A panel on media planning at this week’s ad:tech New York conference predicted a decline in spending on newer forms of digital media, such as mobile, social media, and digital outdoor. This is not surprising given the current economic climate. As Donna Speciale from MediaVest USA states, “Brands want to stick with areas that are tried and true.”
I understand marketers’ inclination to stick with media
channels they’re familiar with because they know what to expect and they can
better measure the results, which is even more important with tightening
marketing budgets. That said, I think marketers
need to experiment and invest more in “new” forms of media. Here’s why.
For the most part, consumer media consumption patterns aren’t going to change during a recession. People in the U.S. will increasingly access the web through their mobile devices and will spend more time on social media sites, such as blogs and social networks. And it’s not like people aren’t going to go outside. In an increasingly fragmented media world marketers need to connect with their customers wherever they are and that’s not just TV, radio, or web portals.
Lower Prices, Better ROI
If most marketers are shifting their media dollars away from newer forms of media then the brands using these channels will benefit from lower prices because of the decrease in demand and this, of course, means a better ROI. Early 2009 may be the best time to experiment because marketer’s won’t have to risk as much.
Don’t Sacrifice the Future for the Present
The economy is going to turn around. It always does. Marketers that maintain or increase their investments in emerging forms of media will benefit from the knowledge they acquire of how best to use these channels. Marketers that stick to what they know for now will be at a disadvantage when they want to re-engage these channels in the future.
On a side note, Bob Thacker was one of the panelists. The Hub recently had a story on how he’s turning around Office Max. I think The Hub is mostly a place for CMOs to read about themselves but this one’s worth a read.