Aug 28 , 2020
Today’s blog is providing some insight and summarization from a recent Global Advertising Industry (GAI) Newsletter, about succeeding in this current COVIC environment.
Every reseller and vendor on Amazon must personally apply the available tools and applications that best help them and their company to thrive in 2020. COVID, and the global reaction to it has changed everything.
Fundamentals have always been important, but now more than ever, these have been magnified. Let’s consider 4 areas:
Marketing (next blog)
Customer Trends (next blog)
In this blog we will look at the first 2 areas.
Video Streaming Trends
We need to be aware and be making plans to incorporate video streaming into our marketing budget.
1. Streaming viewership is way up since the COVID crisis started, almost 50% up. This means that streaming is capturing a much larger slice of the total available advertising dollars.
2. Much of streaming has been free, but it's starting to grab a larger market of the paid advertising money. It's currently at 25% of total spend.
3. Those companies acting as market players are expanding beyond the traditions Hulu and YouTube. Some of the growing players are Roku, Disney, Fox, NBC Universal, ViacomCBS (majority shareholder just died) and our own prime interest .. Amazon. Other players such as Twitch (owned by Amazon) are crushing the growth. It will reach 15% of viewers in 2020.
4. Don't ignore these platforms when considering rounding out your Amazon advertising portfolio.
It is most likely that these new trends will continue to evolve. Technology rarely goes backwards.
Digital Media Insights
It is also likely that customer behavior has been changed completely moving forward.
1. While hopefully COVID is just a blip in the overall market, it's influence will definitely shape the market moving forward. Consumer buying patterns will be changed forever. Retail marketers have learned new tricks. Things will not go back to normal.
2. The COVID effect on specific markets is logical but cannot be ignored. Google organic searches are up massively, brand searches are up, travel is dramatically down, Instagram ads are up.
So, what are the takeaways?
We should be watching social and search trends. The more we are aware, the better we can respond. Stay nimble and anticipate future market direction. Even if you are not an expert, knowing when to seek expertise is the hallmark of good leadership.
You should be partnering with an effective media partner who can provide (to your business) relevant insights and solutions. There are just too many moving parts to make solo decisions.
MARKNOLOGY is an Amazon Brand Accelerator Company.
(We will introduce parts 3 & 4 in the next blog.)Request a consultation