- BLOG
- 25, MARCH 2020
The Real Impact of Coronavirus on the Experiential Marketing Industry (Elevate Connect)
Key Takeaways
- Several industries have been hit hard by the economic impact of the coronavirus, experiential marketing being one of them. Yet, many industry leaders believe we are working in a world of postponement, not cancellation.
- As social distancing becomes the norm, according to a new study, that distance is purely physical. In recent days, social media usage has surged, as the home-bound seek human connections.
- Working from home can be optimal for some but challenging for others. But, in a new world where we may not have a choice, employees can implement best practices to ensure they stay both productive and happy.
As Events Get Canceled or Delayed, Experiential Marketing Businesses are Struggling
The global outbreak of COVID-19 has negatively impacted a staggering number of businesses and industries worldwide. For experiential marketing agencies, event delays and cancellations mean months of planning, creative, staffing and logistics are on hold. Because small activations and iconic festivals like SXSW and Coachella are postponed, teams across the world are faced with navigating next steps, despite the uncertainty and the impending financial fallout.
Although many brands are shifting virtual, digitizing an experience is not a replacement for the face-to-face element in which experiential thrives. Others fear that rescheduling could mean a muddled end of year, complete with dueling events and stiff time constraints. Brett Hyman, president and founder of NVE Experience Agency, explores why he believes that the temporary impact on the industry is a chance re-think experiential.
A Look at Some Non-Coronavirus Related Marketing News
Since its emergence, the coronavirus has dominated headlines. The impact has been felt around the world, especially within experiential marketing. And while it’s important to monitor the situation, its equally important to pay attention to virus-free content as well (aka maintain one’s sanity).
Ad Age recently explored the best marketing news of the week – topics that were not related to the impact of the virus. One in particular discusses the FDA’s recent rollout of new food label requirements. The agency’s awareness campaign took a light-hearted approach, featuring a video fashion show to showcase the changes. In addition, Dollar Shave club launched a targeted marketing campaign, this time towards women.
Corona Virus Sparks Huge Jump in Social Media Use, Study Finds
In the wake of fallout related to privacy concerns, a 2019 study showed that social media usage had remained unchanged. Interestingly, the study also found that a large number of people use social media 3 or more times throughout the day. Now, in this new coronavirus-reality wherein people are sheltering in place to help flatten the curve, social media use has surged.
According to the study, produced by influencer agency Obviously, people are spending even more time on platforms like Instagram and Tik Tok, with a 22% increase in impressions and a 27% jump in engagement.
How Events Advance International Women’s Day Mission
Each March, people and brands across the world celebrate International Women’s Day as a way to promote and advance gender equality. And while each year the initiative has a different theme, the importance of the day and our commitment to recognizing it must stay at the forefront.
According to this recent blog post by Opus Agency, events and experiential marketing industries can and should play a part in the movement. Specifically, because “event attendee, internal employees and consumers as a whole want to see their own values reflected in the brands they support.” While this might not be possible this year, Opus provides examples related to how companies can achieve this in the future.
10 Tips from CEOs on Working from Home
Working from home has its advantages and disadvantages. For some, it provides a distraction-free workplace that fosters productivity. For others, working from home provides ample distractions and even a lack of motivation. Given our new reality, Entrepreneur published an article that outlines 10 tips on how employees can ensure at-home work is completed and productivity remains optimal.
One tip that stands out is applying the ROWE mindset. This stands for “results-only work environment.” The theory behind this is to keep one’s focus on goals and metrics while being lenient on exactly how the work gets done. The article explains.
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