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Navigating the Local Ad Marketplace During the Pandemic: Key Economic Takeaways

by | Apr 14, 2020 | BIA, Blog, COVID Pandemic, Sales Best Practices

During the webinar, Navigating the Local Ad Marketplace During the Pandemic, BIA’s Thomas Buono (CEO and Founder) and Rick Ducey (Managing Director), along with C. Lee Smith, President/CEO of SalesFuel and Jeffrey Hayzlett, Chairman of C-Suite Network and Primetime Television & Podcast Host, offered key insights on navigating the local ad marketplace during the COVID-19 pandemic. Let’s unpack a few of the top takeaways.

Key Takeaways

  • BIA expects a U-shape recovery, with the question of how long the base of the U extends.
  • Difficult times often create amazing moments of innovation. During the last recession Uber, AirBNB and other types of on-demand companies were created.
  • For a lot of retailers, the fourth quarter of the year can make or break their year from a sales perspective due to holiday selling.
  • All media platforms in BIA’s local advertising forecast are expected to see declines in ad spend from our previous 2020 forecast numbers. No one will be immune.
  • Three vertical categories do offer potential for local sellers during the pandemic – Financial Services, Home Improvement, and Legal Services. More on selling to these verticals here.

Jeffrey Hayzlett offered his business take on the situation saying, “Now is the time for you to act.” Click to hear Jeffrey’s thoughts here (or below.)

Hayzlett spoke about the initial panic people and businesses felt when the economic downturn began, but that as they settled into their “new normal” they realized that “in a crisis, there is also opportunity.” People and businesses are looking for ways to move forward and that “As long as we’re safe, as long as we’re healthy we can still do business and we’re going to find different ways to do it. And we’re watching businesses adapt, we’re watching people do things differently.”

“If we wait we will seal our fate. If you ponder, you will squander. Now is the time for you to act. That is the message we are starting to hear out there.”

Jeffrey Hayzlett, Chairman of C-Suite Network and Primetime Television & Podcast Host
The Five Keeps

Download a Complimentary Report from SalesFuel

SalesFuel is offering a complimentary report entitled “Selling Media During the Pandemic.” Discover four tactics to help you stay focused and productive during the COVID-19 pandemic.

More on Covid-19 and Local Advertising

For more on how COVID-19 may impact local advertising, check out more of BIA’s analysis here.