Brand owners that hold their nerve amidst all this tragedy and chaos are a rare breed – and judging by what media owners are telling us [see the FT’s David Buttle’s commentary, below] that’s a strategic advantage.
Here is his argument:
- A crisis changes customers’ needs so they are more open minded about switching suppliers. It is easier to win market share now, than in normal times.
- The cost of brand advertising has plummeted, so it costs less to get a greater share of voice
- Increased share of voice means more opportunities to create long-term brand affinity and market share as well as short term sales.
So far so good - however it’s not appropriate for every company to do brand advertising right now. So for those who would like to press on, keep their brand in their public’s eye, and keep a cool head while all around are losing theirs, here’s my argument as to why now is the time to think deeply and regularly on the impact of this situation for your customers, and provide that insight to media in pithy, rapid, usable ways.
- Media consumption is at an all-time high. Journalists are producing more, with fewer resources
- Customers are looking to the media for answers to new questions
- Your expertise can build your brand with companies when they need you most
The coronavirus pandemic is forcing many companies to change the way they work - marketing budgets and whole departments have seen swingeing cuts.
One small bright spot is that the marketplace for advice has never been stronger, which means your PR thought leadership work can deliver more value than ever before.
While advertiser demand has fallen, audiences have increased substantially for almost all media. TV viewership was up 29% over Easter, both radio and podcast producers are reporting double-digit audience growth and news media consumption is reaching record levels; the FT has seen an uplift in traffic of around 250% on the same time last year. This combination of lower prices and greater reach means the value on offer right now is astounding. The evidence suggests a reliable correlation between advertising SoV and market share and whilst a growing share of a shrinking market may not seem to justify the additional cost, when demand recovers (an eventual certainty) it will pay dividends.