Are you faced with the responsibility of deciding where advertising dollars are best spent? With the decline in traditional television viewership and the explosion of social media use, the decision can be difficult. So where are your advertising efforts going to be most effective? Here we will look at television, print, and social media advertising in 2017:
In 2016, TV revenue was down. At the same time, TV ad spending is still growing. Obviously this means advertising dollars are being wasted in a crowded market with declining viewership. However, thanks to event-based programming such as the Olympics, Super Bowl, the Grammy’s, and political election coverage, people are still tuning into cable channels. With the rise of streaming services, which often have few or no commercials, chances of getting advertisements in front of viewers is limited.
Like television viewership, the consumption of printed materials is also on the decline. The expenditure for advertising in printed newspapers will total $50 billion this year. The best practices for print advertising would need to be evaluated on a per case basis. Small local businesses may find that advertising in the local newspaper may still be beneficial. However, for a regional company that hopes to expand, national publications and papers may be more expensive than the resulting ROI warrants.
Advertising on social media is set to reach $55 billion in 2019. Google captured 32.0% of the mobile ad market while Facebook sits at 22.1%. The massive scale of internet advertising means its growth rate is slowing. Display banner ad sales will decline for the first time this year. Digital ad spending has already surpassed traditional TV in most European countries and China, while the U.S. is only catching up now. Thanks to geotagging, targeted advertising, and display advertising, there are many great options for your business to advertise on social media specifically to the type of people you want to turn into customers.
The key to a great advertising strategy is going to be utilizing data-driven, customer-centric marketing on any platform your business chooses. Over $7 billion was wasted on poor-quality ad placement last year. Only 40% of spending went towards ads that were viewed by an actual human. Be strategic and proactive! While television and print advertising have weakened, digital advertising is creating new opportunities. When you want quick growth or wish to communicate directly with your target audience, advertising needs to be at the front lines of your strategy. We can guide you through every step of the process. Contact us to chat about an effective advertising strategy customized to your needs.