Q3 2020 Bellwether Report points to a marked decline in UK marketing budgets this year, followed by a robust recovery in 2021. The marketing industry shares its thoughts on the news that the COVID-19 pandemic is continuing to damage marketing budgets in the Mobile Marketing Magazine article, which also includes the voice of AdTonos.
“It’s easy to understand the continued contraction across marketing channels, but looking to consumer behaviour cues, there are certain areas which provide a glimmer of hope. Audio budgets — which incorporate everything from traditional broadcast radio to digital radio, and music streaming — were down 32 per cent in Q3 compared to down 50 per cent in Q2. However, in the first few weeks of the pandemic, we saw audiences shift to digital radio because of the need for information and the intimate nature of audio, and this consumer behaviour looks to continue — eMarketer predicts that time spent with digital audio will increase 11 per cent as we approach 2021, to almost 79 minutes per day.
“It’s possible that advertisers took lessons from the 2007/08 financial crisis and realised cutting entire budgets is not an option. The ability to utilise programmatic radio inventory offers advertisers a way to reach the same audience at a fraction of a terrestrial radio budget. The other driver for digital audio is the capability to run campaigns that precisely target audience groups and provide detailed post-campaign analysis, rather than pure run-on-network campaigns. Advertisers are prioritising their budget allocations to where there is a precise ROI measurement to make informed decisions.”- said Michl Marcinik, CEO & Founder at AdTonos.
Read the article and learn more.