|Certain words, and acronyms, have dogged us around this year:
Unprecedented, Unpredictable, Difficult, Challenging, Essential, Virus, Uncertain, Social distance, QR Code, Isolate, Teams, Zoom, WFH, Remote, Quarantine, Forecasting, Curve, Recession, Drought, Lockdown, RTW, Vaccine and last and most obviously Pandemic.According to Merriam-Webster and Dictionary.com, pandemic has been named word of the year and Oxford Dictionaries has reported a surge in the word by 57,000 per cent making it the most used word in 2020.As we look to 2021, Paykel are putting it out there that the two letters “re” will feature prominently:
Re-covery, Re-flect, Re-stock, Re-focus, Re-gain, Re-address, Re-connect, Re-build, Re-generate, Re-group, Re-view, Re-sponse, Re-assess, Re-evaluate, Re-imagine,
For those of us in the ad industry the November SMI figures give us great optimism for recovery:
After 26 long months of continuous decline, ad agency market spend is up overall YoY by 0.1% (ex digital). Thanks mostly to the shifted football grand finals, TV grew 15.3%, radio bookings YoY have been solid and are only 4.2% behind, retail outdoor is 12.8% higher in November and there has been good growth at both national papers The Australian and The AFR. Across the social sites, growth in demand on Snapchat, Pinterest, TikTok, Twitter and LinkedIn has resulted in a 4.5% increase in bookings, and TV streaming sites have increased by 25%.
And December is looking strong, with 70% of the value of last December’s ad spend already committed.
2021 is going to continue to deliver challenge and change for agencies and clients alike and the coming year presents opportunities for brands, marketing and agency teams to re–group and re-evaluate the impact of short term, COVID survival response, not only to understand its impact on brand salience, but also understand the significant changes in consumer expectations and behaviours.