How The Coronavirus Crisis Impacts Performance Marketing Long Term - Comment
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The Coronavirus quickly escalated from a healthcare crisis to an economic crisis. Companies across all industries are pulling back on media spend to avoid risk and cut costs. But when we emerge from this crisis, what will performance marketing look like? How should brands re-enter as the economy slowly opens back up. Join Forrester analyst Collin Colburn to learn about the impact Coronavirus is having on marketing and how marketers should prepare for the rebound. Information covered in this presentation slides: 1. How The Coronavirus Crisis Impacts Performance Marketing Long Term The Direct to Consumer Summit: Planning for Q3 & Q4 1 2. 11:00 – 11:45am PT 12:30 – 1:15pm PT LOB PRESENTS: Why Modern Direct Mail is a D2C Marketer’s Secret Weapon Today’s Timeline QUICKFRAME PRESENTS: Use Video Effectively Throughout Your Customer’s Journey 11:45am – 12:30pm PT FORRESTER PRESENTS: How The Coronavirus Crisis Impacts Performance Marketing Long Term The Direct to Consumer Summit 2 3. ● Session recording and slides will be sent out ● Log back in anytime with the same link ● Resources available as handouts Eyebrow Text Today’s Logistics Persephanie Arellano Webinar Coordinator 3 4. Tinuiti is the largest independent performance marketing agency across the triopoly. Some of our clients Our Recognition 4 5. 5 Coronavirus (COVID-19): The Resource Hub for Marketers The latest news and cutting edge strategies for marketers to apply today tinuiti.com/covi d Latest News & Updates by Channel Tips for Marketers to Implement Trends & Up-to-the Minute Updates 6. Today’s Speaker Collin Colburn Senior Analyst 6 7. How The Coronavirus Crisis Impacts Performance Marketing Long Term Collin Colburn, Senior Analyst 8. 8© 2020 Forrester. Reproduction Prohibited. 8 Agenda • Macroeconomic impacts • Marketing spend for the next two years • Shifts in consumer behavior • Recommendations 9. The pandemic dictates macro economic trends 10. 10 Firms are planning for Phase 3 now 11. 11 Spend on goods is vulnerable each month of containment For each month of containment, annual GDP declines about 2% 12. 12 The global economy has come to a grinding halt due to COVID-19 13. 13© 2020 Forrester. Reproduction Prohibited. • Scenario A, best case: ̶ Virus infections and death rates peak in Q2 2020 in the US and Europe ̶ Economies impacted from Q2-Q3 2020 and recovery beginning in Q4 2020 ̶ As of 4/9, this scenario had a 30% probability • Scenario B, a more damaging scenario: ̶ Pandemic and economic downturn lasts through all of 2020 ̶ Conditions improve beginning in Q2 2021 ̶ As of 4/9, this scenario had a 60% probability • Scenario C, an even more damaging scenario: ̶ Pandemic recurs and economic downturn extends into 2021 ̶ As of 4/9, this scenario had 10% probability ̶ We have not modeled the effects of this scenario on tech or marketing investments yet Three scenarios for the US economy Let’s walk through the impacts to the marketing industry if this scenario pans out 14. 14 The US economy is in recession The extent of the recession will depend on the scenario Source: US Tech Budget Outlooks In A COVID-19 Recession Forrester report 15. The pandemic is severely impacting marketing 16. 16 Total marketing spend in the US will fall regardless of scenario Source: The 2020 COVID-19 Crisis Will Stun US Marketing 17. 17 Offline media spend will collapse Source: The 2020 COVID-19 Crisis Will Stun US Marketing 18. 18 Agency services spend goes L- shaped Source: The 2020 COVID-19 Crisis Will Stun US Marketing 19. 19 Marketing automation will stay afloat; martech declines Source: The 2020 COVID-19 Crisis Will Stun US Marketing 20. 20 Other COVID-19 effects on marketing • 58% of brand marketers said they will be reducing their marketing spending • Advertisers are adjusting media budgets down, driven partially by the lack of live sports • One upside: This has forced marketing teams into new Agile ways of getting things done, and will be the new norm Sources: Digiday; IRI; Forrester leadership boards 21. The pandemic has changed consumer habits and sentiment, too 22. 22© 2020 Forrester. Reproduction Prohibited. 37% 5% 8% 9% 9% 11% 12% 13% 14% 14% 16% 17% 21% None of these Sought out mental health support Signed up for online class Signed up for video or music online streaming service Meditated or practiced other relaxation techniques Used a digital payment method Took an exercise class online Received medical support or a medical appointment over the… Banked online Paid bills online Attended a religious service online Ordered restaurant delivery online Purchased groceries online Which of the following, if any, have you done for the first time as a result of the COVID-19 pandemic? Base: 1122 US online adults Source: Forrester Analytics Consumer Technographics COVID-19 Survey 1, 2020 (US). 23. 23© 2020 Forrester. Reproduction Prohibited. 17% 19% 23% 25% 26% 30% 33% Which of the following, if any, have you done for the first time as a result of the COVID-19 pandemic? Base: 1122 US online adults Source: Forrester Analytics Consumer Technographics COVID-19 Survey 1, 2020 (US). Ordered restaurant delivery online Purchased groceries online Paid bills online Signed up for online class Took an exercise class online Signed up for video or music online streaming service Banked online 14% 16% 19% 10% 18% 26% 19% 5% 7% 13% 5% 13% 18% 15% 4% 10% 5% 1% 6% 17% 12% Generation Z Millennials Generation X Baby Boomers 24. 24© 2020 Forrester. Reproduction Prohibited. 12% 18% 19% 21% 24% 25% 29% 42% 45% None of the above Emails from companies about COVID-19 are unhelpful I am using contactless payments more to avoid touching screens and hardware in stores I'll shop much more online in the future I want more places to offer curbside pickup I am buying more from Amazon/Tmall and Taobao than I ever have before I appreciate store emails about COVID-19 I want to support affected local businesses I hope to resume usual shopping habits soon With which of the following statements *do you agree* regarding the COVID-19 crisis? Base: 1122 US online adults Source: Forrester Analytics Consumer Technographics COVID-19 Survey 1, 2020 (US). 25. 25© 2020 Forrester. Reproduction Prohibited. 11% 22% 23% 25% 27% 27% 29% 29% 35% With which of the following statements *do you agree* regarding the COVID-19 crisis? Base: 1122 US online adults Source: Forrester Analytics Consumer Technographics COVID-19 Survey 1, 2020 (US). I am buying more from Amazon/Tmall and Taobao than I ever have before I appreciate store emails about COVID-19 None of the above Generation Z Millennials Generation X Baby Boomers I want more places to offer curbside pickup I'll shop much more online in the future I want to support affected local businesses I am using contactless payments more to avoid touching screens and hardware in stores I hope to resume usual shopping habits soon Emails from companies about COVID-19 are unhelpful 12% 25% 38% 24% 38% 30% 23% 32% 31% 13% 14% 56% 16% 58% 18% 17% 32% 21% 13% 15% 50% 17% 38% 21% 22% 24% 20% 26. What should you do to succeed now and in the long run? 27. 27© 2020 Forrester. Reproduction Prohibited. Get your organic marketing efforts up to speed A website is the primary place where customers experience a brand Customers will look for up-to-date information from your website, social media handles As we begin to re-open, customers will turn to organic channels for critical information regarding hours, location details, and available products 28. 28© 2020 Forrester. Reproduction Prohibited. A global hotel chain is prioritizing organic marketing Partnered with NYC hospitals to provide complimentary rooms to staff Developed cross-channel content to communicate to customers about updated efforts for cleaning and sanitizing of properties 29. 29 Adopt agile planning methods for the future Source: How To Apply Agile Methodology To Marketing 30. 30© 2020 Forrester. Reproduction Prohibited. Many companies were forced early on to adjust plans quickly 31. 31© 2020 Forrester. Reproduction Prohibited. Model possible outcomes on a rolling basis • Start with small tests – varying by customer needs, routes to market, and product availability • Align tests with budget capacity and changing customer needs • Update regularly 32. 32© 2020 Forrester. Reproduction Prohibited. ANZ has adopted agile scenario planning for all events or crises 33. 33 Don’t stop marketing Don’t continue an unaffordable media plan, but consider if pre-crisis products, placements, or promotions should be revised for customer’s current needs 34. 34© 2020 Forrester. Reproduction Prohibited. Large and small businesses have adopted their marketing approaches Peloton now offers “family fit” programming for customers with kids at home with them Aman Home Services, a cleaning business, pivoted to sterilizing commercial building lobbies when household services declined Local restaurants are now offering grocery pick up in addition to take out services 35. 35© 2020 Forrester. Reproduction Prohibited. • A Q2 2021 economic recovery is the most likely scenario as of now • As a results, brands will have to re-evaluate marketing spend and priorities • Consumer behavior is shifting faster than ever • What should you do? ̶ Prioritize organic marketing efforts now ̶ Test and adopt agile planning methods ̶ Model out possible scenarios – and revisit those scenarios frequently! ̶ Don’t go dark – use the 4Ps to keep marketing Key Takeaways 36. 36 Thank You. Collin Colburn ccolburn@forrester.com 212.857.0735 37. 37 Live Q&A 37 Collin Colburn Senior Analyst 38. THANK YOU! 38 39. 11:00 – 11:45am PT 12:30 – 1:15pm PT QUICKFRAME PRESENTS: Use Video Effectively Throughout Your Customer’s Journey 11:45am – 12:30pm PT FORRESTER PRESENTS: How The Coronavirus Crisis Impacts Performance Marketing Long Term LOB PRESENTS: Why Modern Direct Mail is a D2C Marketer’s Secret Weapon Today’s Timeline The Direct to Consumer Summit |
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| Posted by : moviegoer | Post date : 2020-05-13 21:34 | ||
| Category : Marketing | Views : 829 | ||
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