The Changing Face of AdvertisingBy joanne | 10th February | Marketing Ideas, Marketing Skills, Marketing Training
There is no doubt that the advertising industry is undergoing a revolution. Audience figures are down, sales of newspapers have fallen by up to 25% in some cases. Revenue at just one North West media group dropped from £14.3million in 2008 to just £500,000 in 2009 (resulting in the group being sold yesterday).
This decline in revenue has been blamed on falling classified advertising revenues – that particular group saw a decrease of 30%. Can you imagine your business revenues dropping by that percentage? There’s no question it’s been a tough year.
And, it’s been coming for a while… the internet has changed the way many of us choose to receive our news. And, the market is being increasingly fragmented with the growing number of digital TV channels available, increasing numbers of magazines and e-newsletters and online news channels, not to mention Twitter which gives us real-time news often before even the journalists know about it.
But what does that mean for you and your business?
- If you use advertising as one of your marketing methods, by extra careful about the audience numbers you are reaching. We would always advise asking for an ABC audited circulation.
- Speak to other advertisers targeting a similar audience and ask if they would share their return on investment figures or response rates, so you can calculate potential returns.
- With audience numbers being increasingly fragmented, you may reach smaller numbers – but you may also be able to really narrow down your target market
- Always test the advertising method, before signing up for a long-term contract. Three months is plenty enough time to judge whether something is working and if you monitor your results, you will be able to justify any future expenditure
- Don’t always blame the advertising medium – if your advert is rubbish, or you aren’t aiming at the right audience, I’m afraid the advertising company can’t be blamed
I have no doubt our newspaper industry will survive this latest onslaught – after all, they survived the invention of radio and television. But, just as before, they will have to adapt to survive.