As We all are going through an unprecedented time, a ‘black duck’ event that has sent shockwaves across the global economy – from large businesses to tiny next-door businesses, the COVID-19 pandemic has spared no one.
COVID-19 has shocked the world and sent economies spinning. Many businesses houses are fighting to survive, and marketing will be an essential part of their recovery. There are some tips that will help many firms better weather the Coronavirus crisis.
As the lock-down continues, we can see second order effects leading to fundamental shifts in the consumer buying behavior and media consumption. Consumer spending is seeing a spike on essentials, health & hygiene products; discretionary spends continue to tumble and planned purchases are being put on hold as saving cash has become a priority. As consumers avoid stepping outside, online shopping for groceries and medicines has seen tremendous growth in these times.
Likewise, the media & advertising space is seeing an explosive growth in digital content consumption (esp. on social media, OTT and gaming) ironically coupled with digital advertising demand being subdued due to the current situation, except for select categories like essentials, health & hygiene. Brands & Advertisers across industries have responded differently to the situation – while advertisements for essentials and health & hygiene products continue across media, most non-essential categories have restricted communications to digital, advertisers for categories under planned purchases have gone dark.
Some more interesting facts… coming soon.
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