Coronavirus is currently one of the only things people are thinking about. We're in the middle of a global pandemic, and a huge percentage of people have been and will be impacted. Whether you're now working from home, self-isolating, or just concerned about what the future could have in store, the odds are that the virus has already had an impact on your life in some way.
The question everyone wants to know the answer to is how long will this pandemic last? Also, what effect will it have on the marketing industry? In this article, we're going to outline how coronavirus is likely to impact the marketing industry in the coming weeks and months.
As of yet, unlike governments in other nations, the UK government has not implemented a nationwide lockdown
. The official government guidance is to stay indoors and avoid unnecessary outings to limit the spread of the virus. This is likely to result in a marked decrease in traditional advertising spending with brands having to invest more in online digital ads to reach their target audiences.
On top of this, major sporting events and tournaments have been postponed, and many sponsorship deals have already been ended, resulting in more decline to the TV ad market that was already in trouble before the pandemic hit.
Internet Marketing is Likely to Increase
We're forecasting that spending on digital ads will increase on a major scale, especially when looking at outsourced marketing solutions
. In the coming months as customers will opt to spend more time online and are likely to choose internet shopping over risking leaving their homes for groceries. Our predictions are backed up by Dentsu Aegis Network's research which showed that of the 155 clients and client’s leaders that took part in the survey, 14% were transferring their spending on offline media to the online marketplace.
Furthermore, as more people start to work from home and travel less, we also predict that social and mobile media opportunities will increase. Research commissioned by Global Web Index revealed that there is a big increase in users checking social media in all age demographics (15% among the Boomer generation, 27% among Gen Z, 29% among Gen x, and 30% among Millennials). This could be because employees working from home now don't have a manager constantly watching them and are able to check their smart phones more frequently, but it could also be that 40% of us are now checking the news on a more frequent basis.
Spending on Social Media Advertising is Set to Rise
With increasing numbers of individuals on their phones, searching for content to keep them entertained as they try to deal with the emotional impacts of self-isolation, social media platforms will become places people visit daily to help them stay grounded, obtain regular updates surrounding the global pandemic, and access a virtual support community.
Consequently, it's expected that spending on social media will increase by 22.2% due to coronavirus, as customer-led brands leverage the power of online marketing to engage with their consumer base. A huge spike in influencer marketing engagement has already occurred. According to a recent study, over the course of the past fortnight, there has been a 76% increase in cumulative daily 'likes' on ad posts on Instagram.
So, What Sort of Content Are People Seeking in the Epicentre of a Global Pandemic?
As content creators and publishing platforms
, we have a duty to be conscious of the type of content we put out there at this time. Consumers are looking for support from their favourite brands and social media can serve as an excellent vehicle to provide it.
People are looking to established brands to take leadership and deliver content demonstrating true care for the consumer. Since studios are currently not available for the production of branded content, brands need to consider partnering with vetted content creator networks to ensure their brand message is conveyed to target audiences in a creative and conscious way.
Content focused on staying healthy and maintaining mental health will be of great interest to audiences at this time. In addition, content that keeps audiences optimistic about the future will be equally as important during this challenging time.