Another week has flown by. I feel as if time exponentially flies by when I’m confined to the four walls of my apartment.
Perhaps it’s because I just hopped on the Tiger King bandwagon (a certified mind-blower) or that there was a lot of news packed into this week.
Regardless, here’s the Weekly Wrap – a rundown on the things that are interesting and deserving of your attention this week.
Virtual Happy Hours are Taking Over Advertising (AdExchanger)
The advertising industry is going all-in on Zoom happy hours. This AdExchanger gives some tips on how to cultivate the best virtual happy hour.
- The smaller the group, the better
- However, for large groups, games, themes, and roundtables are the best: “Don’t just have a happy hour, make it a “Magnum, P.I.”-themed happy hour. No theme is too random. Insane Clown Posse baby shower – I’m in.”
- Ultimately, give people a chance to express themselves in a way they normally wouldn’t be able to.
The eMarketer team dissects what the biggest differences between the last recession and now are.
- The biggest difference: Digital advertising is no longer a minor portion of media spend. In 08/09, digital ad budgets were committed in advance; not the case any longer.
- Most ad budgets are liquid –> performance advertisers will be quick to pull budgets. This was not the case in the last recession as the commitments acted as a slight buffer to decreasing ad spend.
- People now have more media consumption options –> leads to more advertising – and specifically branding – opportunities.
Aggressive promotions offered by fashion retailers will still yield results.
- Measured – an analytics company – found that brands that ran aggressive promotions and either bumped up or didn’t decrease their media spend on digital channels and TV saw online sales increase by an average of 81 percent from March 16 to March 29.
- 42 % of the fashion retailers it studied pulled back marketing in the second half of March.
- For those that cut spending, online sales fell by an average of 40 percent compared with the year-earlier period, and 19 percent compared with the month-earlier period.
Check out The Drum’s roundup of the best creatives designed by brands to help combat COVID-19 spread
The Drum has done their own roundup of the best ad creatives in COVID-19 response ads.
- More than $250mm to educators, local communities, and front-line workers.
- $125mm in ad credit to public health organizations ($25m in in-feed ads) and SMBs ($100m, but haven’t rolled out the credits to SMBs just yet).
Despite promising sales numbers fashion retailers that are continuing advertising, brands should still be careful to not sound tone-deaf.
Content marketing is still king. While B2B brands are offering a host of webinars, virtual happy hours and online events, we wonder whether some of these content marketing practices will make its way into the B2C world in some form.
Looking at historical data – and data from now – it’s clear that keeping some level of marketing and advertising during a crisis is beneficial. Both from a branding perspective and a sales standpoint.
Video content – both organic and paid – seems to be the preferred medium for branding efforts by brands. It also appears to be the consumer’s preferred method of consuming such messaging.
Insights from the Frontline (from client campaigns)
Surprisingly, some of our clients have not seen an increase in desktop traffic. In fact, they are seeing the same levels – or more – mobile traffic and conversions.
- I need more data to generalize this insight but for the hobby/leisure vertical, this appears to be the case.
Deals of perceived great value are driving conversions for our clients that have been affected by COVID-19.
CPMs for Open Web continue to be ‘cheap’; continues to be a cost-efficient time for branding.
For our clients who are still running performance-focused campaigns (hobby/leisure space), CPAs are crushing targets.
- Driven by a combination of perceived value, cheaper CPMs and an uptick in consumer interest.
Driven by a combination of perceived value, cheaper CPMs and an uptick in consumer interest.
Fashion & accessories sales have been impacted but are still seeing conversions from great sales offers
- So long as messaging isn’t a ‘hard sale’ and the consumer is lower on the funnel (so targeting is key).
All of our clients have seen an increase in traffic to their sites – especially to their blogs.
B2B brands are still investing heavily in ABM. If not more so than before.
Use as much UGC as possible. People are on social media more so ask customers who post pictures of your product(s) if you can use it for an ad –> repurpose content for ads across multiple channels.
Keep a holding pattern on the hard sell. Continue branding focus if you have the budget
Update those blogs!
Use this time to understand your customers better. Use proactive outreach tactics to get an idea of how they’re feeling.
And that’s a wrap for this week!
Please leave your thoughts in the comment section below or provide your thoughts in an email to us.
See you next week! Stay healthy and stay strong.