As toilet papers and sanitizers remain scarce and people miss elements of regular lives there’s an abundance of information that can help fill that gap. We’ve searched and served the latest, most useful pieces of insight from the marketing industry this week.
A survey published by marketing technology company Scorpion, revealed several changes in consumer behavior that reflect an adaptation to a new way of living.
When it comes to spending, many respondents will be taking a more conservative approach with their consumption habits, including putting off medium to large purchases and services:
Also, grocery expenditures are projected to increase for 43% of respondents, indicating that almost half of the population plans to cook at home more and save money that might have been spent on more expensive restaurant meals.
What do respondents plan to do with the money they’re conserving? Almost half (42%) indicated that they will be trying to save more during the next six months, with renters leading the charge at 47%.
Renters generally have less in savings to handle emergencies or unforeseen expenses, which shows us that even less financially resilient segments of the general population plan on building a more robust fund to address economic challenges in the future.
In addition, with a large portion of the population either quarantined or working from home, many people are spending vast amounts of time online. The majority of respondents (55.5%) spend between 3-6 hours online, while another 29% are connected for as much as 7+ hours.
In breaking down how time is being spent online, respondents said they expect to increase their usage or consumption of the following activities:
One particular point of interest is that while mobile online browsing (especially with young people) has been increasing over the past several years, 39.4% of 18-24 year olds (and 33.3% across all ages) expect to spend more time in front of their computers while at home.
Also, according to digital marketing agency Adtaxi’s new study of US adults, 56% of respondents report shopping online more now than ever before, and, more significantly, 53% plan to do more of their shopping online after the crisis is over.
As everyone misses life as they know it and are trying to adapt to the new emerging normal, Engine Group US ran a survey on the same lines:
Other key findings included:
Businesses are obviously stopping and halting their campaigns in order to maintain their cash reserves and survive, but is it the brightest idea? Adtaxi found that people want transparency and are open to ads that are addressing the COVID-19 crisis situation. Here’s what the survey discovered:
Everything isn’t particularly doom and gloom for digital ads because 54% people reported making a purchase through an ad, 79% were prompted to take an action by a digital ad and 49% were already motivated by digital ads.
GlobalWebIndex’s research shows that globally, people are most in favour of brands responding to the outbreak by providing flexible payment terms (83%), offering free services (81%), closing non-essential stores (79%) and helping to produce essential supplies (67%). All of these scored significantly more than the 37% who think they should carry on advertising as normal.
GlobalWebIndex also found that four in ten consumers agreed that brands should continue advertising even in these times of COVID-19. The results were almost the same for the US and the rest of the globe.
In a survey by Sirkin and NewsCred, that spanned across Senior management (C-Level, SVP, VP), directors, and managers, the results showed a 33% rise in the need for having virtual meetings and 28% more of status updates.
Adobe teamed with Fortune to survey more than 200 CIOs in the U.S. in mid-March – These are the challenges CIOs talked about having:
Only 50% of enterprises said they use AI in one or more projects, the number for SMBs stood at 25%. CIOs noted that they use AI for IT and customer support the most.
“We’re making AI a strategic priority at Adobe. AI implementation is difficult for many organizations because it’s still new to most businesses, and there is a shortage in talent that has a deep understanding of it,” said Adobe CIO Cynthia Stoddard.
For the CIOs surveyed, female team members being in direct reports are still a minority (slightly over 25%). However, female team members are better represented in both smaller organizations and healthcare organizations.
“Diversity is absolutely the table stakes to the success of any company right now, as it enables people with different perspectives to work towards the development of better products and solutions,” Stoddard.
As per another research by Element-R Partners, LLC, 47% marketers have changed course of their activities and 17% have put a stop on their activities for the time being.
While almost 9% are using this opportunity to revisit their plans and pivot their plans. What’s not surprising is that just 6% of people are going on with their business as usual (BAU).
More stats on how marketers’ BAU outreach calls and emails are being received:
Empathetic social sharing and helpful content appear to be the best ways for marketers to connect with their customers and important people.
Companies using enterprise-level planning and project management tools like Marketing Work Management (MWM), Marketing Resource Management (MRM), and Content Marketing Platforms (CMP) faced lesser challenges in these testing times.
Sirkin’s research further shines light on how online media is and will continue to serve as a go-to place for digital consumption. Market leaders shared their foresight through these statistics:
What market leaders expect to increase:
What market leaders expect to decrease:
On Friday, April 17, Volvo’s Trevor Hettesheimer discussed the impact of COVID-19 on the automotive industry, during a free 30-minute briefing in partnership with ClickZ and Search Engine Watch.
A 20 year veteran in the automotive industry — Trevor — who manages the KPI, Search, and Planning metrics at Volvo, touched on some key issues during his talk including:
We particularly liked this insight from his talk, where he breaks down the retail sales phases in relation to the Chinese market:
We will be publishing detailed key-takeaways from Trevor’s talk next week.
As businesses feel the global economic crisis creep the top three software types that many businesses are chopping on spends are:
TrustRadius shared comparative stats on software spends of last 19th March survey results vs April 9th.
Marketing departments are the most likely to see their software spend cut this quarter.
Interestingly, there are software types that are thriving in the COVID-19 environment. The top three leading software in this category are: