We have more data available to us now than ever before. Why not use a media outlet that you can manage and measure rather than pay a high cost per leads on mediums that don’t command attention as they once did?
Every dollar spent on marketing and advertising has an expectation of return behind it. From your business cards, pens, cozies, inbound marketing, outbound marketing and digital media for a client to hear the words “I heard about you from this media” that is what most advertisers wish to achieve.
However, it is hard for many advertisers to fully adapt to a new way of marketing and advertising their business. By the year 2020 digital advertising will surpass television advertising paving the way for new areas of opportunity to promote businesses. This change is great for advertisers as digital media can offer metrics of performance in real-time and allow precise targeting to eliminate waste in advertising.
In recent years I have seen our agency’s digital media expenditures rapidly replace what we once did with traditional media. The digital media results, reporting, and return is what intrigues and impresses our clients while traditional media costs continue to rise without the ability to precisely target and measure a campaign. If you ask any media representative the reason for the price increases, they will refer to demand on their stations. I am amazed by this response so our agency has gotten into the habit of comparing previous performance rating data from media vendors as you would do for your company’s profit and loss statement. Take a look, and you will see that the traditional media viewing and listening audience isn’t growing nor is their inventory to run commercial ads, but the costs continue to rise.
With television networks struggling for content, cord cutters viewing time has rapidly minimized. Radio stations also have a challenge with diminishing listenership as terrestrial radio continues to take a huge hit and increased competition from satellite radio, podcasts, internet radio services and the almighty mobile phone. Both radio and television have moved further from the awareness stage to inspire an action while digital media will capture an action.
Billboard advertising can be one of the most expensive costs per lead to business. However, billboard advertising has its place but not on every campaign. The amount of time spent on mobile phones along with texting and driving has become such a problem the majority of the market isn’t paying attention to the signs that were once mighty in the sky. Some campaigns are successful on Billboard, but after 90 days the billboard advertisements usually lose their effectiveness.
It is possible to achieve a higher reach and frequency, lower CPM (cost per thousand) without using traditional media. It would be wise for any planner or buyer to have KPI (key performance indicators) set before the planning and buying stage to you can manage and measure a successful marketing campaign.
About the author: Eric is considered a pillar in the marketing and advertising industry. Eric began his broadcasting career with a national radio group followed by a career in broadcast television with a top tier CBS affiliate in South Carolina. In 2009 Eric founded VIP Marketing & Advertising, a national inbound, digital marketing agency based in Charleston, SC. VIP Marketing & Advertising is a Hubspot Agency Partner.
In 2015, Eric founded Craft Creative a creative agency focused solely on graphic design, videography, and cinematography. Eric is a sought after consultant having provided services to national media companies such as iHeart Media, Adams Outdoor Advertising and the South Carolina Legal Barfor his expertise and knowledge in marketing and advertising.