IAB report: 80 percent of businesses changing strategies due to Covid

Run by IAB NZ, this survey of over 100 agency and advertiser members and key stakeholders, most of whom are deemed non-essential, provided insights into the impact of COVID-19.

Mostly surrounding digital and strategy investment, the report called upon responders to show us how they have been reacting to the national lockdown, including businesses changes due to announcements.

Some interesting outcomes of the survey included how many of the respondents were able to alter their business strategies during Covid.

63 percent of respondents said they are eager to find new customers and maximise this situation for future benefit.

Almost two-thirds of those surveyed describe their business in its current state as ‘Pivoting: Changing the business or media strategy based on the market and consumer insight’.

The report showed that almost half of those surveyed are reviewing their business strategy weekly and a quarter when major announcements are made, and this result is similar for media strategy.

Respondents indicated that their business strategy is up for review post COVID-19, with 80 percent confirming this, and of these respondents, 77 percent are anticipating the change in business strategy to lean further into e-commerce or data-led strategies.

AIB members can see the extended survey at at www.iab.org.nz

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