How Publishers and Advertisers Can Collaborate during Covid-19 Pandemic
The Coronavirus has become a global pandemic in 2020. The Coronavirus pandemic has affected many businesses around the world which also includes publishing and advertising companies or individuals. Based on research conducted by the IAB (Interactive Advertising Bureau), there was a 19-25% decrease in advertising revenue in digital media. Traditional media such as TV and Print Media experienced a greater hit with a decrease of 27-32% in revenue. This is all experienced by publishers in the United States, but it does not rule out the possibility that it will also happen in Indonesia.
Based on the results of IAB research, there was a significant increase in Digital News Site Visits to 523 visits per week in early to mid March 2020. Despite slight disruptions due to the Coronavirus pandemic, news traffic has increased exponentially. Contrary to business decisions to halt all expense incurring activities, advertisers or brands are advised to not stop their campaigns at this period of time. Advertisers and publishers should instead make adjustments to the conveyed message in the campaign in order for it to be more adapted to the current conditions.
It should be noted that based on research compiled by the IAB, News Publishers were significantly affected due to the cancellation by buyers for further advertisements and campaigns with a percentage of 86-88% in revenue, whereas Non-news publishers were only affected with a percentage of 70-79% in revenue. You can see by the results that the publishing business has been affected greatly in terms of advertising revenue in 2020.
Despite this fact, publishers cannot just stand by and wait for their incomes to rise. It takes special effort and treatment in the midst of this Coronavirus pandemic for businesses to continue running, especially in terms of connecting and working with advertisers and brands. It would be nice to have more flexible options to advertisers or brands during this Coronavirus pandemic.
The following are some tips and ways for publishers to collaborate with Advertisers in the midst of the Coronavirus Pandemic:
- Shift the campaign to the next available date
- Creating distinct adjacency content / content sponsorship that buyers can benefit from
- Create all-new content adjacency / sponsorship opportunities
- Working closely with buyers to change the creative message to be conveyed
- Offer extra added value to advertisers
- Offer lower prices to advertisers
- Offer creative services that advertisers can take advantage of
In addition, Publishers can also collaborate with advertisers or brands whose businesses are not significantly affected during the Coronavirus pandemic. By collaborating, both parties will benefit. Advertisers or brands can advertise products that consumers feel are related or needed in the midst of the Coronavirus pandemic. Meanwhile, the publishers themselves also benefit from being filled with ad slots on their website pages so that businesses can continue to run in the midst of this pandemic.
Based on research by the IAB, there are several business industries that are not significantly affected by their business during the Coronavirus pandemic, namely:
- Cosmetic and toiletries
- Household Needs
- Online Retail
- News and Politics
- Alcoholic Beverages
- Baby, Kids and Parents supplies
- Pet supplies
The most important thing during this Coronavirus pandemic is that we all have to be prepared with all the uncertainties that exist and be more flexible with the advertiser or brand. There is nothing wrong with publishers providing more flexibility and maintaining relationships with existing advertisers or brands so that they continue to advertise on our website pages. Also, try to take a more consultative and persuasive approach from time to time. By doing so, undoubtedly Publishers and Advertisers or Brand will understand each other so that together we can be sure that we will all be able to get through this difficult time. Here concludes the tips and ways publishers can collaborate with Advertisers in the midst of this Coronavirus pandemic. If you are looking for a trustworthy partner in strategy creation, we are your beck and call. Talk to us now!
Source from IAB Coronavirus: Ad Revenue Impact on Publishers & Other Sellers