Monday, December 22, 2008

Emerging Media Trends


One of the first posts of this Blog was entitled "What I do Know." In that post I spoke vaguely of the power of web sites, social networking and blue tooth technology. At that point in time I was sure that social networking sites were the way to start a buzz and that emerging media were a trend not to be ignored. As I have progressed, studied and researched I have stumbled across facts that contradict my initial thoughts, but one thing remains true; emerging media is something that is here to stay and without proper knowledge and utilization, marketing campaigns will not be able to compete with those that effectively and efficiently make the most of this media. Further, I would like to offer my prespective on the future of emerging media.

50 years from now, instead of seeing a media mix that is primarily divided so that broadcast and print have the majority of allocation, we will see that non traditional and electronic communications will receive the majority of allocation. I believe that as consumers become more and more hurried and the world continues to speed along, traditional media will be pushed to the side, but not be trampled on and lost. Television, print and radio advertising will still be around but non traditional approaches and electronic communications will be the leader in terms of monies spent and allocated and will generate a significantly higher ROI than more traditional media.

The 2007 Marketer Profiles Yearbook reported that in terms of expenditures, traditional media has grown by a mere 0.6%, which is the smallest gain in traditional media since the 2001 recession. Additionally, P&G CEO A.G. Lafley Jr. stated that advertising spending has shifted from traditional media to spending on internet advertising, in store and trail activity. When domestic advertising spending is compared between 2005 and 2006, the percentage of gain for the internet is higher than TV or print. Even though spending is less on the Internet, the medium gained 17.3% between 2005 and 2006, cable television only gained 3.4% and local magazines only 7.9%. This trend shows that electronic communications is prevalent and through time, perhaps 50 years, will surpass over traditional media.

Fascinatingly, in this fast passed world, technology has allowed the consumer to absorb the same amount of information in 1 year that took 100 years in the 17th Century. It has become our culture to operate at an extremely face pace which ultimately will result in traditional media being pushed to the side and marketing to follow the new culture that will reflect the changing consumer.

In an article entitled “Marketing in Accelerated Culture,” Jay Patissal explains that “Agencies and marketers must develop and implement ideas for fastpace” (Pattisall, 2006). According to Pattisall, through the coming years we will see the development of marketers becoming savvy on utilizing the internet and creating quick advertisements. Broadcast and print will continue to maintain the same or slightly lower rates and it is not likely that any of the traditional media today will become overly antiquated.

References

Pattisall, J. (2006, March 21). Marketing in accelerated culture. MarketingProfs. Retrieved October 27, 2008 from http://www.marketingprofs.com/6/pattisall1.asp.

Advertising Age Data Center 2007 Marketers Profiles Yearbook. (2007, June 25). 1-104.

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