intelligence (AI) in advertising during COVID is acquiring fame in the advertising organizations market. Significant players working in the business are constantly centered on introducing innovations and technologies to better fulfill the requirements of customers. For example, as of May 2019, as per a review, 47% of publicists are right now utilizing Artificial intelligence for audience targeting.
Before the pandemic, the Experts noticed that more than 8000 advertisements are presented to the Americans in a day. Presently, with everybody constrained inside, customers can just see ads in their homes. This is a unique opportunity for the advertisement industry to expand its presence on social media during COVID-19 like; Facebook, Instagram, Twitter, Pinterest as well as television. 58.11% of the total population is dynamic via web-based media when taking a look at qualified crowds matured 13+ years, ascending to 82% in North America.
Safety is utmost important
We all are aware that the pandemic has shocked everyone and made people skeptical towards everything. In this particular situation, it is essentially important to keep safety on priority and serve the customers on precautionary measures. Make them feel that your big concern is to make their life easier by providing quality products or services following safety.
E-commerce is ubiquitous
The COVID-19 pandemic has sped up e-commerce growth worldwide. Reacting to this pattern is the main concern for 2021 with brands presenting plans to reevaluate conveyance and exploring different avenues regarding new models. Some are analyzing direct-to-consumer option, searching for approaches to make it simpler for customers to repurchase. This adaption will have a very optimistic impact on brand strategy and media investment.
QUICK ADVERTISING TIPS DURING COVID
Being relevant to consumers’ needs assure them that they are not being ignored in the time of pandemic and feel that they come in your priority.
Turn your business online to remain associated with your consumers. This will definitely help you to reach potential customers and valuable opportunities.
Strengthen your relationship with your customers by communicating, exchanging life stories of caution and triumph. This shows that the company thinks beyond business and care about their customers.
Design & execute a low budget strategic model using minimal tools, and people in advertising during COVID.
Undoubtedly, safety is an important issue but when it comes to low prices, offers, people get attracted. Therefore, make sure to wow them always with your new offering plans.
The realm you have constructed is a direct result of your team efforts. In this way, get associated with your team and give them compassion, and plan for future advances.
We are living in uncertainty thus don’t put all your efforts and investments into the present campaign of advertising during COVID. There is no guarantee of the end of the worst. Be optimistic but don’t ignore the negative.
At this point, it is difficult to predict what long haul impacts the pandemic will have on the marketing and advertising industry, or for sure practically every industry. So far estimates for worldwide advertisement spending in 2020 had to be revised from initially 712 billion U.S. dollars to approximately 691 billion U.S. dollars. Nevertheless, primary predictions assert that the advertising spending will come out with flying colors in 2021, once the COVID has lost its impact and the businesses become normal.
FREQUENTLY ASKED QUESTIONS
Q. What are the types of advertising?
There are many types of advertising but mainly 7 are prominent. Broadcast advertising, outdoor advertising, native advertising, display advertising, print advertising paid search advertising, and social media advertising.
Q. Is the advertising industry dying in pandemic?
Unquestionably, advertising agencies faced adverse effects of covid-19 in respect of investments, productivity, creativity, lead generation, consumer behavior changes, etc. But, positively the industry will get rid of the situation soon and become normal.
Q. What is the most effective online advertising?
Online advertising is one of the most prevailing and effective method to escalate your business and reach alluring results in every aspect. Having websites, blogging on daily basis, search engine optimization, social media marketing, and pay per click advertising are the result-oriented approach for effective online advertising during COVID.
Q. Are ads really effective in COVID-19 pandemic?
Yes, indeed, it is effective. People are compelled to be indoors therefore, it is easy to approach the customers with creative, strategical campaigns digitally. The amount of time being spent online has increased during the pandemic as a result of shifting consumer behavior while adjusting to the new normal. Online retail & social media grew massively during the pandemic where online ads reaped huge profits along with e-commerce giants such as Amazon, Facebook & Snapchat. This is why the online advertising market was valued at USD 304.0 billion in 2019 and is expected to touch USD 982.82 billion by 2025.
"name": "What are the types of advertising?",
"text": "There are many types of advertising but mainly 7 are prominent. Broadcast advertising, outdoor advertising, native advertising, display advertising, print advertising paid search advertising, and social media advertising."
"name": "Is the advertising industry dying in pandemic?",
"text": "Unquestionably, advertising agencies faced adverse effects of covid-19 in respect of investments, productivity, creativity, lead generation, consumer behavior changes, etc. But, positively the industry will get rid of the situation soon and become normal."
"name": "What is the most effective online advertising?",
"text": "Online advertising is one of the most prevailing and effective method to escalate your business and reach alluring results in every aspect. Having websites, blogging on daily basis, search engine optimization, social media marketing, and pay per click advertising are the result-oriented approach for effective online advertising during COVID."
"name": "Are ads really effective in COVID-19 pandemic?",
"text": "Yes, indeed, it is effective. People are compelled to be indoors therefore, it is easy to approach the customers with creative, strategical campaigns digitally. The amount of time being spent online has increased during the pandemic as a result of shifting consumer behavior while adjusting to the new normal. Online retail & social media grew massively during the pandemic where online ads reaped huge profits along with e-commerce giants such as Amazon, Facebook & Snapchat. This is why the online advertising market was valued at USD 304.0 billion in 2019 and is expected to touch USD 982.82 billion by 2025."
Article | March 15, 2020
A ton of people confuse branding with a company’s logo. When they hear the word “branding,” they immediately picture designers hard at work choosing the perfect shades and template for a new logo. But although a logo is part of branding, it’s not the whole package.
Article | May 7, 2020
As the world moves closer to smartphones and digital tools, more so due to the coronavirus pandemic in recent times, enterprises are finding innovative ways to go around the geographical distance between them and their target audience. Conferences are the best place to make connections. Even still organizers are moving physical conferences to virtual events for myriad reasons primarily the global lockdown which has made events going online by default than by choice. And the trend is only getting stronger.
Virtual events will grow from $14 billion in 2018 to $18 billion in 2023, reported Market Research Media. Besides being cost-effective, virtual events are the perfect way to combine brand experiences with attendee engagement to monetize events and make your presence known globally.
While virtual events can never beat the added value provided by physical events and conferences, it isn’t all that bad. A virtual event enables organizers to track and measure every move of the attendees during the event, as a result of which you have some highly qualified leads. Here are some powerful practices you should follow to make your virtual event a dashing success.
Table of Contents:
- Make Your Titles/Descriptions Crisp
- Get the Right MC for Your Event
- Keep Sessions Short
- Personalize the Virtual Experience - Incentivize
Make Your Titles/Descriptions Crisp
At a physical event, attendees navigate through sessions while relying on word-of-mouth to decide which session is worth attending for them and why. Virtual events don’t provide this liberty.
The information on various sessions is often sent to the attendees through emails, social media posts, etc. Since no guidance is available to help attendees understand and navigate through sessions of their interest, it is important tomake your event and session titles and descriptions more informative and compelling.
Get the Right Moderator for Your Event
Just as at a physical event, a moderator contextualizes the information presented throughout the event, keeping up the energy levels, and providing important information regarding attendee queries, a moderator is important for a virtual event.
Virtual events tend to produce a certain feeling of isolation for attendees. This can be alleviated by a voice that creates a consistent flow between the sessions while adding a much-needed familiarity and maintaining the energy levels. A moderator, like at a physical event, should open a virtual event, moderate questions from the attendees, and hold talks with them in-between sessions.
READ MORE:How to host a successful virtual event to help your business survive digitally
Keep Sessions Short
Usually, keynote presentation sessions last for less than an hour. At in-person events, attendees are surrounded by excitement and peers, watching a presentation that integrates music and inspiring speeches. Attending an event on screen at home is comparatively less exciting and attendees are sure to click away from a session that is too long.
Thus, keeping sessions short at an optimal length of 30 minutes during a virtual event will allow the attendees the time to browse around, answer an email, or go to the virtual exhibit hall. Attendees can be directly navigated to a sponsor’s booth after the completion of a session.
Personalize the Virtual Experience
Virtual events can be either live-streamed or pre-recorded, depending on the goals you have set or the scale of the event.
Adobe, for their recent summit, decided to go pre-recorded. Personalized video recommendations were part of Adobe’s event experience. Though your virtual event experience depends upon the platform you choose to set up, Adobe was able to create the ability to create high-end experiences thanks to their in-house development teams and custom platform. YouTube, for instance, used Adobe’s Sensei AI engine to incorporatecustom behavior-based content recommendations. Personalizing content delivery in a virtual format speaks to a much broader trend in events in general. Many are used to receiving personalized suggestions when consuming both content and products on the internet.
Though pre-recorded sessions may lack in real-time engagement, they make up for it in providing high-production value, as organizers are at liberty to edit or enhance the quality of the sessions. It also eliminates planning for live-streaming around different time zones and connectivity issues during the event.
Pre-recorded events also minimize the probability of attendees getting bored as they are free to tune out of the live stream, watch again anytime, and interact with the content that would bring them the most value, resulting in each attendee tailoring their personal experience.
If you do decide to go pre-recorded, don’t forget to establish a forum or live chat where attendees can ask questions, hold topic discussions, and network.
Though they are not as much fun during a virtual event as they are during in-person events, incentives are proven way to boost engagement during an event. Virtual prizes such as books, iPads, swag, etc., can be awarded to the winners or trophy can be mailed to the winning attendees.
Google SheetsCon, as part of their event, hosted a contest to win one of 25 company swag bags to winners who were supposed to share something about the event on social media using the dedicated event hashtag, or visit at least 5 of the sponsor booth pages during the event. Activities such as this increase attendee as well as brand awareness.
READ MORE:Best practices to create an ideal webinar