Digital is up, traditional media is down. Not a “man bites dog” scenario you’re saying, right?
A very recent IAB survey of ad buyers verifies the same old story…digital media spend stands a good chance at growing while traditional media spending is being cut, precipitously in some cases. And this is information fully aware of what is currently ongoing in the marketing world impacted by the Coronavirus pandemic.
But that story is not the real story. While it’s almost remarkable that any level of spending might be increasing given the shut downs in many communities, it is more important to know and understand those channels that can be seeing growth, (i.e. the most beneficial for local businesses.) These are channels that are either expanding as a result of their successful goal achievement for marketers, or are seeing dollars coming to them from the cutbacks in traditional media. Let’s see now…if I am a marketer cutting back 33% on my previously planned print schedule, do you think I could repurpose some of that in a more effective, and measurable media like cost-per-click or social?
Again, that is not the story here. The IAB survey summary by itself doesn’t tell us what is driving the changes. You have to dig down to see that. And that detail is the real issue. Intimately speaking from the perspective of a traditional media world adopting more and more digital and emerging platform marketing services for local business, knowing what is working is the only way I am going to be of service to customers. And by knowing, I really mean KNOWING!
The digital channels that are driving the growth of that broad category include…
- Cost per Click
- Social Media
- Connected TV
- Digital Video
- Digital display
If you are a purveyor of traditional media solutions as well as digital, how well do you know the intricacies of paid search? Are you Google Ad certified? What do you really know about Social? Are you familiar with all ongoing changes impacting Facebook and Instagram? What do you know about Snapchat and LinkedIn ad opportunities? And then there is video…both digital video and that distributed through CCT. The prevalence of video in 2020 and 2021 will start to dwarf other forms of media and distribution very quickly. Are you aware of all best practices when it comes to creating and distributing video today?
Digital up, traditional down. Nothing new here. And knowing this is not going to help any local business succeed, let alone survive, as we start coming out of pandemic impacted business results. There are reasons why specific channels in the digital space are going to lead the way. It’s time that all marketing service providers, especially those from within traditional marketing and media environments, become expert at how these channels work and how they will benefit local businesses.