Coronavirus has been quite a large disruption to businesses and everyday life worldwide. Tracking the count of COVID-19, at the time of this article, more than 125 thousand people worldwide have been infected with the virus, with over 4,500 of those cases resulting in death.
In terms of the economy, it’s taking a pretty big hit. All major markets have seen drops of more than 5%. FlyBe, the airline, went bankrupt from the lack of people taking flights. Italy have completely locked down their country, with many big gathering events (such as football games, F1, concerts and more) all having fans banned from spectating, or postponed altogether.
It goes without question that COVID-19 is having a far greater impact than anyone had predicted. With those who can remember SARS, Ebola or the Swine Flu outbreak, the world had not acted as tight and stringent as they are doing so now.
From a marketing and online advertising perspective, it is likely that COVID-19 is going to take a hit on this segment too. With this in mind, here are some points as to what to expect, and how to mitigate the issue at hand.
Ad Budgets on the decline
Although the start of the year is known for not having the highest of ad rates anyway, it is very likely that the ad rates will be much lower than they have been at similar times of previous years. The main reason for this is because:
- Businesses that have been most affected by the coronavirus will reduce their ad rates significantly, in line with…