Updated: Jun 4, 2020
This content was originally published by one of our partners, The Marketing Society’
The COVID-19 pandemic and global lockdown means that 2020 will stick in marketers’ memory for years and not for positive reasons.
Entire categories are effectively unable to trade, from travel to live entertainment, restaurants and coffee shops to “non-essential” retail, automotive to gambling connected to live sport. With no way to reach consumers or deliver products or services, many sectors have pulled campaigns and cut marketing budgets for the foreseeable future.
Two very recent surveys reveal the impact of the current crisis on marketing activity:
In Marketing Week, 60% of marketers said they were reviewing ad spend commitments for the rest of 2020, 55% were delaying campaigns or putting them under review, and the same percentage said they had paused product or service launches.
A poll of World Federation of Advertisers’ members reveals a third of brands expect to cut spend by 11-20% this year, while almost a fifth expect reductions to be up to 40%.
At this unprecedented time – with less to do and more time to plan – brave marketing leaders should focus on reviewing and reassessing the channels they use to reach consumers where they are now. Across the world, linear liv