Like most industries, the advertising market hasn’t escaped the fallout of the COVID-19 pandemic. According to the IAB, digital ad spending has dropped 33% from March through June.
A recent study of more than 2,200 marketers conducted by Econsultancy and Marketing Week revealed that 57% of US marketers reported that product/service launches are delayed or under review. While this news may bring back memories of the 2008 financial crisis, there are some silver lining.
The EConsultancy/Marketing week survey found that 87% of North American marketers predict an increase in the use of online service, which supports the findings by the IAB, that more than a third (35%) of advertisers surveyed have adjusted their in-market tactics increasing audience targeting (+38%) and OTT/CTV (Over the Top/Connected TV) (+35%).
No doubt consumer viewing habits explain the spike in video ad spend demonstrating that advertisers are going where their consumers are.
While the advertising industry may be adjusting to the imposed COVID-19 recession, we believe the self-service ad-buying platforms such as WUNDERWORX, will play a key role shaping the future of the digital advertising industry. The need for SMB businesses to build brand awareness may prove beneficial for these businesses to combat the down turn in revenue. For those small to medium sized businesses will be facing prominent competitiveness.
“Dollars have always followed attention. We have seen [OTT/CTV ad] dollars slowly move, and now rapidly accelerate. This is a moment in time where dollars are moving commensurate with where attention in going.” – David Cohen, IAB President
As the novel coronavirus (COVID-19) has swept the planet, the consequences of the virus have dramatically changed consumers purchase and media behaviors. With so many people forced to be homebound due to shelter in place orders, the amount of time consumers are spending viewing streaming media has skyrocket of a 215% increase of time spent online via mobile devices.
According to Neilson, they reported a 60% increase in the amount of content being watched as U.S. consumers are broadening their media options with streaming subscriptions and TV-connected devices.
Amplify believes in a more human approach to advertising. Let us demonstrate how you can reduce wasted ad spend and time to conversion by implementing an omni-channel strategy that amplifies your SEO, Paid Search, Content and Programmatic strategies. If you would like to learn more about shifting your marketing strategies to grow your marketshare and bottom line, let’s have a conversation.