4 important things for marketers that may have slipped under the radar during lockdown.
5 minute read
God, it’s great to be an Australian. I’m thrilled we’re where we are. But if you’re like me, you’ll be ready to move on. While we were hibernating, however, a few important things have happened that may have been drowned out in the crescendo of COVID.
1. A paradigm shift in the way screen audiences are measured.
Audience numbers have increased by as much as 60% during periods of lockdown (Nielson). Media space is heavily discounted. But the big news is the shift in audience measurement technologies and the stunning opportunities in audience targeting they enable.
Australian broadcasters have come together to introduce VOZ (Virtual Australia), and a new Total TV audience measurement standard that will enable insightful audience tracking across screens (broadcast, internet TV, streaming, mobile video, time-shifted TV and pay TV). The implications of this are staggering:
- Cross-channel audience insights will be deeper and more localised. Advertisers will also be able to specifically target audiences that they have not reached before, adding to the effectiveness of campaigns and reducing wasted frequency.
- Advertisers can target the audiences of their competitors, or audiences that show nuanced buyer behaviour in way that better meet their needs.
- Advertisers can geo-pinpoint audiences in broadcast-style media. Imagine being able to cost-effectively place spots in MAFS that target only a female audience with high discretionary spending power around a specific shopping centre or retailer.
This will change the way advertisers use screens of all types. Discover more in this AdNews article.
2. An inflection point in B2B transactions
A McKinsey and Company survey of B2B businesses across 11 countries in seven sectors and across 14 categories of spend revealed three emergent themes that we will continue to track:
- Spend. While companies are generally reducing spend, a sizable number are increasing or maintaining it, with rates depending on company size, sector, and—more than any other factor—location in the world.
- Digital. Looking forward, B2B companies see digital interactions as two to three times more important to their customers than traditional sales interactions.
- Remote. Almost 90 percent of sales have moved to a videoconferencing /phone/web sales model, and while some skepticism remains, more than half believe this is equally or more effective than sales models used before COVID-19.
3. Distance is the new black
Could ‘buy local’ be making a resurgence. There are two contributing factors to predictions that business and consumer support for local suppliers will make a comeback.
- For businesses, the prospect of more border restrictions and the need for resilience across supply chains will tend to bring sourcing closer to end markets and;
- For consumers, a new sense of patriotism is showing up in some research papers as growth in preference for locally manufactured products. Also, expect to see governments invest in campaigns encouraging support of Australian business as a means of accelerating our recovery.
4. FMCG and the move to more clicks
With vast tracts of their retail sector in lockdown, growth in direct-to-consumer sales has been massive in the US and Europe and they are not expected to fully snap back once restrictions are lifted.
Australia’s lack of a full lockdown may mean the changes to retail FMCG may be less pronounced here. In addition, anecdotal evidence suggests that many ‘big box’ retailers have done well on their digital pivots over the past 6 weeks, thereby reducing brands’ urgency to ‘go direct’.
There’s no doubt, however, that investments in technology-enabled digital marketing (including inbound marketing) will be an increasingly important feature of the Australian post COVID FMCG marketing landscape.
What’s new and true for your business post COVID 19?
Every business on Earth is facing an altered marketplace. And when things change, your market orientation needs to shift with it. At DPR&Co we apply a technique called The New Real to ensure we get to what’s new and true about the relationship between your brand and its audience.
Ready to discover your New Real? If so, please don’t hesitate to contact Philip Huzzard at firstname.lastname@example.org or call 0418 344 763.