How CMOs Can Optimise Media Strategy in the Travel Industry 2020
The virus has affected every advertiser, but how should they change behaviour?
COVID-19 has impacted the Travel industry in three significant ways
The actions we need to take depend on which particular sector firms are categorised.
Every media channel is affected by COVID-19, impacting immediate strategy changes we should be implementing. As media expenditure is cut, strategies should focus on the implementation of TV and potentially Radio helping to form a robust brand health score.
Across the Travel Industry, media expenditure in the short term should be cut due to drop-in short-term demand. In contrast, in the longer term, dependent on the particular sector, demand may experience a boost as lockdown measures continue to ease and consumer confidence rises.
Example for Operations Halted Client: Bring down overall budget but do not stop spending altogether
However, into September October costs will be around 20% higher which changes our response curve again
Key Overall Takeout’s
Working with your analytics provider quickly is key here. Leveraging data and speed will lead to the best strategy and positioning.
Different Impacts by Channel
The mix of high costs and significantly low demand means that media plans will have a much longer term approach with little short-term spend.
Taking the Long Term View
It’s important to plan for the long term – cutting all media investment might be profitable now but will it leave us in a weaker position when we come to reboot? If we brand build now will that help us to have a potential first mover advantage and sustain a strong customer base?
- Campaign Magazine
- Marketing Weekly
- JKO Collective
- BBC Business News
- The Times
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