Dealing with an unknown, one tool to help define a position, plot a trajectory or understand the situation is data. We’ve heard of the disastrous effects the virus is having on many major industries; the advertising industry is no exception. Here are some recent data points:
– The advertising industry is either slowing or rapidly pivoting in new directions
– There is a clear shift in buying behavior. Consumers’ priorities are rapidly shifting: de-prioritizing buying “nice-to-have” items in favor of those labeled “need-to-have.”
– With screen consumption up (TV and Mobile) TV is actually benefiting from the pandemic
– 62% of national TV advertisers released creative specific to COVID-19
– Digital search, digital video, social media are showing single digit increases while double digit decreases are posted for radio and print
Of National Advertisers:
– 74% said pandemic will impact ad spending more than 2008
– 46% have adjusted media spend for the same period
– 63% have changed their message
– Local Radio. Though reps don’t really want to admit or share, advertisers are cutting back on radio simply because “drive time” doesn’t exist right now
– Local Cable. A VP of a major cable company reports numbers are “through the roof.” Most impressive gains are in the 9am-4pm time slots (+78%)
– Outdoor. Many outdoor advertisers are looking to postpone campaigns till June, reports a major outdoor company’s VP, though auto advertisers are doing very well
Re-frame, re-focus or re-treat?
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Stay home. Stay safe. Stay sane.
Thanks to publishers of AdWeek, AdAge, Mensio and Statista for helping with this data points presentation