COVID-19 has changed the world in ways we can’t even begin to grasp yet. With the situation rapidly evolving and no definitive view of what the timeline will be, people are still trying to prepare for the next wave of change. There’s just as much uncertainty for brands, but many also have an opportunity to help their consumers as they navigate this global crisis.
It’s time to get proactive. Think about what your business looks like tomorrow, a month from now, or even a year from now. Marketers and business leaders may want to have those conversations to determine how they could prepare for tomorrow and the weeks to come, and how they could adapt to the different scenarios that might play out. Look beyond the short-term and think about how you can shift from reactive to proactive. What solutions do you need to build? How can you adapt to prepare for the long-term?
5 questions brands can ask themselves
The changing digital landscape
With most people at home, consumers are spending much more time online and in front of screens. Nielsen predicts that at-home streaming is poised to rise by over 60% in the U.S. based on past consumer behavior during isolating hurricanes and winter storms. Consumers are at home, working remotely, and looking for ways to fill their time, which will result in more time spent online, watching TV and streaming video, playing games, and on social media.
Industry publication eMarketer has adjusted their global media ad spending forecast for 2020 from $712 billion down to $692 billion. This initial adjustment anticipates reduced spend, but still a 7% increase over 2019. Advertising costs are also likely to shift across search, social, and programmatic platforms. Accenture Interactive analyzed over 14,000 social ads to find that cross-platform CPMs were 24% lower on average from February to March compared to the same period last year. Advertisers whose industries can still add value for consumers during this period of social distancing can leverage those lower media costs to reach new audiences and continue connecting with customers.
Select Google searches have been on the rise as consumers seek information on shelter-in-place policies, restaurant and grocery hours, how to order goods online, the housing and stock markets, taxes, unemployment, and Covid-19 testing.