2020 has been an uncanny year for many reasons and advertising isn’t an exception. Marketers have had to deal with rapidly changing behaviors and a stagnant marketing environment at the same time. It was a tough time overall and deciding how to reach audiences the right way was a critical moment of truth that shaped the digital landscape of advertising for the next couple of years.
Several researches have been conducted to explore the current climate with customers and key challenges faced by businesses, to find solutions to these challenges, and drive strategic change for businesses. According to Facebook Business, there are four key challenges that digital marketers will face moving forward from this time, and those are:
- Decreased spending:
In terms of the economic environment, many consequences lead to decreased spending in the marketing budget of many companies. Ceased businesses and closed physical stores lead to a large decrease in business sales. Although the overall Ecommerce ratio has increased drastically, companies that weren’t up to date and completely utilizing the digital platforms suffered the consequences of the lockdown and reduced company as well as customer spending.
- Unclear marketing insights:
This point illustrates the major change that has occurred and is true for any aspect of a business, not just marketing, and that is the rapidly changing consumer behavior. Even with brands trying their best to keep up with the needs and requirements of the consumers in real-time, there was a lot going on at once to focus and clear the picture around a particular set of insights as the primary changes and clear market learnings to follow through with strategic changes.
- Inconsistent audience engagement:
Apart from just the mare change in the routine and social setting, the psychological effects of this global phenomenon led to people reconsidering many things. The layer of uncertainty that overtook the collective audience leads to inconsistency in audience engagement with the brand’s products. Not only that but the viewing and spending fluctuated a lot from none to a lot in a matter of time. Capturing consumer attention gets tough during times of change but it is important to consistently do so to build a recall factor with your customers.
- Weaknesses in mindshare:
Building on the above point, change, and brands adjusting to that change are two main things that determine how consumers are going to remember your brand. Due to the unforeseeable nature of this year’s lineup of events, close to no brand of company was ready to cope up with the changes with lead to reduced and distracted consumer mindshare.
All these are common consequences that were felt throughout the year and that seem to stick around for a good period of time. Businesses and companies need to look inwards into their practices and outwards onto consumer thought process and behavior to understand the true market demand that is going to benefit them.