Media and Advertising Amid Coronavirus: Part 2
KEY TAKEAWAYS
Social media is seeing a surge in activity, even with a reduction in ad dollars from businesses greatly impacted by the virus such as events or restaurants. Relevant, engaging content, whether organic or paid, will continue to have a place in our new media mix for marketers savvy enough to know how to use it properly.
Brands have an opportunity to establish themselves as more than just consumer levers. Now is the time to build affinity without the hard push for sales that many would see as "out of touch."
Tech, IP matching and cross device targeting are just reaching the point of viability and have not been heavily tested or utilized by brands. This moment has provided the opportunities for brands to test and learn against these new tactics.
Interview with Jessica Ragusa, Vice President of Media, Wit Media
In the midst of the ever-changing circumstances across our nation during the coronavirus pandemic, we are looking at how this outbreak will change Americans’ media habits. This is Part 2 of a 3-part series in which I sat down with my colleague Jessica Ragusa to get a better understanding of what the coming months will bring.
In Part I, we discussed changes in how people might interact with audio and video-based content primarily. What – if any – impact do you think will be felt on social media.
Social media is going to play a critical role during this pandemic. In fact, I think users consuming streaming video – like connected TV, Apple TV, Chromecast, Firestick, Roku, and others - and social media simultaneously will be the key foundations of the new media mix. There are going to be opportunities through other channels, but those two will be the big ones.
Whether good or bad, most people turn to social media when they want news. And most people want news quickly during times of uncertainty. Social media can convey so much more information than the news outlets can. Images of local grocery stores with their shelves completely cleaned out has contributed to panic buying, and the rise of misinformation about testing and the virus itself can quickly go viral on social media.
But accurate information is abundant out there too, and social media platforms are helping that information reach consumers quicker than it may have otherwise. Whether the information is reliable or not, it’s getting consumed through social media.
What do you think are now the key strategies that advertisers need to remember concerning these platforms?
I think there is a huge role, if not a responsibility, to combat the misinformation when there is the opportunity. For advertisers, this means not promoting inaccurate information and not supporting sources that generate or republish false information. It also means including information that is accurate and addresses the needs of your consumers.
Above and beyond that, there is also an excellent opportunity to comfort a panic-stricken society. In communities where the local stores have been picked clean, individuals want to know when and how they might again get access to the things they want and need. I discussed the role of mobile geofencing in the last part of the interview, and it would be very relevant in these scenarios too. Companies may be able to identify communities with shortages and target these areas with relevant information. We have all of the right data to do this effectively; we just have to layer it in a way that works under these unique circumstances. These strategies are key in keeping a dialogue going with customers and getting them the information they need during a time of high uncertainty.
How do you think advertisers need to approach data at a time like this?
There are two key sets of data here. There is the data we already have, but then we have the data that we will be collecting over the next several weeks as more and more people self-isolate, social distance, and quarantine themselves.
In terms of the existing data, we have enough right now to be able to target the right demographic groups with the right messages. But I do think we need to remember that these people might be consuming more types of media across more in-home platforms than they have in the past. In light of this, it’s going to be very important that companies understand how to differentiate their message. There are a lot of voices trying to talk over one another, but cross-device targeting with a succinct message can be a successful way to make sure that your message gets to its audience.
For instance, with IP matching technology, we can now target not only an individual’s mobile device, but all other devices within the household. This means that an advertiser can deliver a unique and different advertisement to multiple devices throughout the day; their phone may get one ad, while the TV gets a different one a short while later, and the podcast they are listening to gets another shorly after that, and so on. Households are more linked than ever and the new quarantined lifestyle we must lead provides an opportunity to more fully explore targeting across devices using the wi-fi connection.
And as new data becomes available, it’s important to leverage any technology you might have or feel comfortable working with to try to identify what’s working and what’s not. This concept is crucial even in the absence of a pandemic. Google Trends is a great tool that can give you real-time data. But given how fast events are unfolding and circumstances are changing related to the coronavirus, it’s essential to stop and reassess more frequently than you might otherwise.
Are there any social media platforms that you think will be especially important?
I think that whatever an individual preferred in the past, they will gravitate to now. People like to stick with things that are comfortable for them. However, with more people working from home, we may see an increase in messaging and general use of LinkedIn. Free conferencing services may also experience tremendous growth due to this, as well as companies transition their operations. There is definitely growth potential in this space.
I also think Pinterest may be a very interesting spot where individuals may be communicating online. As time wears on and boredom sets in, they may be looking for novel ways to spend the time inside. Pinterest could certainly be a platform that experiences increased traffic.
Cover photo by Valery Sharifulin/TASS