Fall has only just begun, and while it may feel as if the holidays are still a long way off, it’s never too early to begin strategizing for your holiday marketing plan–especially in 2020. Here are three reasons why:
It’s no secret that Covid-19 has affected consumer behavior. To compensate for a decline in brick-and-mortar shopping, some major retailers, including Macy’s, Home Depot, and Nordstrom, have indicated that they’ll begin their holiday deal promotions earlier than ever, and Amazon’s annual Prime Day will take place in October.
To compete with other brands that will be starting holiday promos soon, make sure you get your holiday messaging out to price-conscious consumers sooner rather than later.
2. Media is going fast
“There is a lot of pent up marketing budget due to many marketers pulling back spend in the second quarter around the pandemic,” said Christina Baeten, Director of Client Services at SMI. “That, coupled with higher than usual demand for inventory—with political dollars at an all-time high this year—means early planning and execution is essential if you want to get share of ear leading up to the holidays. Even Q1 2021 will see spillover on unexecuted 2020 plans, so longer-term planning is crucial.”
Baeten said there is still some effective and efficient media available, but radio networks and streaming platforms are already at high sell-out rates and it won’t be long until that opportunity dries up.
Hilary Randall, SMI Account Manager, Client Services, said that now is also the best time to start securing holiday advertising for podcasts. “With Podcast listenership up 43% over last year Q4 inventory is already selling out quickly. The demand for Podcasting advertising is rapidly increasing as brands are gravitating to podcasts for their dedicated audiences. We recommend booking your Holiday campaign now in order to secure the best shows.”
3. Planning ahead ensures the highest quality creative
Planning an effective audio advertising campaign takes time. Starting the creative process early means that clients have more time to review and approve script copy and produced audio and request any changes. When marketers allow ample time for writing, production, and editing—the finished product not only meets client expectations, it often exceeds them.
With Americans spending less on travel, dining out, movies, and other services, U.S. consumers have been saving money, which means disposable income may be available for holiday spending. Whether you want to reach consumers on radio or podcast this holiday season, planning ahead will ensure synergy between top-notch creative and an effective media mix.
Start strategizing now to ensure your brand’s messaging reaches target demos in time for 2020’s early holiday shopping season. Contact SMI today.