During good times, many view advertising as a luxury. During times like the Covid-19 pandemic that has taken a huge toll on both our healthcare system and our economy, spending money on luxuries is probably the last thing on your mind. But during times like these, we need to view advertising not as a luxury but as a necessity. Here are four reasons why:
Advertising Now Will Set You Up for Success in the Long Run
Media research company Millward Brown, which is now Kantar, conducted a study on advertisers in the 2008 recession. This was a time when many brands went dark, meaning that they completely cut their ad spend. Going dark may have saved these brands money in the short term but it cost them in the long term. The study found that 60% of brands that went dark during an economic downturn saw brand use decrease by 24% and brand image decrease by 28%.
A common myth is that the goal of advertising is to generate immediate results. In reality, however, the impact of advertising is creating top of mind awareness. Say you’re a restaurant, for example. Sure, you might be limited to takeout and delivery for the time being. But people are longing for the day they can eat somewhere that is not their own home. When that day comes, you’ll want to be the first restaurant that comes to people’s minds. Advertising during this time will help you achieve that goal.
Media is Still Consumed During Times of Crisis
As a matter of fact, some forms of media are being consumed even more. With people staying in their homes and trying to get an understanding as to when this pandemic will end, TV news viewership as well as traffic to online news sites have seen huge spikes. One TV news network we do business with has reported a 63% increase in viewership in the past month.
Media consumption habits have not decreased, they have just changed. Because JS Media is not tied to any particular media outlet, we have the ability to adjust our recommendations as the situation demands. For example, during normal times, we might have advised you to run billboards or transit ads. These days, however, our recommendations are shifting to platforms like online news publications or local cable with an emphasis on news networks.
Opportunity to Announce Your New Normal
For many business owners, social distancing does not mean that you have to cease business operations. It just means that you have to find a way to operate while doing your part to help mitigate the spread of COVID-19. If you’re a physical therapist, maybe you are offering telehealth visits. If you’re a realtor, maybe you are showing houses via FaceTime. Whatever you are doing to operate your business while simultaneously practicing social distancing, your community should know.
You’ll Save More on Advertising
If you’ve read up to this point, you might still have one concern and that is budget. This is one of the many reasons it’s good to work with an agency like JS Media. We have relationships with most major media outlets in the New York/New Jersey area. The vendors we work with are sensitive to the toll this pandemic has taken on all of us. Therefore, they are more than happy to work with us to figure out rates and payment plans that fit our clients’ budgets. Also, the less demand there is for ad space, the more lenient vendors can be with rates so it will be a lot more affordable to advertise now than it would be if you decide to wait until the economy reopens.