The media landscape is ever-changing. We are witnessing an evolution in broadcast media advertising -- from product placements on reality TV shows, sitcoms, and in movies, to on-screen graphics used in sports programming, and now "pay for placement" on television morning news programs.
The media are hungry for revenue opportunities and struggling to survive.
Print media is changing as well. Nearly all U.S. daily newspapers are experiencing (further) declines in circulation. It is yet another change that requires foresight and creativity. The Christian Science Monitor and Child are two publications that have moved online. The Monitor will no longer print its paper daily (instead opting for a daily website and weekly print edition) and Child has strictly moved online. Gannett, the largest U.S. newspaper publisher, is fighting advertising declines made worse by the global financial crisis, forcing it to cut 10 percent of jobs at its local papers.
However, online ad spends are up. The Interactive Advertising Bureau reported online advertising revenues reached $5.8 billion for the first quarter of 2008, an 18.2 percent increase over the same period in 2007.
This is unquestionably due to the measurement benefits of online advertising and marketing. Regardless of whether you are doing online PR, search engine optimization (SEO), online ads or cost per click (CPC), you can granularly track sales and how people come to you (i.e., what key words or phrases they searched). This, coupled with the convenience of online news that the younger audience demands, is a clear indication marketers better wise up or become obsolete.
These times demand an honest appraisal of the marketing industry and an openness to learn, grow and change. There are many logical and viable marketing avenues to explore. I know I'll be investigating several over the coming months.