Things are looking a whole lot different in the business world today, as many business owners are being forced to make quick decisions within an unprecedented time frame. Although, in the midst of all of the uncertainty, there are a few things we know for sure – one being that digital consumption is at an all-time high. So will you halt all marketing efforts? Or will you take advantage of this strange time and hit the Internet full force?
Though it may come as a surprise to business owners, one of the smartest things you can do to market your business right now is to invest in digital advertising. Let’s talk about why doing this during a national pandemic is so worthwhile.
As I said before, digital consumption is at an all-time high. Everyone’s spending more time at home, therefore we can only assume that screen time is rising. So why are so many businesses pressing pause on their ad campaigns? It’s natural instinct, right? We’ve never seen anything like this COVID crisis. The thought behind this decision is that once everything blows over, this kind of marketing will be back in business. But what if while your competitors are slowing down, you decide to speed things up? SocialMediaToday said, “Analysts are predicting that Facebook’s ad revenue, based on the current situation, will decline by 19% for the year, or around $15.7 billion in total.” Crazy numbers. That’s a good chunk of the market that won’t be dominated by your direct competitors.
With lower CPM’s (cost per mille or cost of 1,000 impressions), Facebook and Instagram are great options to consider when trying to reach new or even existing customers. Since many advertisers will be pulling back, again there is a huge opportunity to snag market share from competitors who aren’t spending.
There are many low-cost campaign objectives you can run on Facebook including brand awareness, reach, video views, and even traffic. These objectives are usually cheaper since they are less ideal, but with cheaper CPM this means that you can share your message or even make respectful offers to customers at a “discount”.
Now more than ever is the time to share your message and build trust with your audience and customers. Take advantage of the lower costs now and you will benefit in the long term.
And wouldn’t it make sense to take advantage of the spaces all of these eyeballs are tuning in to? For example, according to new Nielsen data, Americans streamed 85% more minutes of video in March 2020 than in March 2019. The average person has spent 36% more minutes streaming both TV and movies in the last several weeks. There are various ad serving video on-demand platforms that you can advertise to these viewers on!
I know what you might be thinking “They’re only watching Netflix”. Sure, that’s understandable. A large majority of those viewers probably are watching Netflix. However, a large percentage of streamers are viewing ad-supported content. Marketing Dive even reports that upwards of 73% of streamers have consumed ad-supported OTT (Over-the-top, another term of video distributed via the internet.)
So how might you join the movement? There are many free streaming apps available for download. Pluto TV is among the frontiers of free streaming and has exploded into a viewership of over 15 million monthly users, according to FierceVideo. Another free streaming service, Sony Crackle boasts a viewer base of over 18 million monthly users. The opportunities are endless.
Even with all of the eyeballs these streaming services generate, there’s still plenty of opportunity for advertisers. According to Magna Global, OTT (or in other words, streaming video) accounts for 29% of TV viewing but has only captured 3% of TV ad budgets. You may be a little later to the game than others, but there’s still more than enough room.
In one of our most recent podcast episodes called “Thriving Over Surviving in Uncertain Times,” Real Estate Video Specialist Bryan Schilligo highlighted this famous quote. “When times are good, you SHOULD advertise. When times are bad, you MUST advertise.” Companies that stop advertising simply stop growing – and in a time with so much opportunity for digital advertisement, why not take advantage of it!
When you were younger, how were you taught to look at a tough situation? “Look at the glass half full,” right?! That’s exactly why businesses should take these uncertain times and press forward, soaking up the opportunity to reach the public. Advertisers…marketers…believe it or not, your time is now! Will you take advantage of it?