How do you decide where advertising dollars for your business are best spent? With the decline in traditional television viewership, the explosion of social media and the continued rise of mobile, the decision can be daunting. Where will your advertising efforts be most effective? Below is a look at television, print and social media advertising:
In 2016, TV revenue was down. At the same time, TV ad spending was still growing. This could pinpoint to a great deal of advertising dollars being allocated to a crowded market with declining viewership. Thanks to event-based programming such as the Olympics, the Super Bowl, the Grammy Awards and political election coverage, people are still tuning into cable channels. However, these are high dollar spends for very few companies. With the rise of streaming services, which often have few or no commercials, the chances of a smaller business getting advertisements in front of viewers is very limited.
Like television viewership, the consumption of printed materials also continues to 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. If you run a local business then 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 ROI warrants.
Advertising on social media is set to reach $55 billion in 2019. Google captured 32% 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 and affordable options for your business to advertise on social media and target the correct market.
The key to a great advertising strategy is using data-driven, customer-centric marketing on your chosen platform. Over $7 billion was wasted on poor-quality ad placement just last year. Only 40% of spending went towards ads that were viewed by an actual human being. Be strategic and proactive! Digital advertising is creating new opportunities at the local and national level and is a great way to quickly grow your business or communicate with your audience. Let BlueTreeDigital help you create a digital advertising strategy that works!