By: Cavan Chasan
At Guru, like the rest of the world, we are consuming hours and hours of media these days. Too much really. It is hard not to be hyper-connected to the developments of COVID-19. Through our daily interactions with TV, audio, and digital news content, we are observing a slowing in both brand and performance marketing activity. A recent, evidence-backed article from Forbes, using insights from the financial crisis of 08/09, warns that going dark on marketing investment in uncertain times is a mistake. In short, the article reads that “share of voice protects and can grow share of market.” Now more than ever is the time to have an investment plan centered on brand health. Jobs depend on it.
And good news… Brands have a big opportunity to stand out as they enter Q2. Lack of demand and tons of supply = a big share of voice for a smaller investment than normally required.
As March wraps and we as a country are deep into the impact of this virus, here is what the media industry and advertisers are seeing per a recent Interactive Advertising Bureau (IAB) study:
In addition to the above third-party insights from the IAB study, we know from our relationships with publishers and broadcasters that media costs to advertise are down 30-40%.
So what do we make of this? Where are we headed? What is the strategic, next move for brands? Well first, remember:
Lack of demand + tons of supply = a big share of voice for a smaller investment than normally required.
And the time is now because when we come out of this stuck at home, doom and gloom, consumer stockpiling mentality, there will be explosive excitement around consumer choice of experience and product. The challenge of share of voice throughout the media ecosystem will be real and it will be expensive.
The IAB takeaways above point to two key actionable insights:
At Guru, we plan for consumer connection. We specialize in the conscious consumer because their values are our values. We hope we can be of service to you in growing your brand voice, making positive impact on your community, and safeguarding your brand health as we as a country strive to keep our economy moving.
If you want to chat with Cavan about your brand’s opportunity to expand its share of voice in Q2, email firstname.lastname@example.org.