two cents: media vs. advertisers
As published on Bazaar Magazine monthly article: Loaay’s Two Cents
Advertising is costing more and more everyday across different media types. In some cases, the price is triple what it used to be a few years ago. No matter how much we increase our budget every year it just seems to be not enough. Any advice?
I’ll take both sides on this one. First, I’ll wear the hat of the Media Entrepreneur. Media companies participate in governmental bids and tenders to win the right to use certain spaces for advertising purposes. This process happens every few years and the bids keep increasing, which means advertisers have to pay for that increase. Other media companies are just too large to keep cost down. As they aim to compete in the market for the advertisers’ budget share they have to hire more staff, renew their equipment, and find new ways to attract you and others to spend your budget with them. Again, someone has to pay for it; and that’s you, Mr. Advertiser.
Now, I’ll wear the hat of the Mighty Advertiser. The only fixed aspect in life is change. Market trends change. People’s tastes change. Products and services change. Why should Media planning remain the same? If a certain media is eating your budget alive, drop it. And don’t say, “What about the competition?” You know that each brand has its own positioning. You don’t have to be where your competitors are. One of the best words you should remember in business (and you can use it to name one of your kids too. I won’t judge) is differentiation. Think of different ways to communicate with your customers. Imagine you’re banned from that media or your budget was cut in half. You’ll have to think differently then. Why wait? Think differently today…and that’s just my two cents.
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