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Why companies have to change how their marketing budget is spent

Why companies have to change how their marketing budget is spent
October 11, 2016 johannes.fladenhofer

Start marketing where the attention of the audience is.

Too many companies still rely on old marketing formats. Some mediums are still very important but others became either nearly useless or heavily over-priced. Corporations always have to look out for new ways of carrying their message better and old ones that don’t work anymore.

At the time stadium bannering got introduced it was a very interesting way of catching the prospects attention. The problem is that technology changed the way people behave. During the game break everyone was looking around in the past. People were looking at other people, on the field and on the bannering. The price for those banners were fair considering the amount of people looking at them. Today this behaviour changed drastically. If the game pauses people are not looking around anymore. They are looking on their phones. The attention shifted from their surroundings to social media and messengers. The problem is that the price of bannering has not altered since then and social media marketing has not been discovered by many.

stadium tunnel

Another example is the use of television advertising. People were excited about the creative masterpieces big companies assembled as ads when it was introduced. Today they are just annoyed of the bombardment of products and services. When the favourite tv channel starts to broadcast ads everyone switches. You might be wondering what people do who do not want to miss anything of the show. They get out their phone and browse their social media feeds.

Girl with phone in front of TV

These two examples demonstrate very well how the attention of users shifted. The principle can be applied to a broad variety of obsolete marketing mediums. Large chunks of people lose their interest in conventional formats and switch to digtial platforms. Companies have to react to this fundamental change in the marketing world. They have to realise the tremendous potential of social platforms regarding advertising and act accordingly. Not only more people give their attention to social media but they can also be targeted much more efficiently which saves a lot of money in the long-term.

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