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MedTech Outlook | Monday, June 27, 2022
Pandemic has immensely impacted consumer behavior, which has opened the door to new opportunities for marketers.
Throughout the pandemic, consumer trends and behaviors were drastically changed. According to McKinsey, consumers welcomed five years' worth of digital adoption just eight weeks into the pandemic.
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This was shown in how customers spent, interacted, and kept to stay engaged. In addition, new consumer trends have presented marketers with new opportunities and obstacles. For instance, with the tremendous increase in online consumers, the term electronic in e-commerce became obsolete, mobile consumption enhanced, and linear television viewership fell behind Connected TV (CTV).
These disruptive consumer trends force marketers in the Asia Pacific to rethink their strategy to engage audiences digitally through diverse touchpoints and forms. Marketers swiftly shifted their ad strategy to incorporate new content types and ad dollars into digital channels as consumers move online. As reported by eMarketer, advertising revenue flowing to conventional media like broadcast, out-of-home, and print will decline by over 15% globally in 2020, while digital ad spending will reach 12%.
As the pandemic increased consumers' desire for premium video content, video rose to prominence as one of advertisers' most engaging digital marketing platforms. CTV has become routine in key APAC economies, allowing advertisers to reach the scale of television along with digital accuracy.
As per an Integral Ad Science (IAS) survey, 80% of customers are willing to see commercials in a swap for free streaming, forcing advertisers to prioritize ad quality and context to increase engagement. Nevertheless, due to CTV's early stages and the lack of defined measuring criteria, marketers are still hesitant to invest in the channel.
With decreased ad costs, the new and local firms were offered better targeting and engagement with their audience in long-term dialogues. Moreover, brands have created many touchpoints to stay connected with their customers to develop a comprehensive brand experience in the virtual world.
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