Boost ad spends as markets reopen: Times OOH
The OOH agency recommends that while its important for companies to reduce costs, failing to support brands or invest in customer needs can jeopardise brand performance in the long term
Outdoor advertising agency, Times OOH, recommends there is an extreme need for the brands to uplift their advertising spends as markets re-open.
Almost all marketers are finding themselves in unchartered waters. As consumers are setting stricter priorities and reducing their spends and as sales start to drop, businesses typically cut costs, reduce prices, and postpone new investments. Advertising spends is generally the 1st in the list of causalities.
Experts recommend otherwise. Although it’s advisable for companies to reduce costs, failing to support brands or invest in customers’ changing needs can jeopardize brand performance over the long term.
In fact, a slow-down is the right time for brands to invest and build reputation and trust.
A sudden impact of COVID and impending recession have forced the marketers to change their strategies. However, they have to ask this question to themselves, as we move out of lockdown and into an uncertain economic environment, how can their brand navigate the coming months to deliver business success?
Lesson No. 1:To Show-up.With more and more people returning to the streets every week and as more and more markets are opening up, it is time for brands to show-up and welcomes back the consumers.
During such a downturn, brands who stay active in the market will win and have an upper hand against their competitors. This will build habit, preference and loyalty allowing them to recover quicker as consumer spending increases in subsequent weeks and months. Also, when consumers hear from a brand even during a crisis, they identify with the brand’s purpose. Thus, businesses must constantly advertise.
An interesting case study is Campbell soups. Campbell Soup Company increased advertising spend during the first three months of the year as the coronavirus pandemic led to a surge in demand for comfort food like soup and snacks. Its Marketing expenses for snacks rose 11% and Campbell's sales rose 15% as per its quarterly report.
Lesson No. 2: Invest now to gain share of voice. In the current scenario, investing in a share of voice can help the brand drive long term success. Brands, which invest in building share of voice during such unforeseen time report much better profit growth in subsequent years. Since some brands choose to shy away from spending in advertising, it becomes easier for the marketer to invest and share a gain in share of voice.
Brand building marketing delivers long term profit growth and competitive advantage
Lesson No.3: Change portfolio as per changing audience needs. Audiences are keen to know what brands have to say and do for the community in these tough times. The same can be smoothly achieved through advertising. And If your business is looking to reboot and revamp during the current times, it is recommended in knowing and understanding the mindset of your audience first.
People’s attitude, behaviour and expectation will remain intact post-pandemic.
Follow your audience. As markets open – mass advertising may not work. The location will play an important role in creating effective advertising. The re-opening of the economy and businesses is planned in phased manner. In such a scenario, it is recommended that advertising is focused on markets which are open, is placed near the point of sale and addresses the local community sentiments. Localised formats like Outdoor advertising works best as it is made to order for a particular environment. Brands should strongly consider location-based solutions, which allows them to engage with audiences with geographically relevant placement and messaging.
Brands should be ready to spend and take advantage of it and do not miss out on these opportunities in such hard times. It’s time to build a greater meaning.
Times OOH offers comprehensive media solutions across Airports, Metro and Street furniture in India and Mauritius.
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