TURNING THE AD SWITCH (ON OR OFF?)
Traditional advertising is no longer as effective as it was 10 years ago. More businesses are using online ads to get their message and branding across simply because it’s measurable, cheap, flexible and very effective.
While it is obvious that the more you spend the better your exposure and sales results, most traditional media owners will disagree – choosing instead to spend hundreds and thousands of dollars on a billboard or a TV ad and ask for actual response results. Well, you won’t get them as easily as you could with a well planned online pay per click campaign.
Advertisers are anxious to know what they’re getting back for what they spend and that’s understandable. The media is becoming more fragmented, consumers more elusive, and the inherent measurability of the internet is making other media look a little risky.
With consumers increasingly spending more time on the internet, marketers are looking to this space to stabilize ad spend in line with this trend. Youth-oriented products and services especially find social media platforms and blogs more effective to grab eyeballs. Through interactive and engaging messages, the consumer is actually becoming more involved in the actual advertising process. As a result, the efficacy of online ads is more measurable, with each impression and hit being monitored. It is easier to work out hits versus purchase, or conversion ratios.
Can digital advertising replace all traditional advertising?
From Traditional Advertising…..
If we think about traditional advertising, the channels include: television/radio broadcast, newspapers/magazines, billboards/out-of-home advertising, and direct mail. These are each great mediums to reach a fairly large, albeit shrinking, audience that is extremely diverse in demographics. If we are looking to promote a political campaign or major brand, these channels are appropriate. For all others, they may not work as well. Perhaps it is time to take a serious look at digital advertising.
Digital advertising received a bad reputation in the early years but evolved quickly beyond its flat, print-like form. Digital advertising platforms have since developed the ability to target. While the limits of early targeting did more to eliminate potential audience members than to include the largest target audience, the modern online display ad more closely resembles something that’s a lot different from the print-like form. Think sci-fi with animation and sound!
To Digital Advertising……
Today’s digital advertising allows marketers to achieve the same results as with traditional advertising but in a much more effective manner. The ability to create brand recognition by wide range exposure can be achieved through intelligent placement of online and mobile advertising within the most popular sites. There is a wide range to choose from: online news media sites, weather, streaming video and audio sites including radio and TV sites, search engines, shopping and travel sites. Include the wide and varied social network platforms in the mix and you’ve got most, if not all of your target population. A broad enough online media plan will certainly create brand presence.
Advertising and marketing plans have been based on a few simple practices – multiple touch points, offers or enticement, and response mechanisms. No question, digital can win in this competition over more traditional means.
The ability to have multiple touch points is certainly much more exceptional when we consider search, social and mobile advertising opportunities alone. The enticement or offers can be personalized in this space, thereby creating a much greater engagement rate, and of course the response mechanisms can be instantaneous. No postage, no lag-time between your message, the customer’s decision and your delivery.
Traditional advertising requires greater lead-time to place, realize and review responses. Your newspaper ad needs to be designed and submitted days before placement; television requires production and placement which is easily weeks ahead of placement. Again, while these channels certainly have a place, they also present challenges.
Digital advertising can often be created and launched on the same day. Once launched, campaign effectiveness can be monitored in a near real-time environment, and can be adjusted as needed, based on live insights.
In short, traditional and digital advertising may achieve the same goals of creating brand awareness or prompting response from potential customers, but the means to the end are quite different. With online advertising, a company has more control over the result they achieve. They can react to changes in the market much faster and can understand their customers much better. That doesn’t mean traditional advertising is out – both can work together to give the customer an all-round value proposition – and that’s a win-win for all.
By Irene Gomez, CIO, Corporate Media.