A lot of people know that traditional media has been on the ropes for quite some time. The fact is, traditional media is dying and their influence on advertising is going with it. There is a bigger shift towards digital advertising. A lot of this was already happening before the pandemic but has since been accelerated by it. This article will reveal advice from a digital marketing agency in Guildford surrounding some of the different things that intelligent marketers should be doing armed with this information.
What Kind of Impact has the Lockdown had on Total Ad Spend?
In a study conducted in February, eMarketer found that total online spending had surpassed offline spending for the very first time. It now accounted for nearly 50% of all spending done worldwide. This is the same study that predicted that by 2023 digital advertising spend would surpass 2/3’s of media spend globally. This is a huge market that is expected to be worth a total of $333.25 million. Previously, digital spend only made up around 3% of total worldwide spend. Therefore, it is clear that the pandemic had a large impact on speeding this change-up.
Some of the data that was released by WARC showcases the split and changes that have undergone in advertising spend across all media before the pandemic and what is expected to happen once COVID-19 becomes a thing of the past.
Because of the way the pandemic has changed consumer behaviour, it’s a signal to marketers that they must change and adapt along with it. Gone are the days of reaching consumers in the same ways as before.
The Dynamic Audience
With more and more consumers shifting to the digital landscape, there has been more online content consumption and more consumer demand in this area. The year 2020 ended up throwing a lot of things that were unexpected to forecasters. One of the major differences in what we are currently seeing versus what we expected to see is the dramatic shift in both consumer profile and demand.
While you might assume that it’s the early adopters and tech enthusiasts that have moved on to all things digital, that’s not the case. A lot of the more traditional anti-tech people have begun the transition too. This shift has been accelerated by the pandemic. After all, everyone needed to embrace all things digital when the lockdown hit. Otherwise, you couldn’t even communicate with the outside world. Digital has become an essential aspect of our lives. Not only do we use it for entertainment, but now it’s used for being social, getting information, and buying goods and services. While there has always been a large segment of people that preferred to do things digitally, that number is only increasing. This is largely a result of the pandemic and the changes it forced people to make. Everyone had to adapt and conduct much more of their life and business over the internet. This has changed consumers perception of all things digital and altered their expectations and behaviours as a whole.
A worldwide survey of nearly 35,000 different consumers, showed that a very small percentage (8%) of brands felt they should halt their advertising during the lockdown/pandemic. Whereas, 74% of the brands felt they should look to avoid exploiting the unfortunate situation. On the other side of the coin, 78% felt that brands had an inherent responsibility to assist them with their day to day lives. While as many as 75% wanted the same brands to better communicate what they were doing to help. What is perhaps even more surprising is that only 30% of people thought brands should be giving out discounts to help consumers and 19% thought more should be done to field any questions consumers had.