According to the Future Exploration Network, a global strategy and events company, there will be seven driving forces shaping media strategy in the next decade.
If you have time, I highly recommend reading their full report on the Future on Media. If not, here’s a snapshot.
1. Increasing Media Consumption
There is a rare breed of human (myself included) who watches the Super Bowl for the commercials. Whether you love or hate the media, audiences are consuming more and more all the time because of an inherent or perceived need to stay connected. (CrackBerry and iPhone geeks, you know what I’m talking about!)
What does this mean for you? Considering the bombardment of ads the average consumer sees each day (some say 3,000 or more), you’ve got to find new ways to break through the advertising clutter and grab their attention. How? Keep reading.
Even though we’re consuming more and more media, we’re spending less and less time with each channel. Thanks to TiVo and DVR, Hulu and YouTube, Sirius and XM Radio and a grand host of other media runarounds, revenues are going to drop for each channel – followed by production budgets.
What does this mean for you? With this explosion of new channels, you must tackle fragmentation by further segmenting your audiences. Speak to them directly – with relevant content – or you can consider yourself zapped.
Consumer-generated media like blogs, podcasts, social networks, and more have changed the way audiences gather information. We no longer look to the industry leaders to tell us what to think, what to buy, or who to be — we look to others like us or like those we aspire to be.
What does this mean to you? Consumers are likely talking about you or your organization through user-generated content. This conversation will happen whether you choose to take part or not, so you might as well get involved.
Consumers only tune to one station; WIIFM (What’s in it for me?). Consumer control of media is increasing, and marketers must be able to provide near custom messaging to appropriate audiences. However, personalization can get old quick if marketers are insensitive — fervent opt-ins will opt-out in an instant when annoyed.
What does this mean for you? Help customers tune in, but don’t invade their privacy. It’s one thing for them to believe that you “know” them; it’s another thing for them to believe you’re a stalker — or worse yet, only in it for their money.
5. New Revenue Models
Ad sales are shifting from subscription to ad-supported business models. Advertising networks have greater reach than stand alone sites, and they’ll get you more bang for your buck. Instead of focusing on Web property sites like MSN and Yahoo, Marketers will begin to consider outlets like Platform-A and the Google Ad Network, you can get your message in front of just about anyone, anywhere on the Web.
What does this mean for you? Your media buying can – no, must change! With potential unbundling of ad sales, you may eventually be able to target as you go with micropayments.
6. Generational Change
The population is aging, and with it media consumption is changing. Traditional media specifically is shifting upwards in audience age amongst all channels. Granted, this doesn’t mean Baby-Boomers aren’t on facebook, but it does mean that “media channels will become increasingly age-segmented.”
What does this mean for you? Carefully consider your target market’s age group and cater to them specifically. Shift media outlets as necessary, and make sure your sharemarket valuations reflect audience age profiles.
7. Increasing Bandwith
Dial-up is nearly a thing of the past. Bandwith has expanded rapidly in broadband and mobile connectivity, and it won’t stop there. High-speed access to dynamic content and expanding technological capabilities will be imperative for success.
What does this mean for you? Think video, music, news, and access – anytime, anywhere. Consider your product or service, and continually seek new, innovative ways to reach and influence your target audiences — even the ones you don’t know about yet!
Till next time…