The recurring theme of the media marketplace is one of uncertainty.
The acceleration of technology, convergence of media, relaxation of cross media ownership and ‘fast changing’ media consumption patterns, all combine to leave advertisers and their media agencies unsure of what the future holds.
The changes are unstoppable but timelines of change are often vague. Indeed many of the biggest media owners have stalled and blurred matters, keen to maintain the more favourable ‘status quo’ for as long as possible.
But one thing remains certain, as we move into the digital age and mobile devices offer a range of new delivery formats, the role of traditional media is being severely challenged. The mix and make up of tomorrow’s industry will be very different from that of today.
Key observations on the new media marketplace
- Power and control have shifted back to the user, viewer and listener.
- There is a greater emphasis on the quality of content and the capacity of media to engage their audience.
- Convergence is blurring and confusing the boundaries between media. Indeed the traditional definitions of media will soon need to be revisited.
- Younger audiences demonstrate very different media consumption patterns to their predecessors.
- New technology is a double edged sword for advertisers. On one hand it offers better targeting, greater flexibility and stronger linkage. On the other hand it provides users with the capacity to more easily avoid commercial messages that are not embedded.
What does all this mean for advertisers?
- The capacity to get things wrong has increased enormously.
- Last year’s plans need a more thorough review than ever before.
- Your core target needs to be examined in detail and predictions made on how their media consumption patterns will change.
- There is an opportunity to create some clear space around your advertising by doing things differently to your competitors.
- Those in their category that break new ground first will be best prepared as the market moves inexorably towards a new order.
There is a heightened need for a measurable return on investment for every component of activity.
What are the challenges you are experiencing dealing with the constant changes in media? And how are you developing strategies with your agency to address these and maximise the opportunities?
Lets talk about it. Leave a comment here.