Industry Update: The Impact of the Coronavirus Crisis
The Coronavirus Crisis has affected every corner of life and business across the world. Since the pandemic upended life in the United States in March, Bidtellect has been tracking its effect on advertising, industries, and consumers. Below is an ongoing compilation of those resources.
Coronavirus Impact on the Financial Vertical. Our advice? Build trust.
How has the coronavirus crisis has impacted the financial vertical? What has and will emerge is greater attention to savings thanks to financial strain and high unemployment. How should advertising efforts continue and what can we learn from the ’08 crisis?
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eMarketer
29% of US internet users conduct mobile banking on a phone
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Edelman
29% of Americans have already begun using a brand due to the innovative or compassionate way they’ve responded to the COVID-19 crisis.
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Kantar Research
75% saying brands should inform people of what they’re doing.
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Retail Gains Traction During Coronavirus Crisis Thanks to e-Commerce
The retail sector is gaining traction during the coronavirus thanks to e-commerce. Empathetic brand messaging, digital advertising, and shifting to changing consumer needs will help retail grow online sales through the coronavirus crisis.
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Emarsys and GoodData
The number of online orders for web-only online retailers in US and Canada increased year over year for the 2 weeks of March 22 – April 4.
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Edelman
83% of respondents want compassionate connection, including brand messaging that communicates empathy and support with the struggles they face.
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NetElixir
Online food sales surged 183% between March 1 and 25, vs. the same period last year.
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Beauty and the Coronavirus: eCommerce, ‘Affordable Luxury,’ & the Future
The global beauty industry generates $500 billion in sales a year and accounts for millions of jobs, directly and indirectly, according to McKinsey. For this largely brick-and-mortar industry, coronavirus certainly impacted sales, but the industry (and its customers) proved dynamic with its shift to ecommerce and booming skincare and “affordable luxury” products. For now and moving forward, expect a permanent shift to ecommerce or hybrid shopping models. Offer promotions and content to inspire shopping online. And, when in doubt, “Pour yourself a drink, put on some lipstick, and pull yourself together.”
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McKinsey
Several prestige brands are offering discounts online of up to 40% to capture promotion-oriented consumers, according to McKinsey. Promotions also help move unsold seasonal inventory.
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McKinsey
More than 77% of Americans tried new shopping behaviors during the crisis (up from 76% in late July), including new methods, brands, and places, with the intention of sticking with them in the long-term.
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eMarketer
64% of respondents (US Internet Users) are more likely to digitally purchase cosmetics and personal care during the coronavirus pandemic.
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The COVID-19 Impact on Health & Pharma and What It Means for Marketers
With COVID-19 and stay-at-home orders still dominating the collective consciousness in the US and Canada, pharmaceutical and healthcare marketers may be wondering how best to manage their efforts. Indeed, coronavirus impacted planned ad spend in March and April, but recovered quickly; prescription drug spending and video performance remained steady. Since May, ad spend is up YoY. Performance testing, creative solutions to information requirements, and the power of Native will bring pharmaceutical marketers the most success now and beyond. Pharma marketers: here’s what you need to know.
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MediaRadar
By May, medical and pharma ad spending was up 56% overall year over year,
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MediaRadar
Prescription drugs soared 123% over typical spending levels during the spike—and cancer drugs in particular,
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BioPharmaDive
The percentage of doctor visits happening remotely (via telehealth) increased to 28.1% of HCP visits since mid-March.
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B2B and Coronavirus: The Digital Advertising Opportunity
B2B sales during coronavirus are holding steady thanks to ecommerce. Adapting to work-from-home and digital events is key. The golden opportunity is digital advertising, according to data.
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MarTech Series
B2B online purchases have increased by 24% since last year.
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MarTech Series
The number of online B2B purchases has risen from 41% before lockdown to 46% during lockdown.
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eMarketer
43% of US B2B Marketers are reallocating event marketing budgets not used because of coronavirus to Content Creation.
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Travel Post-Coronavirus: What Should Advertisers Do Now?
How has the coronavirus crisis impacted travel? What are the expected consumer trends and what can brands be doing now? How can advertisers adjust their messaging? This is the coronavirus travel impact for digital advertisers.
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Forrester
40% of consumers say that they plan to make fewer long distance leisure trips and instead would consider planning more short distance leisure trips.
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eMarketer
A combined 64.6% would feel neutral, happy, or very happy about seeing a travel ad for where they live.
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eMarketer
82% of adults said they support deep cleaning after every flight.
eMarketer Podcast Insights: What Consumers Expect From Brands During Coronavirus
The Current State of Higher Education and Coronavirus
How has the coronavirus crisis has impacted education? What will students trend towards and how can colleges, universities, and alternate learning programs adjust their solutions and messaging?
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New York Times
Fewer than 10% of Coursera students pay for courses; they take them free.
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OneClass via New York Times
75% of students said they don’t think they’re receiving a quality learning experience.
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SimpsonScarborough
15% College students who, when given the option to finish their degree online or complete their degree in-person, want to finish online.
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QSR Post-COVID: Think Digital, Appeal to Local, Create Content
The Quick Service Restaurant (QSR) industry – aka Fast Food, Drive-Through, To-Go – has largely held strong during the pandemic. Brands that relied heavily on morning commuters and eat-in customers suffered the most, while brands that maximized digital channels, at-home delivery, and promotional content flourished. These are the top three takeaways for QSR marketers to adjust your digital strategy during the coronavirus pandemic and beyond.
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AdExchanger
Taco Bell Same-store sales increase from 75% drive-thru to nearly 100% drive-thru or contactless delivery, and overall sales increase 1% in 2020.
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eMarketer
A 2019 eMarketer study forecast that more than 20% of US smartphone users will order food via an app by 2021 – that’s 49.8 million users. This was before the coronavirus pandemic.
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McKinsey
Targeted communications that are relevant and useful can create lasting customer loyalty and drive revenue growth of 10 to 30 percent.
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WFH with Bidtellect
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