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Is traditional media going the way of the DoDo Bird?
As the media landscape continues to diversify and become more fragmented, it becomes an even bigger challenge to determine how much of the advertising budget should be allocated to traditional media such as TV, radio, print and out of home.
According to MoffettNathanson Research, 2016 experienced an 0.8% increase in traditional advertising spending over the year prior but is projected to slip 5.8% in 2017 due to the absence of the Summer Olympics and political campaigns. Other declines are expected in: Newspaper advertising, consumer magazines and cable TV—all projected to drop 3% each. Radio will dip 1.5%, syndicated TV down 1% while out of home looks to have a slight gain of 1% in 2017. In light of all this doom and gloom, should advertisers abandon traditional media completely?
A pragmatic business should look beyond the numbers to see that traditional and digital/new media cannot only coexist but also work together well. Television and streaming video are high reach branding vehicles that can be used in combination to evangelize the brand. Social feeds, print ads and out-of-home campaigns can help the brand create a unique voice. Streaming and on-air radio as well as email and direct mail can be utilized to drive purchase decisions.
While the glory days of the big THREE TV networks are officially relics of the Stone Age and millennials looking at the newspaper as a “cute pastime” their grandparents do while drinking their morning coffee, traditional media will continue to be a player in the media landscape and smart marketers will continue to keep it among their advertising mix.