40% of marketers and retailers expect layoffs due to the coronavirus
The coronavirus pandemic is causing tectonic shifts for businesses. As physical stores close, consumer demand is also dropping. For most marketers, this means costs need to be cut. And for many, people are the place to start.
A new Digiday survey about the early effects of the coronavirus on brands and retailers found that 40% of top execs expect to have layoffs due to the crisis.
For a whopping 83% of respondents, the coronavirus will also cause them to miss their forecasts for the year. A total of 130 execs at brands and retailers took the survey.
The massive economic impact of the coronavirus is already being felt across the country. With physical retail largely shut down for many companies, the commerce department has found that sales declined 0.5% in February, the biggest drop in the past year. The expectation from marketers now is that March, and April, there will be even larger drops. Plus, as supply chains and distribution gets disrupted as people stay home and more people get sick, that’s going to have an impact on operations.
Last week, a staggering 3.3 million U.S. workers applied for unemployment.
According to Forrester, 40% of consumers expect personal economic situations to get worse over the next month. And while online buying is increasing, it’s not across the board: About 38% of Digiday respondents said they’re seeing an increase in online sales, while 54% said they’ve seen a decrease in physical sales already.
The issue is about the same in media: Digiday Research found that 88% of publishing executives surveyed expect to miss their business goals this year due to the outbreak.
Travel marketers turn to ‘inspiration’ to stay top of mind
The point of the light marketing tactics, of course, are to inspire people to book through that travel brand or travel to that destination in the future whenever they are ready to travel again.
Facing a fundraising squeeze, charities turn to TV ads
Nonprofits face an unprecedented challenge: Donations are down, but their services are needed more than ever. Some organizations have been able to take advantage of relatively cheap TV ad rates to get their message out there.
‘Every state is different’: Inside Pepsi’s regional approach to increasing its advertising
Now that states like Texas and Georgia are lifting the stay at home order, the company is starting to spend more on advertising in those areas
SponsoredInterview: A media company weighs in on the power of automated publishing tools and cooperative thinking
In a new interview, an owner of seven media brands weighs in on the best strategies and toughest challenges around integrating automation and technology into publishers' workflows.
Miller High Life is starting to advertise again
The return to advertising was motivated by an increased interest in Miller High Life as well as a creative idea from adam&eveNYC and directed by Errol Morris that spoke to the time.
Member ExclusiveHow Anheuser-Busch adapted its ad messaging
DraftLine, Anheuser Busch InBev's in-house agency, has never been busier. This is because the role of the in-house agency has never been more crucial.