What marketers need to look at before finalizing 2021 media plans

McKinsey & Company

Report from McKinsey looking at how media planning and budgeting needs to reset priorities in the light of changes in consumer behavior because of the COVID-19 pandemic.
  • As consumers have increased their reliance on digital channels for shopping, It is easier for marketers to track performance, which may help with budget negotiations with internal finance departments.
  • Marketers should avail themselves of the many tools available currently to accurately benchmark how much they should spend, including up-to-date market research, trend analysis, market conditions, and consumer insights into brands and products.
  • The need for speed also applies to agencies, so marketers need to work with their agencies to reduce campaign development time; options include using incentives, looking at smaller agencies for some work and having some capabilities in-house.
  • Marketers...

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