The COVID-19 pandemic has continued to cause disruptions in the global economy, which has led to a considerable decrease in advertising spending. Before COVID 19 erupted, global advertising revenues were estimated to reach 7.1% by 2020. Since then, the digital advertising landscape has grown at double-digit growth rates (excluding this year) and will reach $163B by 2021.
According to a report by Group M, advertising spend in the MENA region declined by 5.8% in 2019. This year, the number is expected to reduce even further as the industry faces a dual-shock from Covid-19 and a drop in oil prices.
Even with the drop in marketing budgets, we are seeing smart marketers and brands spend more on digital advertising than at any time in their history. To gain a competitive edge in the post office – Covid-19 world will require fine-tuning of marketing strategies to restart your business. Businesses cannot simply pick up where they left off and stick to the old tried and tested approach and must evolve as they face the new social and behavioural expectations of 21st-century consumers.
With technological changes and advances so significant have given rise to meet this new safety, social, behavioural and expectations. Personas, messaging, and even product strategies need to evolve in response to the post-pandemic shift in the advertising landscape. These signs are essential for emerging companies, emerging business leaders, and astute executives who want to succeed in a changing digital advertising and marketing landscape.
The changing competitive landscape will likely make it more difficult for brands to invest in direct digital channels for customers. Accordingly, a shift towards consumer-oriented marketing is expected, a trend that should allow companies and brands that have previously relied heavily on traditional marketing channels to redirect their investments into digital marketing.
What are some of the most significant changes in advertising that you expect in the coming months?