Advertising
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Zenith Optimedia projects worldwide advertising growth at 6.7 percent next year, but the only category on a long-term growth trajectory is the Internet. In fact, they predict that Internet advertising will overtake radio advertising in 2008 and magazine advertising in 2010. On a national level, most other media categories will remain relatively flat over this time period. The exception is newspapers, which are expected to continue losing appreciable advertising market share during the next three years. Television advertising in the U.S. should be helped next year by the Olympics and the presidential election.
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MarketingProfs asks, Are you ready for 2013? BusinessWeek asks, Will you have your job in 2013?
The two links above are strongly related. According to the MarketingProfs post by Paul Barsch, two factors loom large over the next five years for chief marketers: 1) the accelerating growth of information technology, and 2) the proliferation of data (it doubles every three years). Unless CMOs learn to partner with the IT department, and harness all that data into usable insight and cost-effective, revenue-producing marketing campaigns, their tenure will be short lived. That is the subject of the Business Week article. It reports the average longevity of the CMO position is now only 26 months. Lofty management expectations for quick results from the CMO position are partially to blame. Another major factor is the learning curve challenges faced by CMOs when it comes to understanding and utilizing the new media choices. As the Business Week article states:
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A study by consulting firm Accenture says traditional agencies are going to have the most to lose as the shift to digital advertising continues. Accenture surveyed 70 business leaders in advertising, media, and technology for the study. The conclusion of many of those leaders according to this story at ClickZ was that “traditional agencies are incapable of adapting to the digital era.” Furthermore, the article cites other significant conclusions by the Accenture study team:
“Advertising will become more performance based...Advertising agencies, to survive, must master technology to target advertising, perform customer analytics, measure performance, and interact with customers. Fewer than one in four respondents said their companies are equipped to do so now.”
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Advertising on the Web has been evolving from text-based, to static or animated display ads, and, most recently, to video. While advertisers would like to take advantage of the video capabilities a growing broadband-powered Internet is providing, trying to harness online video-based marketing has been a bit chaotic. A company called YuMe would like to bring some order to the chaos.
Similar to the way a keyword entry in a search engine brings you to both relevant organic and paid text ads, the YuMe network would help deliver video-based advertising in the same manner. In addition, it would provide the same types of controls and measurement capabilities that have made services like Google’s AdWords so popular.
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The advertising industry prides itself on fresh thinking. The only consistent rule in advertising seems to be “There are no rules.” However, on the media-buying side of the business, there has been a rule that has driven thinking for almost a half century: Reach (R) x Frequency (F) = Gross Rating Points (GRPs). Reach measures how many people could potentially see your message, and frequency measures how many times those who are reached might see that message. Gross rating points purport to measure the “media tonnage” and effectiveness of a schedule delivered to a specific demographic audience. There is a more thorough discussion of the formula via Google Books.
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