But, of course, it’s anything but that. To better quantify the impact of the pandemic on the industry, Chief Marketer set out to answer some of the questions marketers have been asking most during this time of upheaval. As live events eliminated the prospect of interacting with consumers and cultivating business leads, where have marketers turned to engage with customers and prospects? How have marketing budgets been affected as a result of consumer purchasing power being driven exclusively online and reduced? What types of content and messaging are marketers relying on during the pandemic?

We surveyed Fortune 1000 marketers from a wide range of companies and verticals at the start of the pandemic and again in the midst of the fallout. The following research attempts to answer some of those questions while uncovering some interesting insights pertaining to social media marketing, funding allocations and more.

We hope that these insights provide some of the data, analysis and perspective needed to craft your future marketing plans for the remainder of 2020 and beyond. Thank you to our readers, and especially to the survey respondents who took the time out of their hectic schedules to share their thoughts.

EXECUTIVE SUMMARY HIGHLIGHTS

To pinpoint what aspects of marketing have shifted as a result of COVID-19, Chief Marketer surveyed our readership in two waves: first, in February and early March, as the potential effects of COVID-19 were just beginning to appear; and again in late April and early May, when the pandemic’s effects were in full swing. The data revealed some intuitive and surprising insights, from the decline of marketing budgets to the rise of virtual events to the increased reliance on social media for both engagement and conversions. Here’s a snapshot of some of the key findings:

BUDGET DECLINES

Survey data revealed that budgets were dramatically affected by COVID-19. In fact, the number of marketers who said their budgets were increasing in 2020 dropped by 30 percent, from 37 percent in February to seven percent in April and May. Moreover, compared to the first wave, many more marketers surveyed in April and May said their budgets were decreasing—from 14 percent pre-COVID-19 to 55 percent just two months later.

VIRTUAL EVENTS

Prior to COVID-19, the marketing categories requiring the most spend were content marketing, events and paid advertising, according to the surveys. Post-COVID-19, content marketing and paid advertising continued to require the most spend, but event spending dropped significantly among marketers from 41 percent to 22 percent of marketers ranking events in their top three spending categories. However, when respondents were asked where they were reallocating live event spend, nearly half of B2C marketers (44 percent) and more than half of B2B marketers (64 percent) said they were allocating live event spend to virtual events. This points to a major trend within the post-COVID-19 era: virtual engagement.

FUNDING ALLOCATIONS AND UNCERTAINTY

When examining which budget categories would receive more funding in 2020 compared to the year prior, there was consistency between the two waves. Content marketing, paid advertising and SEO were the top three choices for both time periods. However, Martech spending declined from 17 percent of marketers placing it in their top three to just eight percent post-COVID-19. Moreover, 25 percent of marketers surveyed in the second wave said they were not certain which line items would receive more spend in 2020. It is significant that a quarter of marketers surveyed post-COVID-19 were unsure of where and how to spend their budgets.

SOCIAL MEDIA USE

Social media marketing has risen in importance during the pandemic. LinkedIn, Facebook and Instagram were the most effective social media channels for marketers both before and after COVID-19, with Twitter and Instagram experiencing the largest increases. But while both surveys indicated that marketing handles the majority of social media management, there was an uptick in the number of marketers who are using a dedicated social media team in the post-COVID-19 era. This points to a growing need for more digital and social media skills in marketing organizations moving forward.

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Brands marketing to consumers during a crisis must balance the need to communicate messages to the public with the potential of appearing opportunistic, a piece in AdExchanger notes. Leaning toward the latter could backfire if companies appear to be seeking to profit at a time when a large portion of the globe is struggling economically. This precarious position has resulted in marketers delaying or suspending some campaigns so as not to appear insensitive. But others, including ADT, Coldwell Banker and Trinet, have found their niche within the current marketplace.

ADT, a home security brand that’s considered an essential business, has enjoyed a sense of relevancy since consumers are spending a lot of time at home and want to feel safe. So as not to appear to capitalize on this favorable position, the brand created a video that spoke to its brand mission, created a Facebook group for people at home to share stories of staying safe, and provided delivery services and various virtual activities.

Real estate company Coldwell Banker was forced to pivot after plans to announce a rebrand tied to March Madness fell through. It altered its creative to focus on encouraging consumers to stay home through highlighting local heroes, and it also launched a social media campaign asking its network of real estate agents to post about heroes in their local communities. TriNet, a human resources platform for small businesses, created an online resource hub with information on applying for government loans, staffing and health care options for their target audience.

For additional examples of marketing campaigns navigating the coronavirus era, read more in AdExchanger.

Other articles you might enjoy:

• How Tech Companies are Remaining Connected to Clients With Live Events On Pause
• Four Insights for Marketers Considering Digital Events
• Tips for Marketers Crafting Coronavirus Communications

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