How COVID-19 Will Change the Landscape of Paid Media in 2021
COVID-19 has flipped the world on its head in 2020. And with this, just about everything imaginable was impacted in some way, shape, or form. This pertains to the paid media landscape as well. What’s more, is that these changes are like to become permanent shifts in the way businesses use paid media and how consumers experience it. Let’s take a look at some of the key ways we anticipate paid media to be vastly different in 2021 and beyond.
Cinema and Outdoor
It shouldn’t be all that shocking that cinema and out-of-home advertising have been hardest hit by the coronavirus pandemic. Cinema ads (the ads that run before a movie) have it the worst because of a sudden and massive decrease in movie-goers. To make matters worse, they’re now competing against so many video streaming platforms like Netflix, Hulu, Amazon, and YouTube TV.
For Out of Home (OOH) advertising, the silver lining is that there are deals to be had. If you want to reach an audience that needs, or wants, life to return to some form of normality, don’t rule OOH out of your marketing mix. But do negotiate on price.
The Advertising and Public Relations Connection
Interestingly, the year has also changed the value people place on businesses that are involved in social causes. Between a global pandemic, the Black Lives Matter movement, a presidential election, and various natural disasters, there is no short of areas where businesses can give back. And consumers place a high value on this! A YouGov survey found that 44% of the general public likes when a brand gets involved a social issue. So the lesson here is to connect your advertising strategy to your public relations strategy and vice versa. The two need to build upon one and other and when they do, you can expect to get amplified results in return.
It’s a genuine concern that consumer trust in the media could be at an all-time low since the onset of the pandemic, but when we dig a little deeper we find that it’s not the major issue it’s being made out to be. Or at least it’s not impacting people’s engagement with paid advertisements on media sites.
The same YouGov poll conducted in April stated that 47% of people expressed trust that news journalists tell the truth which is actually up slightly from when the question was asked in December 2019 (44%) and just a point below where it stood in March, before the government announced the lockdown (48%). So, despite news to the contrary, there has been no complete fallout in public trust in news media during the coronavirus outbreak. This should come as welcome news for any business that has paid and earned media tactics at the heart of its marketing campaigns.
New Habits Will Stick
And finally, it’s important to know that the various new habits consumers have developed as a result of the lockdown are most likely going to last well past a cure for COVID-19. People are spending more time in their homes and on their devices than ever before. So reaching people through television, over-the-top, and social/digital ads are going to give you the most prominent reach. This can come at a pretty significant price tag depending upon your goals, but when you are shifting other pieces of your advertising strategy out in order to bump up your investment in this space, the results can be well worth the spend.
How has COVID-19 impacted the way your business approaches its advertising strategy? Or do you have a question that needs to be answered? Join in the conversation by leaving a comment below.