Over the last few months, digital advertising has achieved 3 years’ worth of acceleration because people are staying at home and buying products and services online. Instead of spending on a TV ad, a digital agency chose to focus its efforts on King Kong advertising review on popular online review sites. This historical shift in advertising can be attributed to the coronavirus pandemic.
Digital advertising on platforms like Facebook, Google, and Alibaba is expected to exceed marketing spend on traditional media for the very first time. GroupM, a media buying agency owned by WPP predicts that spending on digital marketing will account for more than 50% of the $530 billion global advertising industry.
A separate forecast released by Magna of IPG Mediabrand expects 2020 to be the year when traditional advertising will be upstaged by online marketing. The internet has transformed the advertising market at a pace that has far outstripped the entry of television in the 20th century.
Digital revolution in marketing has been underway since the new millennium and it gathered more momentum during the pandemic. However, overall spending on advertisements is expected to decrease at about 11.8% globally but it will be spread unevenly across the old and new forms of advertising.
Since the lockdown, businesses have reduced their advertising costs. Most of their advertising has been moved online because it is cheaper. Digital advertising targets purchases instead of brand promotions. Advertising spend on small businesses is becoming increasingly important in the ad market because it is responsible for driving ad spend to more than 50%.
Although it may take some time for the ad market to recover, there are signs of stabilization. Right now, consumer demand is down and supply is increasing. This may force traditional media like broadcasters to offer more flexible, short-term ads. The pandemic has changed both purchasing power and consumer behaviour.
Businesses can stay alive during the crisis by embracing digital marketing. An example is King Kong advertising review that aims to attract more clients to the digital agency and allows them to capture consumer data. Businesses must take advantage of any opportunity that has become available to them during the pandemic.