What COVID-19 means for advertisers and how you can stay on top, on the edge of a recession.
The global economies been flipped upside down, stretched, poked and prodded in all sorts of places since COVID-19 graced us with its presence. Unfortunately, for a lot of businesses, this could be the bitter end.
The fate of trade in both big business and small lay in the (hopefully clean #flattenthecurve) hands of this disastrous virus. Woolies TP stock’s been wiped out, tourism’s taken a nosedive and let’s not even get started on the demise of the hospitality industry. I miss friday bevvies already!
But, what does that mean for the rest of us? The oh so lucky ones who still seem to have a fighting chance. What can we do to cement our footings in the space and come out of this stronger than ever before? The great Australian way.
It’s wise to tighten the straps at home, consolidate expenditure and reallocate budgets. Hell, even just to keep the head above water. In business though, as we edge on a recession, this can be detrimental to your ability to get through this one alive.
Times like these require a total shift in mindset. Quick wins, and thrown together, short run social campaigns, probably won’t cut it in this climate.
In an economy where literally no one is buying anything. Campaign goals (and associated creative) should be shifted from immediate purchase to increasing awareness of the brand in hope to not only sustain brand salience, but also capitalise on a somewhat rare opportunity to win market share in such a short period.
Don’t forget, some industries will totally blow up from this. Home delivery services and apps are being built daily across the globe and zoom has more than doubled its share value since the outbreak. If you’re in an industry that’s seeing a ridiculous amount of growth right now, remember ‘people over profit’ and you’ll have a better chance at sustaining that growth. Quick note, profiteering is highly unethical and mostly illegal — just don’t do it.
It’s important to use this time to revisit your purpose and reposition your business as a stronger, more meaningful brand. Because, when it turns (and it will) you want to be the one already at the finish line, not just starting the race.
Some things to think about;
- Promo based product advertising might be a successful short-term strategy, but it won’t prime your brand for the future.
- If the phones aren’t ringing, it might be time to consolidate budgets, switch things up and push long-term brand building campaigns.
- Get creative with your messaging, lighten up a little and remember how people will consume your message while locked up in their homes.
Most importantly, be safe out there.
Until Durex decide to launch a body condom, stay the f*** inside!
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Written by Casey
Casey is a partner at Maker Street.
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Maker Street; is a purpose first brand and advertising agency, helping ambitious leaders crack complicated challenges.
https://mkrst.co
