Digital video production companies are currently facing uncertainty as COVID-19 continues to intensify around the world. With this changing landscape, many business owners are assessing their marketing efforts and thinking about the right next steps to success.
And while it’s undeniable that COVID-19 poses a big challenge to video agencies, there’s also the fact that big opportunities are waiting out there. You can still expect great results from digital video productions, as long as you deliver value to audiences staying at home.
Want to succeed in your next video marketing campaign? Read on to learn more about the impact of COVID-19 in digital video productions and how you can cope.
COVID-19: The Impact on Digital Video Productions
1. Cancellation of Video Shoots
Like everyone else, individuals who work in the video marketing industry are experiencing an unprecedented disruption to their work and daily lives due to the COVID-19 pandemic.
Many video production companies have instructed their employees to work from home in order to prevent the spread of the virus. This leads to a number of commercial shoots being postponed or canceled.
On the other hand, a few media networks, especially news stations, have put up additional safety measures to ensure the health of their crew.
2. Decline in Ad Spend
There’s no doubt that the global economy is estimated to suffer a significant loss of money. However, the digital advertising industry is also expected to experience a decline, with about $26 billion loss in revenue in the United States alone.
Digital video productions rely on ROI but customers simply aren’t spending at this moment of uncertainty. This results in a staggering 50% decline in ad spend across all channels.
3. Increase in Media Consumption
With millions of people spending their time at home, many of them are turning to media to entertain themselves.
In fact, online media consumption has spiked across the world. It is reported that 36% of users are tuning into the news, 27% are watching shows, 21% are active on social media, and so on. Streaming, gaming, and online delivery services are also on the rise during this pandemic.
4. Shift in Messaging
There’s also been a significant change in ad messaging during these difficult times. Many video marketing campaigns are now health-focused or PSA-centered instead of the usual visit/shop/join messages.
Other businesses are even replacing their promotional campaigns with evergreen branding videos.
5 Ways Your Multimedia Company Can Respond to COVID-19 Crisis
Companies who want to thrive with digital video productions should consider the aforementioned changes in consumer behavior and advertising strategies. Once you do, you can easily respond to whatever challenges COVID-19 brings.
1. Adopt a New Medium
With more and more people consuming media nowadays, you should maximize these trends in order to thrive in this pandemic.
First, learn where your customers spend most of their time. Is it YouTube? Do they like streaming? What about digital news? Once you figured this out, you can now shift your media channel mix accordingly, whether it’s on social media or advanced TV. This ultimately helps you align yourself with more opportunities and increase brand presence.
2. Build Strong Connections with Your Customers
During this period of uncertainty, it’s only natural that people feel anxious or scared about what’s gonna happen in the future.
As a brand, it’s your job to make your customers happy and satisfied. Make them feel like they’re not alone during this crisis. Connect to them and you’ll get their loyalty.
Do this by offering discounts, package deals, or other special services. You can also stick to simple strategies such as updating your social media pages, posting an interactive post, or hosting an online competition. Feel free to explore other opportunities that can help you build strong relationships with your audience.
3. Focus on Your Message
Now is the best time to focus on your brand message to let customers know that you’re doing something during this difficult period.
First, check all aspects of your business health (website traffic, revenue trends, social engagement) to help you understand how COVID-19 is impacting your business. Then review the traction you’re getting within your website and social media channels. As you simply browse customer comments or chat, you can learn what they expect from you.
For instance, if you’re seeing a number of views on a certain video, you can make future videos with the same theme. It’s important to consider these positive behaviors and adapt accordingly to what your customer wants. Ultimately, you can communicate well with them while staying true to your company’s core values.
4. Know Your Limits
While it’s wise to follow customer expectations, know that there’s a limit too. Always determine the lines of profitability in every strategy that you take. Ask yourself what’s your focus and goal.
Are you looking to maintain brand loyalty? If so, before launching any video marketing campaign, make sure your messaging is mindful and socially responsible. For those looking to drive website traffic and eventually revenue, you can consider paid media in order to increase visibility.
No matter which type of strategy you’re using, it’s important to test them first. Doing so would ensure they don’t negatively impact your sales or brand images.
5. Keep an Eye on Your Competitors
You can learn a lot from your competition during this COVID-19 crisis. Make sure to monitor their messaging and media presence using social media tools and analytics. This would help improve your own performance and ensure you stay ahead of the competition.
The coronavirus pandemic poses a big challenge for digital video productions due to changes in consumer habits and media consumption. However, this also brings new opportunities that businesses can take advantage of.
Mustasa Republic, a reputable video production agency in the Philippines, wishes for the safety of everyone affected in this coronavirus epidemic. We know how important it is to share uplifting messages through video marketing campaigns. We’ll be back soon to continue producing heartfelt campaigns.
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