The coronavirus (COVID-19) is forcing the ad market into a tight corner as major restaurants and retailers are closing their doors. Since mid-March, major sports organizations such as the NBA, NFL, and MLB have suspended their games; adding the sports entertainment industry to the list of industries impacted by the outbreak.
According to a 2015 study, the sports industry alone accounted for an estimated 37% of total broadcast TV ad spending.
Experts are predicting the ad market to suffer a decline of up to $3 billion in 2020. With so many industries shutting down and customers staying home, businesses across the country are experiencing big budget cuts. However, advertising and marketing are just as important as ever. Despite their limited budgets, business owners are looking for new ways to advertise.
Adjusting to the Ad Market Crisis: How to Advertise on a Limited Budget
Make your spending count.
People quarantining themselves and practicing social distancing doesn’t change the fact that your business has products and services that you need to sell. If you’re intent on keeping your business open, you need to get those services noticed. Traditional television advertising is still among the most expensive advertising mediums, so now’s not going to be the time you’re likely going to want to make a large TV ad spend. But, you can put ads on your own TVs for close to nothing. If you have a television in your business, consider putting your ads for those products and/or services on your TV itself; target consumers while they’re physically in your location.
Advertise directly to your visitors when they’re in your business.
The corona-crisis has created a unique opportunity for in store advertising. People are limiting how frequently they go outside; however if your business sells essentials, or provides a comfort food or service, you can count on repeat business from your loyal customers during this time.
Give them more reasons to come back. Or, gently educate them on any goods, services, or specials to take advantage of while your customers are there. A custom TV network for your business is the best way to achieve either; both because it’s cost effective, and the best way to captivate visitors.
A COVID-free TV is better for your business.
Advertising Platforms to Avoid
WARNING: Avoid Billboards and Outdoor Advertising!
Outdoor advertising is only effective when the message is getting MASS amounts of exposure. The high cost alone is hard to justify, especially in the case of small businesses. However the combination of working with a limited budget, and the limited number of people going outside during the outbreak makes outdoor advertising a poor investment at this time.
Advertising Platforms that are Still Relevant
CONSIDER: Social Media and Free Streaming Platforms
According to Forbes, more people pay for streaming services than cable, with 69% utilizing at least one internet streaming service. Additionally, those who use internet streaming services are subscribed to 3 services on average. Because of the increased amount of people staying at home during the outbreak, experts anticipate a growth in ad spending on geo-targeted streaming platforms like Hulu, and social media platforms such as Facebook and Twitter.
A Service to Consider for your Business
Recent changes to the ad market are forcing businesses to get creative. Previously suggested in this article; a custom TV network is the solution that forward-thinking business owners are turning to instead for advertising.
Bridging the gap between TV Networks and a DIY TV display is It’s Relevant TV.
Business owners are uniquely positioned to take advantage of the TVs inside of their locations by transforming them into effective marketing tools. Whether your goal is to improve visitor experience, promote your services, or get people to come back more often, a custom TV network is the best, most cost-effective way to achieve all of the above.
If you are ready to jump into having your own TV network, It’s Relevant TV operates an online store that allows you to pick up everything you need with an inexpensive self-install kit here: http://rele.tv