DOES TRADITIONAL ADVERTISINGWORK IN TODAY’S ECONOMY?
DOES TRADITIONAL ADVERTISINGWORK IN TODAY’S ECONOMY?In general terms People’s consumption ofinformation has shifted from print to digitalmedia, Outdoor does have an effect in termsof brand awareness but it is unproven interms of direct drive to purchase.In most cases, traditional advertising doesn’twork like it used to. There’s just too muchof it now and people block it out, or literallyfast-forward through it, billboards lack effectdue to the visual clutter on our high streetsand the pace at which society moves, theseconds, many brands that continue to usethe medium are having work so much harderto attract the attention of the Public, someeven going as far as actually placing physicalcars on billboards in an effort to stand out.So in effect traditional billboard and outdooradvertising in its current state is grosslyinefficient. With that said, new innovationin this space reveals how effective this admedium can be once injected with somedigital interaction or moving image, themain issue with this is cost, budgets for thismedium are tighter than ever so the spendof £100,000 might get you a split secondof brand awareness but it will have no longlasting effect. NO!
SO WHAT CAN YOU DO TO GET PEOPLE TOLOOK AT YOUR BUSINESS OVER OTHERS?We believe that to really reach today’sconsumers, companies and brands will needto build relationships with them rather thansimply grabbing their attention or utilisingdisruptions as an advertising tool. In otherwords, marketers should be progressiverather than aggressive, marketers andadvertisers should be looking to a moredigital approach and an approach thatintegrates into multi platforms…“If you do not have a multi platform salesstrategy, then you have NO sales strategy”
IS THERE A BETTER WAY IN, IN THISMULTI-PLATFORM SOCIAL SOCIETY?Current research predicts that UK retail sales directlyvia social media are forecast to grow to £290m by2014 from £210m (a rise of 44%) as more and morebrands target consumers with personalised offersand deals through social networks.However, we believe that the real value from socialmedia will come from the way it is used to influenceand inspire purchases, with £3bn of retail salespredicted to be influenced by social media by 2014.Nearly half of social media users are already usingsocial platforms while thinking about making apurchase, and a similar number of users are activelydeciding what to buy based on what they haveseen on social media platforms, including reviewsand recommendations.
DOES SOCIAL MEDIA REALLY INCREASE SALES?Lets look at some of the most recent stats27%of total UK Internettime is spent on socialnetworking sites.15%of total UK. mobileInternet time is spenton social networkingsites.21%of marketers say thatsocial media has becomemore important to theircompany over thepast six months85%of fans of brands onFacebook recommendbrands to others,compared to 60% ofaverage users.74%of marketers sayFacebook is importantto their lead generationstrategies.Social mediaproduces almostdouble the marketingleads of trade shows,telemarketing, directmail, or PPC(Pay Per Click).Companies thatgenerate more than1,000 Facebook Likesalso receive nearly1,400 website visitsa day.On Facebook,brand posts gethalf of their reachwithin 30 minutesof being posted.Social media leadconversion rates are13% higherthan the average leadconversion rate.52%of all marketers havefound a customer viaFacebook in 2013.
36%of all marketers havefound a customer viaTwitter in 2013.43%of all marketers havefound a customer viaLinkedIn in 2013.43%of consumers whocomplain aboutproducts on Facebookor Twitter expect aresponse within1 hour. Some of yourcustomers with over1,000 Twitter followersgenerate more than 800new website visitors amonth.25% of 23%of marketers areinvesting in bloggingand social media thisyear, a 9% increasefrom 2012.DOES SOCIAL MEDIA REALLY INCREASE SALES?Lets look at some of the most recent statsWomen are more likelythan men to regularlycheck out a brand’s socialpage (48% vs. 43%).
THIS THE BIG ONE…APPROXIMATELY 46% OF ONLINE USERS COUNT ONSOCIAL MEDIA WHEN MAKING A PURCHASE DECISION.
RESTORE COMMUNITYMARKETING.Used properly, social media is acceleratinga trend in which buyers can increasinglyapproximate the experience of buyingin their local, physical communities. Forinstance, when you contemplate a majorpurchase, such as a new car, a flat screenTV, or a good surgeon, you’re not likelyto go looking for a salesperson to talk to,or to read through a bunch of corporatewebsite content. Instead, you’ll probably askneighbors or friends — your peer network —what or whom they’re using.Companies should position their social mediaefforts to replicate as much as possible thiscommunity-oriented buying experience. Inturn, social media firms, such as Facebook,should become expert at enabling this.They can do this by expanding thebuyer’s network of peers who can providetrustworthy information and advice basedon their own experience with the productor service.FIND YOUR CUSTOMERINFLUENCERS.Many firms spend lots of resources pursuingoutside influencers who’ve gained followingon the Web and through social media.A much better approach is to find andcultivate customer influencers and give themsomething great to talk about. This requiresa new concept of customer value that goesway beyond customer lifetime value (CLV),which is based only on purchases. Thereare many other measures of a customer’spotential value, beyond the money theypay you.HELP THEM BUILDSOCIAL CAPITAL.Practitioners of this new, community-oriented marketing are also rethinkingtheir customer value proposition forsuch MVP (or “Customer Champion” or“Rockstar”) customer advocates andinfluencers. Traditional marketing oftentries to encourage customer advocacy withcash rewards, discounts or other untowardinducements. The new marketing helps itsadvocates and influencers create socialcapital: it helps them build their affiliationnetworks, increase their reputation andgives them access to new knowledge — allof which your customer influencers crave.HOW SHOULD BRANDS REPLACE THETRADITIONAL MARKETING MODEL?