At the end of June 2015, the negotiations between the Greek government and the lenders from EU & IMF had derailed. All of a sudden, the then Prime Minister reverted to a referendum on the EU latest proposal. But because all pre-agreed deadlines were surpassed, the Greek Banking system momentarily stood alone, without the backing of ECB. Liquidity was inadequate and capital controls were imposed. The Banks declared an obligatory “holiday”, Imports-Exports stood idle for 4 weeks and people were allowed only 60 Eu daily from their personal accounts.
What about TV advertising?
Advertising demand took a deep dive, although viewership increased, as people hanged on their TV sets to follow the events. YoY, GRPs were 38% down.
As seen on the chart, the first 20 days of the month and more intensively the first two weeks, became a splendid opportunity, with rock bottom prices and non-existent clutter.
Both authors of this article strongly suggested to some of their clients, but especially the retailers, to remain active. These advertisers were generously rewarded by strong performance and big discounts, which on average were 45% more than expected. Then, as insecurity drove consumers to the super markets to stock food & to electronics & cars that were seen as investments of whatever liquidity people had, the benefit for advertisers that continued “business as usual” was multifaceted.
So, once more we see that advertising in times of crisis, really pays off!
By Milton Papadakis, Head of MEDIARISK
And Peter Alvertos, MINDSHARE Greece
Deputy General Manager