Four out of five (81%) marketers from major multinationals say they are deferring planned campaigns as a result of the coronavirus crisis, according to new research conducted last week by the World Federation of Advertisers (WFA). In detail, a third (34%) have initiated short one- to two-month delays, 28% are holding off for a full quarter and 13% will wait for six months before bringing campaigns back to market.
However, at the same time, 79% are creating new messages that respond directly to the huge impact of the crisis on the people who use their products and services. Fifty percent of these new messages have already started running or are about to go live, and a further 29% plan to start creating new messages soon.
The net result of these changes, however, is a drop in annual marketing budgets, with 57% of respondents saying they are cutting spend and 32% showing no change.
The numbers are based on a survey of 32 WFA member companies with a collective annual marketing spend of nearly $60 billion across 10 industry sectors. The data was collected between March 25th and 30th. Sixty-nine percent of respondents had global responsibilities with 31% in regional roles.
“Despite the huge constraints on our members’ businesses, I believe we are witnessing brands mobilising with empathy and utility on a scale hitherto unseen. Brands around the world are adopting very human, often brave, approaches to supporting society at a time of dire need. Critically, many are equally showing solidarity to their agencies and partners understanding that their supply chains need their support now more than ever,” Stephan Loerke, CEO of the WFA, commented.
We are witnessing brands mobilising with empathy and utility on a scale hitherto unseen” Stephan Loerke CEO of the WFA
