In today’s landscape, most brands are experiencing marketing budget cuts and looking for more affordable and result-oriented channels like programmatic advertising which can deliver an impeccable ROI. The ‘new normal’ in the advertising and marketing industry is being interactive, informative and creative. Brands are constantly focusing on creating shoppable landing pages and creating new online stores. Supply and distribution are becoming more important than demand, so it’s very crucial for brands to stay in touch with their B2B audiences like retailers, distributers, and ‘kirana’ stores. Also, this is a time where brands are now exploring partnerships beyond hyper-local delivery apps and looking for more meaningful connection with consumers in categories like online education, digital wallets and other utility apps.
Trends redefining the market
There has been a big shift in consumer behaviour with more people have started searching and reading content around homeschooling, parenting, immunity, fitness videos, personal hygiene, pet care, healthy cooking and eating. Apart from the usual primetime late evening slots, we are also seeing more prominence being given for other slots such as the one from 12 pm to 2 pm, across news, gaming, and OTT platforms. For media buying, in case of biddable media, we are seeing a trend of a floor price decline by 15 per cent to 20 per cent week-on-week. However, the bigger challenge for marketers now is around advertising goals and strategies that are understandably shifting. Brands today need a deeper understanding of what’s driving real-time results and plan, execute, and measure the success of their media investments better.
What a marketer should do in these times?
Being a marketer, one must stay focused on both short and long-term goals and look out for new growth opportunities. But most importantly, in crisis times as such the current one, brands must take the responsibility as consumers need reassurance and they are noticing which brands are playing an active role in their lives and which ones have retreated. Going dark or silent during these times might cost brands heavily in the longer run, as active brands would like to take the advantage to create a halo effect and establish themselves as leaders in their industries. Our recommendation to all brands is to focus on accelerating digital experience and e-commerce capabilities. And prepare for the rebound build strategy for the coming ‘The New Abnormal’.
The author is Xaxis India Country Head. The views expressed are his own, and Indiantelevision.com may not subscribe to them.
