As marketers scramble to deal with changing consumer behaviours and market shifts in light of the COVID-19 outbreak, digital advertiser Goodway Group has issued a survival guide.
Goodway Group points to changing consumer habits in this time, such as increased time spent on digital platforms, staying connected via social networks and streaming content.
Of course, this has all come at the cost of decreased time spent commuting, in transit and in brick & morter retail.
“When thinking about how best to respond to COVID-19, marketers should return to the basics and analyze where and how their audiences are now spending time,” Goodway Group says in the report.
“A strong understanding of where these shifts are occurring will uncover opportunities for marketers to continue to engage their target consumers impactfully.”
There is also obvious financial implications that come with the outbreak.
In China, it has already been predicted the cost of COVID-19 on media spending will reach $US113.7 billion.
Specifically for online advertisers, despite coronavirus content generating 25 per cent more ad views per page, there has been a 15 per cent drop in pricing.
what to do?
So how can one navigate this mess the industry has found itself in?
First things first, says Goodway Group, make sure your business is okay.
“Make sure you’re evaluating all angles of your business health including revenue trends, retail foot traffic, website traffic, etc. to understand how COVID-19 is impacting your business,” the report states.
Goodway Group also advises brands to take a look at their relationship with customers.
This could be introducing limited time discounts or reshaping your messaging to better address online customers.
“Examine messaging that is receiving positive traction within your website, organic media, and paid media,” says the company.
“Shift your messaging to align with where you’re seeing positive results.”
Finally, understand that each market is responding to everything slightly differently.
“Make sure you’re evaluating market level performance and optimizing your marketing strategy within each market,” the report advises.