The COVID-19 pandemic has spawned an economic crisis. When the economy falters, advertising typically takes a hit. Marketing departments and ad agencies across the country are doing their best to adapt. Advertising is the most important fuel for business. London-based research firm IHS Markit Ltd., estimates every dollar spent on advertising in the U.S. last year generated nine dollars in sales. So, what do you do?
Opportunity knocks
If you can, continue to invest in advertising. The crisis will end and companies that keep a presence in the marketplace are statistically more likely to survive. Their recovery will be stronger, too. It’s a quieter playing field out there right now which plays right into the hands of companies that can still make some noise.
Habits are Changing
The opportunity to reach an audience right now is enormous. Nielsen data shows that when forced to stay home, consumers watch about 60% more content than usual. That’s social media and traditional.
A recent survey in the U.S. and U.K. by Global Web Index says 32% of Generation Z, 42% of Millennials and 23% of Generation X are using social media more often. Baby Boomers are up, but only 6%.
The habits of Millennials have shifted the most. The survey shows they have increased their online news consumption by 47%, their traditional television watching by 42% and even their readership of print news has gone up 20%.
Set the Right Tone
Our agency has guided brands through difficult times before and we can tell you it is very important to get the tone right. It’s that comfortable place between somber and snark. If your brand has never been humorous before, don’t pick this crisis to try it. We showed an example of Coca-Cola reinventing its logo to fit the moment. Don’t do that with yours. You can’t get the tone wrong. It will follow your brand around for a long time.
If you aren’t sure what to do or how to do it, call us. We’re answering.