The Changing Media Landscape
The media industry is changing at a break-neck pace. How do we keep up? Where is it headed? How does it affect advertising?
Find out the answers to these questions and more as I recap The Changing Media Landscape panel from the MAM Summit.
This pannel, moderated by Cary Hatch of MDB Communications, features Donna Spurrier (President of Spurrier Media Group), Alan Reisberg (President of Capital Media), Peter Cherukuri (VP/GM of the DC Bureau of The Huffington Post) and Shashi Bellamkonda (Social Media Swami at Network Solutions/Web.com).
What is the perfect balance of media - print, online, television, radio? How do you determine this?
- As media planners we have to prioritize based on budget. Always start with the consumer, don't just go for the shiny object. You have to have a great understanding of how the consumer gets thier media.
- Think of it like having multiple children. You have one, you focus on it and you're doing well, but then you have another. That doesn't mean you ignore the first one now. You have to balance and handle all of the balls in the air.
- media planners spend a lot of time teaching clients that they need to plan, how to plan and how to decide what is most relevant to them. Media landscape is getting smaller so planning becomes all that much more important.
How has reprting changed?
- The reporting function is evolving to include publishing. In the past, newsrooms had a pyramid to them that relates to the value chain of content - byline at the top, reader comments at the bottom. The reporter never had to think about distribution, they just wrote and other people handled the publishing. Now, the reporter has to think about distribution, search and social, they have to be aware of how the story will be seen and how it gets out there.
- Media is not disappearing. It has just gone online. Imagine a day when you have a netflix like experience but with a newspaper - that's where we're going. You can read the paper version in the morning then pick up where you left off online when you get to work.
How has the changing landscape affected advertising?
- Advertising models are changing because circulation numbers don't easily match up with unique visitors.
- It's really easy to understand the pay per click model but is it still accurate? people see the ad and don't have to click to be influenced but can't measure how that works. It creates awareness and positive perception even if it's not clicked.
- Trying to navigate advertising in this new world as a small business can be very daunting. Everyone has to engage on multiple levels. Small businesses should be able to narrow down geographically to a place where it's effective and not cost prohibitive.
What will the advertising world look like in 5-7 years?
- We'll possibly see brand ambassadors instead of advertising. We'll be hearing about new products via text messages from people we follow (or friends).
- Because of commoditization, brands will look for collective buys to deliver their message to specific demographics/audiences. As an online media outlet, protecting (and monetizing) your audience will become increasingly important.
- Shared information is quadrupling the value of advertising. Word of mouth, whether out loud or online will be the most influential form of advertising.