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Optimism for a recovery in marketing budgets

Optimism for a recovery in marketing budgets

“Eliot Kerr, the economist at IHS Markit and author of the Bellwether Report, agrees that although advertising budgets continued to fall sharply at the end of 2020, it was promising that the rate of decline softened following the unprecedented contraction seen during the second quarter.”– can we read in DigitalStrategyConsulting articke commenting IPA Bellwether Report Q4 2020.

“Firms are now looking forward to a recovery in domestic economic conditions, which will likely begin in the second half of 2021 as the UK’s coronavirus vaccination programme starts to take effect. As such, businesses are now forecasting an increase in total marketing budgets for 2021/2022, although growth will likely be limited to certain areas,” Kerr adds.

Panellists were asked to comment on the main opportunities for their industries over the coming 12 months. A selection of responses are summarised below:

  • “Possible for a switch to UK manufacturers post-Brexit.” FMCG
  • “Opportunity to retain recently acquired online customers.” Retail
  • “There has been a sharp increase in hybrid working.” IT/Computing
  • “Potential for better opportunities in markets outside the EU.” Automotives
  • “Vaccine rollouts should improve overall demand conditions.” FinancialServices
  • “We have a chance to build on the competitive advantage that we have gained during lockdowns.” Consumer Durables
  • “Greater chance to sell renewable energy products.” Industrials/Utilities
  • “Government policies should remain accommodative while the economy recovers from COVID-19.” Public/Charities
  • “The UK property market may continue to outperform expectations.” Other Services
    “We are expecting a sharp rise in travel after Easter.” Travel/ Entertainment
  • “Opportunities for increased digitalisation in the new work-from-home era.” Media/Marketing
  • “We foresee more opportunities arising in healthcare and pharmaceuticals because of the pandemic.” Industrials/Utilities

Panellists were also asked to comment on the main threats to their industries over the coming 12 months. A selection of responses are summarised below:

  • “We foresee significant supply chain disruption following Brexit.” FMCG
  • “Departure from the EU will likely increase shipping costs both in and out of the UK.” Retail
  • “Overestimation of the power of AI would set us back.” IT/Computers
  • “We need consumer confidence to improve drastically from current levels.” Automotives
  • “The threat of negative interest rates remains a concern.” Financial Services
  • “Competition continues to grow in China and South Korea.” Consumer Durables
  • “Unfavourable government policy would be detrimental to us.” Industrials/Utilities
  • “Prolonged COVID-19 travel restrictions are a major threat.” Travel/ Entertainment
  • “Regulatory change associated with Brexit.” Public/Charities
  • “Continued downward pressure on prices as client budgets are reduced.” Media/Marketing
  • “Brexit could cause import and export delays.” Other Services
  • “Delays in the rollout of vaccines.” Consumer Durables
  • “A slow recovery in demand for industrial goods.” Industrials/Utilities
  • “Further mutations of COVID-19 could worsen the situation.” Travel/Entertainment

 

We strongly recomment to read the entire article and also Katarzyna Bargielska comments , Co-Founder & CMO at AdTonos.