Advertising may be down, but not all advertisers have reduced or cut spending due to the COVID-19 pandemic. In fact, 16% of local advertisers say they are increasing their ad spend, Inside Radio reports.
For audio advertisers, the current climate has made inventory more available and affordable, eliminating roadblocks that may have hindered advertisers in the past.
“[Radio] inventory is largely plentiful and our media partners are eager to help in any way necessary to secure business,” said Pam Wolfgram, Strategic Media, Inc.’s Senior Media Buyer. “This eagerness has resulted in anywhere from 30% to 50% rate cuts for Local media in April and 10% to 40% cuts in Network rates, depending on the week and the format.”
Advertisers should not go dark during this uncertain time, but they must be thoughtful of their execution and push when others are pulling back.
Now is all about brand positioning, advised Bill Day, Vice President at Magid, and Matt Sunshine, Managing Partner at The Center for Sales Strategy, in a webinar titled, “Navigating Today’s Marketing Landscape.”
Day and Sunshine noted that advertisers should plan now for the surge that will come on the other side of the pandemic, and avoid a soft reopening at all costs.
In addition to careful brand messaging, advertisers should also consider offers for goods and services that are not top-of-mind, such as gift cards and special offers. An example might look like this: “We will be here for you. And if you purchase a gift card now, we’ll give you a special gift whenever you decide to use that card. It’s a way of expressing our heartfelt thanks for your support.”
For guidance on how your brand could benefit from a compelling offer, contact Strategic Media, Inc.