The Coronavirus pandemic has affected the world in many ways, digital advertising being one of those ways. Digital media has been growing at a fast rate for many years, but since the pandemic began, many businesses realised that being online is very important for success nowadays. For some businesses, being online is the only thing that’s kept them afloat in these unprecedented times. So, how has the pandemic affected paid advertising?
Advertising online can be done organically, however for a higher reach and more targeting options, using paid advertising is a good idea.
What is paid advertising?
Paid advertising can be anything from paying for an advert on a social media platform in the hope of a higher reach or pay per click (PPC) advertising, where your advert appears above others for relevant search terms. Advertising on platforms such as Facebook and LinkedIn offer businesses the chance to select many different targeting options, such as the location and job role of the intended audience.
Advertising on social media has become very popular, due to the wide range of advert structures available, such as stories or carousel posts. Social media adverts currently have high potential with users spending around 4 hours online per day.
Paid advertising is effective, this can be seen in the amount of growth it has experienced since 2007. According to Statista research, 14 billion GBP has been spent on digital advertising from 2007 to 2020 and 3.04 billion GBP was spent just on social media advertising.
Advertising online has come a long way, with paid campaigns offering admins the opportunity to set a specific budget and timeframe for the advertisement to run. This gives businesses a lot more control.
How has the pandemic affected paid advertising?
Impressions are up by 20%
Since the pandemic, social media advertisement impressions are up by 20%. This is a huge opportunity for businesses as it means advertisements are actually being seen by users. It is likely that this increase is reflected in the number of likes and shares a business has been experiencing, however users might be more likely to go straight to your website if they are considering making a purchase, so don’t be alarmed if your engagements are not reflecting your marketing success.
Rise in video
Video content is growing at a fast rate, therefore advertising your business through a video might be something to consider. A lot of people have spent more time at home this year and probably had a bit more time on their hands to consume content in video format. Uploading video content to social platforms usually comes with some tips attached, such as ensuring your video is longer than 30 seconds. Instagram began their IGTV function in 2018, which can be used to promote your business through paid adverts. Businesses can also make the most out of this rise in video content with informative ‘how to’ videos.
Advertising growth
Even with a global pandemic among us and many businesses cutting their advertising spend, digital ad spending still increased by 0.3% this year. As restrictions are relaxed and we hope for a more normal year in 2021, over 50% of brands are aiming to increase their marketing budgets for the next year.
Around 85,000 businesses launched online since the pandemic began, including new businesses as well as those who have been trading in person for many years. This shows businesses that the competition is very much there, paid advertising online might be just what your business needs to stand out from the crowds.
Don’t hesitate to contact us for more information, we’re happy to help.