How Precious Can Help Our Clients Adapt to ‘The New Normal’?
By Will Saunders, Account Director, New York @ PRECIOUS
The Covid-19 pandemic has forced brands and agencies across the globe to rapidly adopt (and try to adapt to) a ‘business as unusual’ modus operandi. Despite the barrage of bad news, within the context of this worldwide challenge there are distinct opportunities for brands, platform owners, and rights-holders to shape the new normal. From digital commerce to alcohol delivery services to esports streaming, opportunistic sectors have leveraged surging demand and disruptive thought leadership to deliver growth and innovation. In that spirit, here at Precious we’ve been thinking about some of the ways we can help our clients deliver nimble, flexible, and cost-effective solutions during the ongoing uncertainty.
Accelerated Changes in Consumer Habits?
The ongoing crisis has seen retail supply and consumer demand rapidly undergo a clear shift to e-commerce. This trend has been borne out by the numbers, with MediaRadar reporting that US e-commerce ad spending doubled from $4.8 million the week of Feb 17th to $9.6 million the week of March 9th. Likewise, ecommerce company Svorn has reported a 25% in daily commerce clicks across thousands of tracked publishers in the past two weeks. And shifting consumer interests have been reflected in affiliate marketing suspensions across travel, health, and fashion, and increased ad buying rates and commissions across categories including online food ordering, online education, and job search sites (Digiday, 2020).
"MediaRadar reporting that US e-commerce ad spending doubled from $4.8 million the week of Feb 17th to $9.6 million the week of March 9th" Digiday, 2020
Brands across the globe have been adapting on the fly, with tactics including repurposing marketing budget to drive online sales, short-term product or campaign promotions to incentivise purchase, promoting affiliate partnerships with at-home and delivery services, shifting budget into entry-point and everyday items rather than premium products, and factoring in quick response learnings to optimise marketing spend based on short-term feedback. As specialists in digital commerce strategies and infrastructure, including integrated content-to-commerce, brand stores, and direct-to-consumer campaigns, Precious can help brands stand out in a rapidly developing space – and ensure that our clients are at the forefront of consumers’ minds during the ongoing digital retail boom.
Get in touch if you’d like to learn more.
Direct-to-Consumer and Brand Storytelling
We are also seeing an acceleration of the trend towards direct-to-consumer (DTC) sales as brands look to maximise margins and cut out the middleman of third-party retail platforms.
Emarketer forecast that DTC sales will account for almost $18 billion of ecommerce sales in 2020, an increase of 24.3% from the previous year – with the DTC sector outpacing total US ecommerce gains. DTC buyers have increased from 55.9 million in 2017 to 87.3 million in 2020, and are projected to reach 95.8 million in 2021 (Emarketer, 2020). Within this framework, brands have to carefully craft authentic, purposeful storytelling that retains its ability to build consumer advocacy while at the same time navigating the potential PR pitfalls of insensitive or ill-judged marketing in the Covid-19 age. One of the world’s largest ad agencies, BBH, has prepared a 75-page document for its clients to assist with this challenge specifically. As more and more brands apply a publisher model to their digital commerce strategies, many are starting to reap the rewards of going it alone. Get storytelling right, and brands of any size can develop connections with audiences and create customers who will have them front of mind - because they love what those brands do, what they stand for, and the stories they tell. Precious are brand storytelling experts, with a heritage of creating DTC assets that help brands deliver tangible ROI by building integrated consumer journeys to across marketing channels to create a funnel to seamless points of sale. Get in touch if you’d like us to help you quickly and cost-effectively adapt to DTC sales by putting your brand story in front of your target consumers.
Cost-Effective Campaign Assets
As content producers, Precious have always adopted a ‘shoot once, repurpose multiple times’ philosophy. This approach, underpinned by extensive strategic planning, allows our clients to cost-effectively ‘sweat the assets’ from a single shoot across multiple campaigns. We also keep all of our clients’ campaign inventory archived, so can quickly and cost-effectively repurpose past shoots into new brand assets. With physical production off the agenda for the foreseeable future and purse strings being tightened across the sector, the value of repurposing existing materials to create new campaign inventory has never been higher. For example, in the US online alcohol delivery marketplace Drizly has seen a 300% spike in sales over the past month as bars across the country have shut down, with new customers accounting for 41% of sales and the average online alcohol and spirts order up 20% (CNBC, 2020). There is a clear opportunity for alcohol brands unable to drive purchase traditional marketing channels to partner with alcohol delivery marketplaces to run highly targeted campaigns during the ongoing shutdown – and with production on hold brands would need to repurpose previous or archived assets in order to create campaign inventory.
"Drizly has seen a 300% spike in sales over the past month as bars across the country have shut down, with new customers accounting for 41% of sales and the average online alcohol and spirts order up 20%" CNBC, 2020
Precious are currently using this approach to sustain ongoing campaigns and create new brand assets for a number of clients. Whether you’re a current or past client looking to create a new campaign from archived Precious material, or a brand trying to repurpose existing assets for a new campaign, get in touch to see how we can help you cost-effectively create content during these uncertain times.