Marketing in the ever-changing face of media
All you need to do is look to the not-so-distant past in order to see how drastically media has changed. VHS tapes and cassettes becoming outdated was one thing, but it felt as though in the blink of an eye, even CDs and DVDs went from innovative to obsolete. Technology has been wowing us these last few decades. However, with this great shift in the way media is produced, shared and consumed, many industries have suffered the consequences of not keeping up.
Internet killed the media stars
The internet has been at the epicentre of this shift. This invention has single-handedly turned the world of media upside down by making sharing and receiving content and information at lightning speed accessible to billions of people worldwide.
One result of this is that the viewing habits of millennials are very different from those of their parents. ComScore released a study in 2016 which showed that nearly twice as many millennials prefer YouTube over traditional television, and that they're loyal to YouTube too- maintaining their binge-watching habits well into adulthood.
I can testify to it- there is nothing TV can offer me that I can't stream online, except for annoying ads I can't skip through and mildly interesting content. There’s very little that newspapers or magazines can offer me either that I can’t read online for free. Nothing beats convenience and cost-effectiveness.
What this means for marketing
This change has obviously impacted the world of marketing and advertising. Instead of having only a handful of platforms to advertise on, we now have thousands.
The good news is that this change opens myriad opportunities when it comes to the way brands can advertise. Advertising online can be significantly more cost-effective (if done properly), and new actors on the scene such as social media influencers can influence consumers effectively by coming across as more genuine than anyone on television could. Finally, due to the variety of websites available, one can easily speak to a niche market of their choice.
The bad news on the other hand, is that not keeping up with the latest changes in media can be detrimental to your brand’s marketing strategy. Many media houses are suffering due to not being able to adapt to this changing environment quickly enough.
Embracing the shift
The best way to move forward in any new environment is to adapt to it. Something that many companies have an issue with is embracing change and inspiring fresh, new ideas. Adaptability is a must in this day and age- failing to adapt on time can have you falling behind.
One of the best ways to adapt is by doing your research- speak to your current clientele as well as potential clients. Get a feel for how they consume their media and what the most effective ways of utilising these platforms are.
Finally, stay up to date and don’t sleep on up and coming technologies. Today’s prototype could be the next big thing, so make sure you take some time every day to learn about the latest innovations, websites and apps.