Digital marketing and media companies are in a very small collection of companies who will have, in the main, done well throughout the global pandemic. Mark Zamuner, CEO of the growth consultancy company Two Nil has spoken about not only the opportunity that this presented for the world of media marketing, but also about how the global impact of this pandemic has greatly altered the face of the industry.
Marketing and media agencies have not only had to react to the market conditions but also the behaviors of the consumer, which has been changing on a weekly basis. In just a few short months this is how the industry has altered.
There has been a renewed focus on areas of marketing such as gaming and television, both of which has seen a rapid rise in popularity. Owing to the financial difficulties of many companies we have also seen a shift away from brand growth and increasing the awareness and visibility of a business, and instead a heightened focused on the quick buck, a fast sale that will help the company keep its head above water in an increasingly tough economic climate.
This year is becoming an absolute minefield for creatives in the industry as we are going through a stage where just about anything you say could be potentially construed as being wrong or missing the point, such is the PC brigade on social media. Any risks which advertisers may have once taken are completely off the table at the moment and it is a time for staying as safe as possible and looking to make hay whilst the digital sun is shining.
The challenge which marketeers have on their hands is that there is a wonderful opportunity for businesses to do well, but they are trying to balance the books in a worsening financial climate, leaving little by way of a marketing budget. Unfortunately for many media companies, finding new customers and landing pitches is made trickier because of the restriction around logistics which we have under quarantine conditions. Meetings through video chats and the level of invention which ad agencies in particular have to display to win pitches is higher than ever before and creative teams are having to dig incredibly deep for fresh ideas that will work.
Media and marketing companies have had to significantly cut back on spending and this again is something which has meant that the agencies have had to be much cannier with the way that they spend money. Ad spending is down 9% across Europe, an enormous swing from where we were just 5 months ago, when spending was actually on the rise ahead of the end of the financial year. Whilst it is true that offices are able to save money on running costs, there is still a very clear reduction in spending when it comes to advertising and on the type of ads which are being invested in.
Many of the changes which we are seeing now will be reversed post-pandemic, but there will be a lot that remains the same.