Pointing at it seems almost like insisting on a commonplace: the coronavirus crisis has profoundly affected the economy, consumption, and the strategy of brands and companies.
Companies have had to reinvent how they do marketing and advertising and what keys they press to reach consumers, but above all, they had to readjust their budgets and spending forecasts. As already happened in the economic crisis od a decade ago, when it comes time to apply scissors, many companies start doing it in marketing and advertising.
How will the future bring in terms of marketing and advertising?
How will things change not only tomorrow and June but in the coming months? Forrester’s latest analysis has focused on answering those questions and already points out that the effects will be noticeable until 2022.
The investment is going to decline
As they explain from Forrester, in the two scenarios that they as a guide for their forecast, the need is the same. Investment in advertising and marketing will decline. What changes is the speed of recovery based on the results of each scenario? IN the first, in which the pandemic ends with the end of 2020, growth back will be much faster.
In the second, things are slower and the recovery begins in mid-2021.
The cuts will be much deeper here and the effects not only in marketing but also in the economy more abruptly. The latter is the scenario that Forrester sees most plausibly.
In all Scenarios, offline advertising is in danger
Whatever happens in the end, there is an industry that is going to be badly hurt. On the offline platforms. As they point out in their conclusions, in both scenarios investments in these media will decline.
Right now, CMOs are already migrating the investment they were previously making in outdoor advertising to digital messages that are adaptable and flexible. This way they can change the message and the channels used quickly.
The martech is not going to come out so badly
And, of course, in this environment and in this situation, the effects will be noticeable at all levels. What they do have clear at Forrester is that marketing technology will not be so brutally affected.
In fact, it will “sustain” the marketing strategy. Automation will be used to make critical decisions, more measurements will be used than ever and more specific use will be made of critical communications, they warn. Technology will be seen during the times to come as a solution to be more efficient than manual efforts.
The marketing machinery must not stop
Of course, whatever happens, and whatever is done, marketing investment should not be stopped. Forrester is clear: ” Don’t stop marketing.” Many reviews and adjustments can be made, but the marketing strategy must continue to operate and function.
If marketing is stopped, the only thing to do is throw stones at the roof itself. Studies, they recall from the consultant, have been showing that doing so damages future prospects and the possibilities of recovery when the economic situation changes.
Rahul is a content marketer at topglobals. He is an expert in studying the latest trends and talk about online businesses and growing businesses on the internet. Playing with keyword buttons with magical words are part of his passion.
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