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Changes Forcing Major Shift in Paid Media

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It used to be that achieving success in marketing meant having to spend quite a substantial amount of money. Oftentimes, you’d be forced to pay your money, make your choice, and wait. All that has changed today due to the way consumers view ads and other marketing messages—in fact, marketers are now being forced to make drastic changes to their strategies, including the way they spend and use resources when carrying out a marketing campaign.

While conventional media avenues such as billboards, radio, television and print are still effective, other forms of media are now being used to market brands, companies and more. This shift is largely due to the integration of the Internet into our daily lives. Gone are the days when a company had to spend to get coverage on their products and services. With social media for example, anyone can promote anything they want by sharing it with their friends through the Web. In addition, companies can now send emails to their customer base, notifying them of updates such as sales and other happenings, instead of relying on traditional paid media to get the word out.

Any marketer who knows what he, or she, is doing will tell you that word of mouth is still the most effective way of advertising. The same thing is basically happening online. Consumers now rely on customer reviews on websites and online forums, getting information from other customers who share their opinions on a particular service or product.

Enform believes that for traditional media forms to keep up, a change in strategy needs to be made. Interactions between consumers and brands are changing, so marketers need to update their marketing frameworks and adjust their financing methods. With consumers now having a stronger voice than ever, it boils down to 2 options: either make a change, or get left behind.

Source: https://www.mckinseyquarterly.com/Marketing/Digital_Marketing/Beyond_paid_media_Marketings_new_vocabulary_2697