Oh the changes you marketers have made!
COVID has certainly rattled the cages of our worlds personally.
And it has done quite a number on how we all operate from a marketing and advertising standpoint.
Check out the results to our recent COVID companion survey we completed to complement the survey we released right after the start of this situation in March.
Reminds me a bit of 2008 when digital media became all the rage in part, because it was a cheaper way to communicate with customers. That was the start of the shift that got us to where we were in February of 2020.
Then came COVID.
We’re in Phase II of this seismic shift and I suspect that there will be little-to-no turning back.
Is your agency ready to ride this ride with you?
Marketers are shifting spending at significant rates into the platforms you’d expect them to:
Social Media: 57% of marketers have increased spending
Digital Advertising: 43%
Email Marketing: 43%
Public Relations: 29%
So as states begin to re-open and we start staring head-on into the second half of this year, what will marketers do? Continue the march forward into less consumed platforms? Or revert back to the old ways of marketing their brands?
Will the new efficiencies revealed through the need to experiment and try new ways of doing necessary things carry forward or be tucked away until the next seismic shift occurs?
What we do know is what might have been construed as a knee-jerk reaction to the situation, has really been much more sustainable.
Back in March, 87% of marketers stated that they had changed marketing tactics. Nearly three months later, that number remained constant at 85%.
So as we inch closer to a new normal personally, we seem to already be in the throes of it, within the marketing and advertising world.
What we also know is that most marketers aren’t dialing back their efforts as they move into the second half of this year.
68% of marketers state that they expect spending in the second half of 2020 to either remain the same or increase relative to the first half of the year.
So keep an eye out competitively. There may be those out there that will be looking to take advantage of your conservative play or your agency’s lack of foresight to help move you ahead.
Marketers are spending. And their agencies better be ready to muscle through the challenges that this brave new world presents.
Need help finding a better agency (of any type or size)? Drop us a line (firstname.lastname@example.org). We can help.