No question, as a business owner or marketing manager there are endless choices of how to burn your marketing budget. In many markets an effective televison campaign can be the entire marketing budget of a small company. How does a small business choose the balance between marketing mediums? What are the options that are available in competition or in unison with digital advertising? Consider these options.
1. Print. In most local markets this would be the local newspaper although in larger markets there may be multiple newspapers or other local magazines. Does print media make sense? In some markets there may be a reason to be present in print but overall this is an aging demographic that may not be the best choice for media dollars. Consider that every part of print media companies are in decline.
“This overall decline in circulation coincided with a double-digit decline in advertising revenue for the industry as a whole. A separate Pew Research Center analysis based on the year-end financial statements of seven publicly traded U.S. newspaper companies suggests that advertising revenue across the industry declined even more sharply than in recent years: a 10% decline, which outpaces the 8% decline in 2015.” (Barthel, M., Pew Research Center, 2017)
2. Television. An obvious favorite of all advertisers television is the “big dog” of most traditional advertising budgets. The real determination of how effective television is often depends on frequency and reach but in reality the effectiveness of television is held in the message. If a business has a strong and unique message the cost efficency of television can make the decision to advertise here simple. The danger of relying totally on television is that similar to print it is a shifting and shrinking media. Even events that usually are ratings and advertising rockstars are slipping in popularity and revenue, the rating estimates for the 2018 Olympics are down 28 percent from previous years.
“The user behavior that cable TV providers fear most — cord cutting — is projected to accelerate over the next five years. EMarketer estimates that by 2021, over 81 million U.S. consumers will have either cut their cords or never signed up for one in the first place, up 64 percent from today.” (Willens, M.,https://digiday.com/media/state-tvs-decline-five-charts,2017)
Both of these major competitors of digital advertising are worthy of consideration in any advertising budget but both are slipping in reach and both can be extremely expensive. Although it would be simple to say that traditional media such as print or television should be eliminated they do have a place in any media plan.