Uncertainty is a condition that will always remain a part of the industry. Neither individuals nor organizations have much control over these.
The coronavirus pandemic is one such severe uncertainty that has disrupted almost every industry. Marketing budgets have come under increasing scrutiny, consumer and competitor behavior is changing, and marketers are caught in a complex scenario. While most marketers are seeing a spike in traffic from their media spend, it is not necessarily translating into conversions.
To tackle these challenges, marketers need to revise and alter their current media planning and spending strategies. Transparency and efficiency in media planning ensure the fulfillment of short-term and long-term goals that are needed to sail through these difficult times.
Balancing What’s ‘Planned’ and What’s ‘Delivered’
A thorough assessment of the planned media strategy, the budget, timeframe, goals, and other such metrics, and comparison with what has been delivered so far, will help marketers understand where they stand. With planned and delivered data analyzed properly, the marketers will be able to optimize their campaigns accordingly. The key is transparency across channels in terms of both spends and the key metrics, which will help marketers make decisions in real-time.
Modifying Marketing Strategies
In these uncertain times, consumer behavior is changing. Hence, marketing strategies that were effective before may not work as efficiently in the current situation. This is the reason why several brands have put their campaigns on hold.
However, it is worth noting that this can have an adverse effect on the brand’s market shares. It can take up to five years for brand recovery if advertising is stopped. Therefore, it is crucial to continue advertising, although it is advisable to focus more on promoting brand awareness and loyalty rather than encouraging sales.
Change in Key Performance Indicator (KPI)
Previously, many marketers depended on sales KPIs to measure their media performance. The coronavirus pandemic demands for a shift from sales-based indicators to awareness-based indicators. As mentioned, consumer behavior has shifted drastically. Instead of measuring how the advertisement strategy affected the brand’s sales, the marketer should focus on how many web visits it generated.
Verification and Viewability
Verification and viewability are two important advertising metrics that have always been important but have gained increased importance with marketers trying to optimise their ad spend with low budget. Spending huge amounts on advertisements is meaningless until they reach the target audience. Marketers need to constantly monitor their media and keep a check on brand safety standards and fraudulent ad activities.
Desperate Times Call for Prudent Measures
The COVID 19 situation will have a severe impact on media planning. Previously preferred advertisement techniques and marketing strategies may not produce the same results as before. Uncertain situations such as these demand for an effective, efficient and well-planned marketing strategy that is best suited for the current consumer behavior. This changing market environment provides a great opportunity to implement new techniques for engaging with customers, that, if done correctly, will ensure future growth.