Many aspects of life appear to go through cycles of lows and highs. The rollercoaster of stock markets; the boredom and idleness of existence and the extreme highs of award-winning performances; loose purse strings and tightening belts of advertising spending.
It is said that spending on advertising actually parallels GDP figures.
When we look at the first half of 2020, the US recorded -5% growth in the first quarter and -33% in the second quarter. In terms of advertising spend, the first half of 2020 witnessed a drop of 7.2% for US businesses.
From Jan to June the advertising waves have rolled back, receding into companies’ purse strings. Now, upon the horizon, we see that tide returning. According to WARC Data’s Global Advertising Trends, brands across the globe are set to spend $58.6 billion on online shopping advertising.
Some of the most global, most famous brands and retailers have already started to optimize their ecommerce operations on Salesforce B2C Commerce Cloud, one of the best ecommerce platforms, in terms of robust functionalities, personalization powers, and scalability on the market.
And this movement is key for the coming holiday season because 44% of American consumers expect to buy exclusively online throughout the holiday season.
Changing the message
So what types of advertising are we expected to see in the coming months?
With the multi-functional purposes of raising awareness of a brand, strengthening customer loyalty, and ultimately increasing sales, advertising is applied differently depending on the size of the company.
Smaller and medium-sized companies depend on advertising more for driving customer engagement; whereas world-renown brands tackle multiple marketing campaigns that are based on values and customers’ identities.
The pandemic has forced a sharp brake to the original plans of companies, causing acute divergences to ads and campaigns. The value-building process in the pre-pandemic world is no longer that relevant to the values being expressed during the pandemic. In fact, 73% of advertisers have adapted or developed their operations and messages, and 53% are beefing up their messaging that focuses on the brand’s mission in such rocky, uncertain times.