The coronavirus pandemic has changed the world as we know it forever. The worldwide shut downs, restrictions, and work-from-home mandates have significantly impacted and altered most sectors in all industries, with some businesses even having to close their doors for good.
Therefore, let us take a look at the key statistics that highlight the impact that COVID-19 has had on both print and digital advertising worldwide.
1. 17.72 billion USD decrease in ad spend worldwide compared to previous predictions due to coronavirus
One study found that the coronavirus has caused a 17.72 billion USD decrease in ad spend worldwide. This figure was calculated using a prediction that was based on the trajectory of spending on advertising in the years prior to the coronavirus.
2. 24% average decrease in media and marketing budgets
On a more personal level, this decrease in ad spend is likely due to media and marketing budgets drastically decreasing during the pandemic. In the US, for example, the average media and marketing budget was cut by 24%. These statistics both show just how much businesses were forced to prioritise other services because of loss in revenue due to COVID-19.
3. 29% of agencies worldwide offering new services to counter the effects of the coronavirus on marketing
In order to counteract this, marketing agencies have had to adapt their working practices and services as not to take a knock on revenue. Statistics show that 29% of agencies have taken to offering new services to clients and exploring new media channels.
4. 78% of global marketers implemented a coronavirus-related campaign
Whereas some advertisers were reluctant to address the coronavirus pandemic to begin with, by June 2020 78% of global marketers had a live campaign that responded to COVID-19. This highlights the increase in consumer demand for transparency and honesty towards brands’ responses to the pandemic, and what measures they will be putting in place moving forward to keep everyone safe.
5. Email marketing the most recommended channel worldwide during COVID-19
Due to COVID-19 restrictions and work-from-home orders, a lot more focus has been shifted towards digital marketing, as these services could be provided remotely. During the pandemic, the most recommended marketing channels by agencies were:
- Email marketing – 15%
- Web design – 13%
- Blogs – 13%
- Social media paid advertising – 13%
- Search engine optimisation (SEO) – 12%
- Google advertisements – 12%
6. Marketing messages need to be relevant to consumers’ personal situation and values
As reported by Harvard Business Review, the coronavirus has taught us that it is not just about knowing your target customer and demographic, but also about truly understanding consumers’ personal situations, and tailoring the communications accordingly.
Through this data, we can identify five segments of consumers, all of whom have different values that drive their purchasing behavior.
- 32% of consumers prioritise affordability, focussing on functionality and budget.
- 25% of consumers prioritise health, opting for products they know will have less health risk and trust to be safe.
- 16% of consumers prioritise the environment.
- 15% of consumers prioritise transparent and honest companies who benefit society.
- 12% of consumers are open to trying new things.
By becoming familiar with these statistics, marketing and advertising agencies will be better equipped to adapt as we slowly emerge from the coronavirus pandemic.
Cover photo credit: Brecht Bug / Flickr