Your Questions Answered
By Kelly Buss on Jun 22, 2020
To advertise or not? That is the big question. With the change in today’s marketing world due to COVID-19 most companies are reevaluating and determining what is best for their company going forward. This change can help increase and destroy some businesses. The way consumers are living has changed significantly and how you target them may also be very different. Things like, the way they spend extra time, how they shop, trying new activities and experimenting. Here are a few things to think about as you are looking at the rest of your 2020 budget.
The following stats and information is according to Nielsen Media.
What going dark could mean for your business…
Brands that go totally dark for the rest of 2020 could face revenue declines of up to 11% in 2021.
It takes up to 3 to 5 years of solid and consistent brand building effort to recover from extended “dark periods” of media.
What media is right for your business has changed…
TV, digital & social viewership have increased largely during this pandemic and this might be a good time to try something new. There are 42% of consumers watching more TV, 31% playing more video games and 59% watching more movies & streaming more frequently.
What brands people favor has evolved…
Brand loyalty has changed increasingly over the last couple of months. People aren’t able to get products that they are normally buying and this gives other businesses an opportunity to get new customers and keep them.
A consumer insights platform found that 72% of respondents would consider a brand that helped people that were affected by COVID-19. About 90% of Americans expressed being more favorable towards companies that helped consumers during the pandemic.