How 2020 changed the UK media landscape: A focus on SMEs.
2020 proved a complex year for businesses.
With changing work habits, came changing media consumption, with advertisers having to be more agile in their quest for new customers. We saw this within the B2B space, where advertisers were specifically looking to target SMEs.
We wanted to explore this further through three main narrative points, by looking at different research and reference points to create tangible outcomes for advertisers looking to target this audience.
The key findings in this research revolve around three main themes:
Flexibility is key to survival in a post-pandemic world
The ad environment is as important as the message
Effective campaigns – device optimisation & looking beyond the click
Almost 50% of the SMB workforce now require flexible working hours and increased remote working opportunities – meaning reaching the SMB audience becomes more complex. Because of this shift in working style and limitations imposed through lockdowns, media consumption habits have changed. There has been a greater level of investment in remote working technology like MS teams and Zoom, with the uptake of these technologies increasing by as much as 276% between Jan – Nov 2020 in the UK. The UK audience is spending a lot more time online as a direct result of the pandemic, with digital visits to news sites increasing by 28%, video and audio streaming increasing by both 35% and 64% respectively.
Brands will therefore now have to look outside traditional channels in order to reach their SME audiences effectively. The rise in connected digital channels is anticipated with Connected TV, Digital Audio and Digital Out of Home (DOOH) expected to rise exponentially as we move into 2021.
So, what do we already know about SMEs?
Firstly, small business decision-makers are 1.6x more likely than average to be consuming content around finance & credit. Ensuring advertising to SMEs is as informative as possible, paired with contextually relevant environments (e.g. relevant small business publications) will be key to success. More SME decision-makers are found across Premium and Business News environments, with 38% of total SME impressions served across premium news sites like theguardian.com.
Engagement, however, tells a different story with Finance and Technology titles providing the correct environment due to higher-than-average click performance but with a smaller level of available inventory. It is essential to use contextual keyword segments (e.g. small business accounting system, small business news, SME) across these broader titles to increase brand awareness & trust and later push decision-makers down the funnel in an environment or content category we know drives engagement.
SME content is a weekday mission rather than weekends, so make optimisations accordingly (Source: Grapeshot predicts). With formats that showcase brand being important to this audience, who are less likely to trust a brand they don’t know (Source: Audiense)
What are our key take-outs from this research, drawing back on initial focus areas?
1: Flexibility is key to survival in a post-pandemic world:
Formats need to be eye-catching, innovative, and stand out
Media consumption has changed, digital ads must mirror this
2: The ad environment is as important as the message:
SMEs spend time on finance and technology sites, messaging needs to compliment these environments.
3. How to make campaigns the most effective – looking beyond click and optimising to device.
A clear mobile strategy is key for an SME audience
CTR & site visits often do not correlate – pixel optimisation is king.
Contextual strategies will continue to become more important cookie-less world.
With the effects of the pandemic still being seen in 2021, businesses who want to target SMEs need to be smarter than ever, using data and learnings to tap into new connected media channels to reach their desired audience.
If you would like to find out more about reaching SME audiences, why not get in touch.