Covid-19 in BG:
A creative agency's perspective
The world as we know it has changed – just for now at least. As we enter more weeks of self-isolation, home-officing and financial climates, the way we see our jobs, partners and clients has also changed.
As a small creative agency in the heart of Sofia, we are one of hundreds of thousands of business who are facing a new way of working, and new priorities. So, what has changed for us, and what has changed for the wider digital marketing industry in Bulgaria and beyond?
The shift is already happening
Public spaces, large meetings, schools, venues, restaurants and more have all been closed – resulting in a major lifestyle change for many people who are spending more time online than ever before. As a result, brands are putting extra focus on social media channels and other methods of digital delivery to reach their audiences – and those who relied more on outdoor advertising are having to make a long-overdue shift to digital as well.
However, as industries lose out on productivity, especially those in the primary industry (such as factories and manufacturers), budgets need to be cut – and in these cases, it’s usually marketing spend that goes first.
This doesn’t spell doom for our particular sector, but instead gives us the chance to look at things differently. Recent research, shows that 61% of marketers are changing their short-term media strategy, but only 9% are looking at the longer-term. It makes perfect sense. In these uncertain times, brands and their marketing agencies need to plan for the short term – and keep the campaigns rolling, but in a more agile, reactive way. Right now, it’s impossible to know how things will pan out in the coming months, but this doesn’t mean that it’s time to fall silent – and, the bite size, shareable nature of social media is perfect for that.
The picture in Bulgaria
In Sofia, the situation is the same as in many other countries. Primary and manufacturing businesses are taking a huge hit, as are the service and entertainment industries. We’re fortunate that a number of our clients are themselves, digitally-based, working in such areas as I.T, accounting and software. However, we do have a number of clients who are reducing their marketing spend, or at least questioning what is the best way to use the budgets in uncertain times.
In the coming months, we can see our clients, and many others adopting more reactive strategies for their communications – while keeping a close eye on their spend, and making sure that they leave themselves enough room to move.
An upside to this reduced spend means that we may see a sharp drop on CPM and CPC prices, due to the drop in competition – presenting a good opportunity to get more visibility amongst the competition.
Changes and resurgences
It’s clear that this pandemic will leave a strong mark in history – and in global economies. What we need to wait and see, is just how much things will change, and how many things will return to normality.
In the Bulgarian market, and indeed many others we need to be careful to not stop the engines completely. The recovery will come, so we are preparing for campaigns to reflect the optimism and the resurgence in demand. Until then, if you are looking to re-align your marketing to adapt to today’s climate, get in touch and we’ll help you stay on track. Stay safe out there 🙂
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