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.
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.
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.
