Impact on Digital Ads
The crisis is making it such that there has never been a better time to advertise online. Facebook and YouTube for example are fertile grounds for digital marketing as CPMs (Cost per 1000 Impressions) are low due to increased ad slots.
Increased usage also means that it is now much easier to reach a higher percentage of a narrow target group. Reach performance on ads is likely to be significantly higher than normal as a result of lower CPMs.
Also, because usage is significantly higher, many more ad slots are available when compared with normal conditions.
Possible Behavioural Changes in Sri Lanka Due to Social Distancing
1. Rise of the Remote Worker – Especially for white collar jobs and others where remote work is possible, this will be a strategy adopted at least until the recovery is complete and possibly even after that.
2. Digital Oldies – Older people will be forced and or incentivized to adopt digital tech.
3. Increased Digital Connectivity – People will be more connected digitally.
4. Increased Internet Data Consumption – As a result of increased online activity, increased internet data consumption is likely to occur.
5. Social Media Wins – In 2019, the average person spent 2.5 hours per day on social media. This may potentially increase to 4 hours or more in 2020.
6. Real Rise of e-Commerce – We’ll probably see more online shopping. E-commerce is not as big in Sri Lanka as it is in other countries. This crisis could be a catalyst for increased adoption.
7. Result Driven Vs. Visibility for Marketing – Brands will look to more result driven campaigns instead of just visibility; especially for digital media.
8. Online Business Boom – Online businesses will likely benefit from this crisis. Particularly services with home delivery and or providers of home delivery services.
9. Socially Distant Entertainment – With a lack of social events and travel, people will find ways to entertain themselves in relative isolation. A lot of this will be online.
10. Luxury in the Backseat – Luxury services and products may take a significant hit in 2020 as people reprioritize their lives and needs in the face of the crisis.
11. Family Time – People will likely spend more time with close relatives.
12. Rise of the Home Cook – People who couldn’t boil eggs a few weeks ago are now accomplished bakers and cooks. This trend of cooking at home will likely grow, negatively affecting restaurants and food service businesses.
13. Workout from Home – Home based physical fitness and exercise will see a huge boom.
14. Trying New Things Online – People will be much more willing to try new things online. They’ve got plenty of time and incentive now.
15. More Content Creation – With time on their hands and creativity’s increased potency in an atmosphere of boredom, we’re likely to see people focusing on creating new content.
Tips for Brands
Don’t Appear Opportunistic
– In a time of crisis, brands who may even appear to be opportunistic will receive a lot of hate.
Kindness & Inspiration – Advocate for your brand through acts of kindness or inspiration.
Build an e-Commerce Model – People are very receptive to e-commerce right now. It’s the ideal time to capitalize on this model.
Increase Spend on Digital Marketing – Everyone’s online now, more than ever. Your brand should be too.
Result Driven Marketing Campaigns – Visibility is less important now more than ever. Instead, it’s necessary to gain traction through result driven campaigns that can be measured.
Lower CPMs – Lower cost per impression at this time of high online activity, make it cheaper, easier and more effective to reach out.
Take on New Platforms – Social media is always evolving. Try out new platforms like TikTok, which is super-hot right now.
Curate Content in Keeping with Your Values – Make sure the content you curate is comforting, entertaining and in line with your brand values.
Keep Morale High – People are working from home and can easily become disengaged or suffer from low morale. So, it’s a great time to run internal campaigns targeted at your employees to reassure, comfort and motivate them whilst building admiration towards the brand.