When I saw this image be eBoy I loved it… as it summed up a topic I wanted to write about – The rapid change on the Marketing/Advertising landscape accelerated by the Global Financial Crisis or GFC. Is traditional advertising being replaced by Social Media marketing.
It is some years ago now since The Fall of Advertising and the Rise of PR was published. I wanted to belive that Al and his daugther were right, but it it was not until I discovered the power of Social Media combined traditional PR that I discovered how to make this a reality.
Now with the costs benefit analysis of Advertising under scrutiny there will be a very distinct and rapid change.
Finally the questions on the real benfits of advertsing are being raised and alternatives sought.
For decades companies have said we know that only 50% of our advertising works but we dont know which 50%… so they kept spending.
But now many have slashed their budgets well below that 50% and probably many have discovered that Social Media Marketing can work more effectively and longer term than spending millions on Creative Advertising.
So when the GFC is over will the dollars return to Advertisng as we know it. Almost certainly not. No doubt the increasingly savvy consumer will become more familar with genuine and authentic than glib, glossy and creative.
So what is the future of Newspapers, Magazines, free to air TV and Radio?? Maybe like may other inefficient industries they have had to too easy for too long … and now need to become part of the add value or direct sales process.