Consumers and their families confront a new and difficult reality as communities, institutions and governments rally to respond to COVID-19. Many consumers, including TransUnion employees and many of our partners and clients, are staying home to protect the health and well-being of our communities.
As our EVP of Marketing Solutions and Head of Media Vertical Matt Spiegel recently noted in an interview with Beet.TV, these unprecedented events have led to massive shifts in consumer behavior. Even when we’re back to some semblance of normalcy, we’re likely to see the world of digital permanently changed.
While staying at home over the past few weeks, consumers sped up adoption of digital technologies to adapt, continue interaction with the outside world, and maintain access to everyday goods and services. This change in trajectory for the digitalization of the consumer world has notably impacted channels like social media, advanced TV and ecommerce — and is unlikely to be undone any time soon.
Brands and media companies have also reacted in the wake of the current climate. A recent IAB survey found 70% of respondents have made immediate changes to their Q1 and Q2 spend — with 24% of respondents pausing all advertising and 46% making some adjustment. In line with points Spiegel iterated, the IAB found traditional advertising spend took a greater hit than digital. In addition to changes in spend, more than one-third of advertisers are looking to increase the use of tactics like audience targeting and OTT/CTV device targeting.
Media companies have long been at the forefront of many elements of this digital evolution, leading the development of the technology powering these capabilities for brands and consumers.
Digital technology adoption shows no signs of slowing. It will continue to take permanent root in consumers’ everyday lives. Even as most companies eye a modest downturn in spend, those able to re-evaluate, mobilize and innovate their digital strategies will be stronger on the other side. This goes for delivering the digital solutions consumers need and the back-end technologies that drive effective, personalized marketing in a difficult market.