Economic uncertainty and media planning strategy
As consumer buying habits change dramatically across many categories and production and retail supply chains evolve, it has become increasingly important for marketers to embrace planning, programming. and a selection of media agile content, states MediaSense.
In an exclusive article for WARC, the global media advisor observes that the impact of the coronavirus on the global media ecosystem is now becoming clear, forcing a rethinking of campaign planning and implementation, media processes and talent management in industry.
“Brands will decide what messages to communicate and in what tone of voice,” he says.
They will consider “whether to shift investment in or out of short-term sales activation towards or out of long-term branding activity, and will give careful thought to editorial environments and media choice.”
For some, faced with a lack of supply or a lack of stock, the choice may be to suspend or continue media spending.
Within the media ecosystem, digital channels are the first and easiest to turn off, having the shortest lead times. Media that are used tactically such as print, radio and the televised scatter market, sold with shorter delivery times, will also experience declines.
“Media owners will want to encourage brands to defer rather than cancel bookings, a difficult sale given the limited visibility into the longevity of the virus,” MediaSense said.
“Brands that decide to keep spending will then be faced with the choice of reducing advertising pressure to keep brand awareness at a lower intensity, or keeping advertising pressure in a declining market, both of which means lowering the brand awareness. reduced budgets. “
With the postponement of the UEFA Euro 2020 football championships and the Olympics under pressure to follow suit, “a larger layer of brands will stop spending, leading to significant media deflation, allowing brands to shrink further. their budgets while achieving their communication goals. , “it suggests.
“It’s a downward spiral that media providers will be keen to avoid. “
To learn more about the likely impact of changing consumer behaviors and changes in category spending on paid media, read the full MediaSense article: The Impact of COVID-19 on media strategy.