IPA unveils ‘Covid credit’ amid adland budgeting cuts

IPA: Covid credit is value of 25% of membership subscription
IPA: Covid credit is value of 25% of membership subscription

It aims to support members during periods of financial uncertainty.

The IPA has launched a “Covid credit” for agency members in a bid to provide financial support to members during the coronavirus pandemic.

The on-off credit is to the value of 25% of each members’ 2020 and 2021 membership subscription, and can be used across all IPA courses, qualifications and exams.

According to the latest IPA Bellwether Report released last week (27 October), more than half (52.6%) of respondents had their marketing budgets cut in the third quarter.

Paul Bainsfair, director general of the IPA, has hailed the advertising industry’s “agility and resilience” throughout the coronavirus pandemic.

“I have been in the advertising business for many years now and I have lived through plenty of good times and bad. I’ve seen severe economic shocks and tough recessions – but nothing so fundamentally disruptive as the coronavirus,” Bainsfair said.

“In difficult times, it’s evident to me that the quick-thinking creativity and resourcefulness that are ingrained in agencies become all the more sought-after.” 

In April, the IPA announced it would be providing free webinars, publications, training courses and qualifications for members until 2 October 2020.

It also ran a series of print ads in partnership with the Financial Times to remind chief executives about the power of advertising during a downturn.

“Almost overnight the pandemic has turned the world inside out and upside down, and forced us all to rethink how we live and work,” Bainsfair said.

“2020 has been a most extraordinary and challenging year. And extraordinary times call for extraordinary measures.”

He continued: “We hope, therefore, that our unprecedented offer of a Covid credit will provide our agencies with some practical relief during these toughest of times.”

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