In our most recent 2021 New Year Outlook survey report, only 41% of marketers indicated that their overall ad spending would increase “significantly” or “somewhat” in 2021 – a significant drop-off from previous years.
Lower levels of marketing spending anticipated by marketers for 2021 is likely the result of their finding new, more cost-efficient ways of reaching their customers and consumers as they worked their way through COVID in 2020.
When asked how COVID impacted their digital spending in 2020, 58% of marketers stated they had increased their use of digital either “somewhat” or “significantly.”
So what does this mean for you, the marketer?
As presented later in the New Year Outlook report, many of the things we’ve adopted during COVID are likely to stick as we eventually roll out of this global pandemic.
Things like virtual conferences aren’t going away.
And the adoption of digital media to more efficiently replace broader based, more expensive platforms will only grow in value and importance to marketers.
So, if your agency hasn’t stepped forward to help you explore new ways of reaching your consumers, you need to get them to step up and help them see the value of different, more targeted media platforms.
If it turns out that your agency isn’t equipped to manage effectively in the digital and social space, you need to one of two things: either tell them that they either need to invest in the tools/people to do it and/or you need partner with different marketing agencies that can help get you there.
COVID certainly has brought a lot of pain and suffering to the marketing and agency world, but it has also brought opportunity – opportunities that will call for different strategies for the foreseeable future.
If you’re looking for a new and better agency, we have a better way of getting you there. Just drop us a line (firstname.lastname@example.org)