According to a new survey of nearly 400 media buyers and brands, 74% said they think the coronavirus pandemic will have a larger impact on the advertising spend than the 2008 financial crisis
"This is what happens in times of crisis,” said IAB President David Cohen. “Typically marketers will press pause for a moment, take a breath, assess the situation, replay and reevaluate.”
Even with the pauses and shifts, some marketers are instead adjusting their messaging to address the current crisis. According to the IAB, 63% said they plan to change their messaging strategy as a result of the coronavirus while another 17% still have not yet decided. More marketers also plan to switch to cause-based or mission-related marketing, with 42% planning to increase their mission-based marking and 41% increasing cause-related marketing.
“With this commute from home and work from home, media consumption in general is going to grow,” Cohen said. It’s uncertain how the postponement of the Olympics might also affect media-planning. According to Sue Hogan, the IAB’s senior vice president of measurement, the survey was in progress before the Tokyo games were postponed.
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