A quick rundown of the marketing and advertising news we’re reading this week.
Pandemic-induced grocery demand drivers include stress-relieving indulgence, immunity and hygiene. Given food shopping may be the only time consumers leave their home, they may be approaching the experience as a treasure hunt to discover new and exciting items.
Why it matters: Given this new normal, brands have the opportunity to find ways to delight consumers, including promoting grab-and-go meal kits, placing products in less traditional locations and creating a product mash-up with another consumer packaged goods company.
Considering that a larger segment of the world’s population may be working from home in 2021 than ever before, that smartphone usage has increased exponentially and that social media usage has spiked, brands are in the midst of a prime opportunity to accelerate engagement with their target audiences. As more brands compete aggressively for share of voice, there might be no better way to grab a slice of the pie than by employing a chief meme officer.
Why it matters: Companies wishing to thrive in increasingly saturated markets should approach their next strategy with a think-outside-of-the-box attitude. Embracing memes as the next potential arsenal of influence campaigns may be what sets the innovators apart from the rest.
In U7’s 2021 Predictions white paper, experts say that this year, brands will determine which data sets are truly adding value, media consumption will be even more fragmented, consumers will seek publishers they can trust and companies will need to focus on giving employees a powerful sense of purpose.
Why it matters: Instead of returning to business as usual, brands must use data to develop a deeper understanding of changes in consumer behavior and reflect those learnings in their communication, products and supply chain.
ECI Media Management’s Annual Media Inflation Report anticipates a three percent inflation in media globally, with a similar level in the UK, at 3.4 percent. With the exception of print, all offline media is forecasted to experience a reverse in the deflation seen during 2020. In the US, offline media will return to inflation at about one percent compared with four percent in digital. Digital video will see a five percent level of inflation.
Why it matters: Rising media inflation typically means higher costs for marketers, but it also signals confidence in the sector and the economy. Marketers should wait to see how measures against the pandemic progress, and understand the transparency and effectiveness of their investments.
In violation of the Permanent Internet Tax Fairness Act, on February 12, Maryland became the first state in the US to enact a digital ad tax to snub Big Tech. The tax is forecasted to generate $250 million in its first year.
Why it matters: Should the discriminatory Maryland digital ad tax survive Constitutional muster, it may give rise to a wave of similar taxes in other states. Although Big Tech is the target, the higher costs of conducting digital ad business will be passed along to Maryland residents, the alleged benefactors of the tax.