The ongoing coronavirus pandemic is impacting all our lives in multiple ways. Work from home has become the new norm. There is a considerable shift in priorities and active consciousness towards spending money.
Every sector has been hit by the virus and the marketing and advertising industry is of course no exception. Print advertising has seen a huge slump and outdoor marketing has completely gone out of the window.
While the pandemic is to be blamed for the slowdown, modern ways of advertising like social media marketing, digital marketing and OTT platforms have experienced a huge surge. Many companies worldwide have taken to social media platforms and OTT to establish and maintain a connect with their audience.
In general, digital marketing has seen massive growth over the last few years and Covid-19 has made it threefold with all organizations, big and small using it to sell their products and services. With mankind being glued to their gadgets at the moment, an alteration in the marketing strategy by including digital marketing seems to be a real profit earning recipe.
Digital marketing includes very convenient and cost-effective methods of marketing like email marketing, social media marketing, search engine optimization, display marketing, content marketing etc.
Ad spends across digital and social media platforms like LinkedIn, Instagram, YouTube, Facebook, Twitter and Pinterest have risen 31% year-on-year in March 2021, reporting highest increase percentage since January 2020. According to Dentsu’s Ad Spend Report 2021, UK’s ad spends have the scope of growing at second highest rate among all global markets at 10.4%. Hong Kong’s digital ad spend stands at 72.3% in March 2021, showing 9% increase since 2019. India, France, Canada and Italy are also predicted to experience adequate growth during this term.
As per the Forbes compiled predictions from three top ad agencies – Group M, Magna and Zenith, digital advertising is bound to grow faster than traditional advertising with a major boom in sports advertising.
With the unprecedented times, understanding consumer behaviour and trends of audience engagement has become very temporary and ever-changing. However, brands in all domains have a confident approach towards digital marketing to sail them through the times of virtual interaction and reap growth.
Categories that have been spending larger amount of money on digital advertising as compared to their competitors include FMCG, food, supermarkets, publishing and broadcasting.
With increased usage of internet worldwide, the dependency on digital platforms to reach out to people has also increased. The need to stay in touch with friends and family and be updated with the current happenings has also made Google the second highest contender for UK online traffic. The average daily time spent on social media has increased from 2-3 hours to 4-5 hours.
This is a clear-cut signal for the global industry to bank on the boom of digital advertising and make use of this opportunity to grow their businesses even during these tough times. Afterall, it has proved to give major respite during the lockdown.