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.
2. Fragmentation
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.
3. Participation
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.
4. Personalization
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…
Brit Eaton*
AMA Blogger
Something else to consider is video. It’s rapidly being consuming online at an amazing rate. Web videos are very in fashion to get out your message. They add immediate value by showing your consumers what your business is all about and it penetrates to potentially thousands if the message behind it is armed with creative firepower.
Nick:
Video definitely provides a richer experience to the audience. And with YouTube, video integration is easier and more practical than ever. Great points!
YouTube is a “Pandora’s box” of video distribution. It has total control over where and who will see your video. What I mean is after your video plays on YouTube it gets associated with other videos based on keywords of your video. Most marketers, like several clients of mine, who don’t have the budget or time, don’t realize this and then notice that there are soft porn videos right next to their video because of the keywords of their video. So they have achieved brand awareness, but it’s not the brand awareness they wanted and now, potentially, they will have to spend the next couple of years explaining to customers and prospects that they are not a soft porn operation instead of building relationships with existing customers and/or building new relationships with new customers on what their brand really is. You can easily avoid this marketing nightmare by building a customized web video player that gives you total control over distributing your video. Chances are, you don’t have the time or money to spend on something as costly as totally rebuilding your brand “from the ashes!” Think about it.
Nick,
You can imbed YouTube videos in your own site and not display related videos at the end. If you’d like I can show you how to do this. It gives you the platform of YouTube to hold and convert your videos with the option of isolating your videos from everything else out there.
I don’t doubt what you say at all. I just know many marketers don’t know about what you discussed and open up opportunities to allow really bad associations to form and ruin their brand. A web player avoids this entirely and it represents your brand with the look and feel of your brand. YouTube is just a video distribution unit brand loyal to itself and itself alone. Ultimately, there’s doing it right and being really cheap…cheap may get the job done, but it may also cause more problems than it solves so you need to be careful.
Lets produce more videos – The internet is free airtime unlike a paid infomercial and it has global reach.
With production budgets dropping due to technology and reality based interests and not just “Fragmentation”, budgets are lower to produce even the highest quality video.
7. “What does this mean for you? Think video…anytime, anywhere.”– Yes I agree.
WIth a great creative team and production quality to back it up, the potential is there to produce and distribute a video campaign with less than an 1/8 of a national infomercial budget and the 100x the reach.