Did anybody else think that was a weird Easter? We live in such strange times, it makes me long for normal things. Normal holidays, normal business days, just normal days when it’s business as usual but right now, it’s anything but BAU.
This all new sort of BAU changes the way we market and ThinkTV has noticed a change in the advice marketers are getting from experts to navigate the new normal.
Here are the top tips from three experts we think have a good handle on how to grow brands now and into whatever the next new normal might be:
1. DON’T GO DARK
Speaking to Marketing Week in the UK, Peter Field, aka the Godfather of Effectiveness, noted: “The only sensible course for any advertiser who wants to maintain a presence through this recession… is to be putting money into long-term brand building.”
Drawing from analysis of the IPA databank, Field said brands in “panic mode” during previous recessions cut all ad spend and saw their market share, and profitability, drop over the long term. Even where budgets were cut by just 20%, profits took a hit.
If you’re not maintaining share of voice but competitors are, they’ll come out on top when all this blows over. How long that market share will last and what it will cost to claw back should be top of mind for marketers now.
2. TRUST IS EVERYTHING
Research from Kantar finds national media channels are the most trusted information source right now, outranking government agencies and doctors. That means your customers are visiting these channels. Avoid putting your brand next to blatant, incorrect information about CV-19 and invest your advertising dollars in the safe environments your customers are choosing.
3. PLAY THE LONG GAME
Mark Ritson, always good for straight-talking advice, in his article in The Australian said the “really good” marketers are increasing spend during this crisis. History provides numerous examples of companies that, “discovered the inherent opportunity of recessions and acted accordingly”, among them, Procter & Gamble, which increased its ad spend by 7% post-GFC.
Week 15 shows continued increased consumption of BVOD with viewing up 36% since pre-lock-down. Download ThinkTV’s full TV and BVOD viewing tracker for more.
We know you’re being asked to change your plans, everyone is, but as you navigate this evolving situation, consider carefully what to reallocate and which media spend to hold to connect with your customers.
We reckon your brands are always best served by media that has the power to reach and engage audiences while amplifying other channels. It sets you up for the recovery to come and helps you ride the storm until it arrives.
Seeking to build and grow your brand using the force of consumer insight, strategic foresight, creative disruption and technology prowess? Talk to us at +9714 3867728 or mail: firstname.lastname@example.org or visit www.groupisd.com