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An attempt to bring balance to our evolving marketplace.
More money is being spent in online marketing than ever before and based on current trends digital marketing will soon exceed spending in traditional marketing channels. (1) Some sources, such as the advertising association and WARC, say that online media spending has already surpassed spending through tradition media channels, accounting for “an unprecedented 51% of advertising spend.” (2)
On the other hand, Procter & Gamble became so disillusioned about the effectiveness of their own online spend that last year they cut their digital advertising by 200 million dollars, with no visible negative side effects. (3) In fact, a Wall Street Journal headline declared, “P&G Contends Too Much Digital Advertising Is a Waste.” The March 1, 2018 Adweek headline that same day read, “When Procter & Gamble Cut $200 Million in Digital Ad Spend, It Increased Its Reach 10%.” Something’s happening here, but it ain’t quite exactly clear.
As I look around and talk with business people today about social media and online marketing, I see a lot of confusion. Should I be doing more of this, or less? Should I be building a presence on that platform or this one, or both? I get reams of data but how do I interpret what we’re seeing? My aim in this column will be put all the hoopla about social media marketing and digital advertising into perspective. Here are five things to consider.
ONE: Internet Marketing is one leg of a multi-pronged approach to markets.
Long before the internet, marketing involved a multi-pronged approach to markets. Businesses, whether marketing goods or services, have always had to make choices between numerous means to place their message in front of potential customers. The primary media, till the World Wide Web evolved, were television, radio, print (magazines, newspapers and direct mail), signage like billboards, P-O-P, buses, airports and the like, cinema and trade shows or events. Each channel had its advantages and disadvantages.
These past twenty years the world has gone gaga over online. Some marketers came to believe that online marketing was the only way to reach a customer, because “everyone is online.” Highways billboards on our nation’s interstates are very…
