Like there are a plethora of actions which display a certain advertisement on a certain webpage, there are a plethora of reasons why online advertisements have become so increasingly popular in the past decade. In today’s time, online ads are a much quicker and efficient method of expanding the outreach of one’s business- to a much broader and global audience, which could be more specific for the goods and services your business deals in and to have a larger audience advertised to at much lower costs.
Now, keeping in mind the current scenario, where industries are affected more than they were when the market crashed back in 2008, we need to realize that although things have taken a sudden u-bender for the down side, we need to prepare ourselves for when it starts moving upward; so for those businesses, seeking to retain or re-build their brand image, advertise new products being sold via e-commerce platforms or new digital based services.
Online Advertising is the key.
Well, summarizing it up,
- Print, OOH and various other traditional media platforms have been affected drastically. Hence, advertisers still wanting to advertise are moving towards the next best and cost efficient option: digital advertising.
- Various advertisers are facing budget restraints as sectors such as hospitality and tourism are heavily effected, while others have decreased their pre-covid spending. A sudden decrease in demand has decreased competition and pricing and as majority of consumers
are staying indoors, advertisers get an opportunity for a larger impression base at lower costs.
- Ad spend has decreased and so has the revenue of ad agencies, publishers and various other platforms of the ad-tech environment. But the pandemic has brought on newer buyers; buyers who previously relied more on traditional advertising mediums.
Their pre-covid outlook on digital advertising has changed for good.
- Covid-19 has pushed digital transformation drastically. Reliance on data and information has never been the same before. It has pushed large numbers of individuals and organizations online in order to do various tasks, be it personal entertainment, selling/purchasing essential goods and services or even medical urgencies, this digital push has made all individuals and organizations who were initially reluctant of using digital services realize that they are not only easier and efficient but also good on quality and safety, relatively.
- Covid-19 has changed consumer behavior drastically. Consumer patterns regarding buying of goods and services, reliance on data and information, time spent online have all changed and hence, advertisers and marketers are all bringing in different techniques to
capture user attention and make deals happen. Decreasing economic activity has made them adapt to newer methods of advertising, serving separate objectives.
- Entertainment, work, education and well-being have all been booming across digital platforms with a ten-fold increase in e-commerce activities. With consumers spending more time online, it is clear that this push in digital transformation shall push more ahead, the presence and domination of online advertising in the global advertising industry.
Strategizing for Surviving.
Although advertising costs have decreased, ad spending is still critically low globally, with revenues still falling. But there are various businesses which can still experience great results advertising online, as long as their campaigns drive value to the home-bound audience and that they position their businesses in a way which meets with the coherent change in consumer behavior.
Covid-19 has made advertisers assess their advertising efforts so as to determine whether they are driving value to the consumer base; and whether they can still deliver on their promises with certain cost-cutting measures which are required as advertising revenues fall. Once it is clear which elements of the business are driving value, businesses can cut down on those that aren’t.
Advertisers are going to have to look beyond conversion rates to survive in these times. They need to look at the content being delivered and whether it is right for the current, home-bound audience and that their business’s value can be attributed by the audience to their campaigns. Such strategies are clearly gaining more attention as businesses adapt and evolve with the ongoing pandemic. Although current times are relatively bleak, yet all businesses are looking for newer ways to ensure they land on their feet when the storm dies down.