How does social media react to the COVID-19?
Preliminary, 2020 was meant to be a particularly busy year for advertising campaigns due to important events such as the European football championship, the Olympic Games and the US presidential election. However, they are all currently cancelled, pushed back and questioned. The COVID-19 epidemic has affected the entire world and has also profoundly changed brand strategies.
Twitter has already announced the income loss caused by the decline in advertising sales. It’s a paradox but the epidemic has made social platforms more dynamic, as people want to know the latest news and stay in touch with their friends.
Amazon cut its spendings on Google Ads almost to zero and almost all of its Google ads disappeared on March 11. The new demand is evolving around the household items and medical supply that stimulated Amazon to steer to meet this demand.
Facebook was the perfect platform to create ultra-targeted ads with reduced budgets for small local companies. Today these companies are the first ones to suffer from everyday developing economic crisis. As a result, small businesses are forced to be closed and to stop using Facebook Ads. In these difficult times, Facebook has launched a new grant company for small businesses. The global giant is offering companies $100 million of financial grants and advertising credits to help them during the crisis.
Larger companies are also affected, but with more financial resources, they continue to communicate with consumers. Social networks are more than ever a way to connect with consumers. To do so, companies should not only talk about themselves or products but rather show their brand usefulness. Therefore, companies should share their values with their audience and build their content around those values.