Almost everyone got impacted due to this global pandemic COVID-19. In the past three months, the corona has spread to every country and has hugely impacted nearly every business. Almost everyone is working from home (WFH), and with restaurants and stores being closed, consumers have changed their purchasing behavior. The pandemic has negatively impacted some companies, but others have experienced growth during this period.
According to the report, some big companies experienced a significant revenue loss in the previous month, while some companies enjoyed record revenue in the same month. This situation is evolving rapidly, and we are changing our decisions by the day or week. Many big brands have added some special offers to their ads and website.
During this time, you should not assume that you should reduce your paid media budgets and let the data shape your business decision. Another factor to consider is that it may have negative consequences if you reduce your brand’s visibility too much online or offline. Likely, the business will not return to normal right away, and we can see a new normal. Another factor to consider is decent budgets can indicate having a healthy company.
It would be best if you also consider that your message matters the most. Consumer behaviors change as the countries take measures to respond to this rapidly evolving into this unpleasant situation. Ads that might work today could become socially obsolete tomorrow. In Ireland and U.K, KFC put out a video at the starting of March that was ‘finger-licking’ good and quickly suspended it due to negative feedback. It was not the right time for this ad messaging.
Many business houses are trying their best to do everything to grow their business, But they require a certain degree of sensitiveness during this time. In addition to that, they should be cautious while posting anything on the social media platform. They should not post anything or any image against social distancing or personal hygiene; it may affect their business.
In the current scenario, almost everyone is turning to the internet for news and other necessary information. It may be a great time to let your customers know that you care about them or support them during this challenging time of COVID-19. It will help if you take care that the networks have created some strict policies around the use of ‘coronavirus’ and ‘COVID 19’ terms. It is logical because they do not have the excessive resources to determine who is taking advantage and who is not.
It might be interesting to look back in history and observe how advertisers reacted during the past pandemics. It is interesting to see some of the ads published during the global pandemic Spanish Flu in 1918. It does not mean you cannot be creative or humorous during this challenging time, just as long as it is in good taste.
It seems like good advertisements may be perceived well by the audience during this time than ones that are just taboo. For instance, it was annoying to see cruise ships offering deep discounts during the Diamond Princess fiasco.
During the pandemic, many of us got isolated inside the house, which has increased the need for some services. For instance, AdAge reports that Instacart drastically increased its ad budget the last month. It makes perfect sense because people are less likely to venture out. It also makes grocery and other delivery services more desirable.
This current situation may end up reshaping consumer behavior in the long term. Companies may discover that their employees can work from home. They can save on overhead costs such as electricity cost, rent, and internet expenses and pay a part of these savings to their employees to make their employees happy. Undoubtedly the coronavirus pandemic will dramatically change the world as we know it. It seems like there may be permanent changes in consumer behavior and advertising due to this global pandemic COVID-19.