My business can re-open! Now what? If you are one of many business owners or marketing directors who has cancelled or reduced advertising investments in the past 60 days, this is a must read.
The resounding question advertisers are asking right now is if they should advertise. In fact, many advertisers have chosen to reduce their ad volumes and spend—whether that’s due to the pandemic’s economic impact on businesses or as a choice to dissociate from wall-to-wall coverage of death and infection. However, this strategy of limiting advertising is not sustainable with coverage of the novel coronavirus (COVID-19) here to stay for at least the medium term. And reducing advertising now could have long-term consequences.
Some forward-thinking marketers have taken the initiative during this difficult time and are creating cross-platform ad content strategies to tastefully reach these large and highly engaged audiences. With clarity into which channels and tactics influence a specific audience, marketers can orchestrate the optimal consumer experience across channels and devices and optimize spend to maximize business results. Managing advertising and marketing channels separately using a silo approach, channel-specific strategies, tactics and metrics is no longer effective. Brands that have a cross-media audience strategy yield better results.
For marketing research analysts, brand managers and channel managers, measuring your campaign provides powerful insights into the consumer segments and campaign elements that are driving the greatest response, so you can make smarter decisions going forward. Testing your advertising will help you answer critical questions about the performance of your campaigns:
- Did my campaign have a positive impact on in-store and online sales?
- Did my campaign have a positive return on ad spend?
- What impact did it have on existing brand buyers versus new brand buyers?
- Is the campaign driving more buyers, higher purchase frequency and bigger basket size?
- Which audience segments had the strongest response?
- What impact did the campaign have on my market share?
In moments of crisis, creativity can flourish. Increasing time spent online and watching TV provides a great avenue to show the value of effective advertising to grow your brand reputation and revenue.
Source: 2020 The Nielsen Company
Henry Ford once said, “A man who stops advertising to save money is like a man who stops a clock to save time.” Advertising is an integral part of a successful business.
Advertising is a must! Without a strategic advertising plan your business cannot grow or even sustain its market share. We are here to help!