COVID 19's Impact On Digital Marketing
A recent report by the Interactive Advertising Bureau (IAB), shows that the COVID Pandemic has had the effect of more people staying at home, and this has caused a move toward digital advertising. Print media has been plunging for years, less cars on the road means local radio will also be down for a while. Even though direct mail is usually a great motivator in getting customers to go out and visit your store, because of COVID, it decreased 17 percent. And, with the recent lack of inventory in the dealership world, and the fact that small businesses, in general, are avoiding the large expense of buying a broadcast schedule, TV is down 24 percent. But, there are abundant opportunities.
Social Media And Facebook
With over 25 percent growth in Facebook marketing for dealerships and small businesses, marketers are catching on to the advantages of this affordable way to get customers to view their inventory.
OTT Video Marketing
OTT (Over The Top) video marketing grew by 19 percent. With over 50% of North Americans maintaining streaming subscriptions, it’s clear consumers love OTT content. This media is quickly replacing traditional TV and cable, which fell a whopping 24 percent!
Paid Search (PPC)
A huge jump in online search volume has created a 26 percent increase in paid search (PPC). With more customers looking for your products, the cost per click is going down. This presents a perfect opportunity to showcase your inventory.
Digital video also grew 18 percent. With more and more channels to place your videos, and this jump in customers clicking and watching, the opportunity to get your stuff in front of consumers just jumped.
Retargeting has surged due to a corresponding increase in online traffic. This, in turn, has caused a 15 percent rise in display ads. Retargeting of website visitors based on their shopping behavior, has become an increasingly important strategy. You can place static or animated display ads or set up a dynamic feed from your inventory.
Opportunities Going Forward
In light of this report, you definitely want to take advantage of digital marketing. However, these changes also reveal some opportunities for traditional marketing as well.
Even though OOH (Out Of Home) advertising, mainly billboards, was down 40 percent because of a decrease in traffic, the prices are also down. Now is a good time to seize on these lower prices and buy billboards, digital or permanent, in high-traffic areas before all the traffic and prices return.
The drop in TV advertising means there will be more available spots. With overall spending down, TV AEs will be eager to negotiate to catch up. Now is the time to lock in lower rates before those spring events. If you wait too late, you’ll pay a higher rate.
COVID has caused some major shifts in advertising, but with a little strategy, you can map-out an effective plan that can make use of both digital and traditional marketing.