WOLFBITES - Issue 38
What the decline of old media (and the rise of new media) means for your small business?
News item: Bell Media cuts 50 on-air TV hosts. A spokesperson says Bell is "confronting rapid change in the media marketplace, including new broadcast technologies and viewing options and fast-growing international competition."
News item: 36 local newspapers closed. The owners say the closures are necessary because increasing digital advertising has not made up the losses in print (display) advertising.
News item: Lower TV ratings reflect new viewing habits. The article notes that "the number of people watching TV in prime time has declined steadily over the last five years."
News item: Media revenues decrease in Cineplex's third quarter. Attendance fell by more than two million, compared to last year.
News item: The Globe and Mail shuts down daily print edition for Atlantic Canada. The publisher says the "costs of printing and distribution in the region are unaffordable because more readers are going online for news."
News item: Google expected to make $73.8 billion dollars in net digital ad sales in 2017 after subtracting for traffic acquisition costs. The report goes on to say that Google will get about one in every three dollars spent worldwide on digital ads, or about $73 billion.
News item: Facebook reported advertising revenue of $9.16 billion in the second quarter of 2017, a 47 percent increase over the same quarter last year. “We had a good second quarter and first half of the year,” Facebook CEO Mark Zuckerberg said. “Our community is now two billion people."
Time to update your small business marketing plan?
Now that the traditional, pre-internet media titans (newspapers, broadcast TV, movies) are in sharp decline (or near death), is it time to move all your small business advertising to digital platforms.
In a word: no. But it is time to revisit your media spending priorities, especially if you have a weak online presence, which means different things, depending on the business sector where you try to make a buck.
There are no one-size fits all solutions, so beware of anyone who pushes a single media channel. For example, you should be very skeptical if a social media "expert" tries to tell you that Facebook works equally well for a BtoB business and a BtoC enterprise. We have a client who makes custom designed springs (BtoB) and the last thing we would recommend is Twitter or Snapchat – but both of those would be good options for other clients.
Why radio is still a good advertising option for small business
Vehicle drivers represent a large and lucrative market and, for now, there is only one way to reach them: radio. Buying radio can be a "game changer" for a small business, instantly elevating them above all competitors. Yet few small business owners make the leap into radio, mainly because they are unable or unwilling to make the necessary front-end investment. A select few, such as Bay Bloor Radio and Korry's Clothier's, bet big on radio years ago and keep renewing, the ultimate proof that radio is working for them.
|Wolfgang Franke is President & Creative Director of Words at Work Advertising & Marketing, a full service communications company established in 1988. Our growing list of valued clients are found throughout our local market, Markham and the Greater Toronto area, across Canada in cities such as London, Ontario, and Edmonton, Alberta, and an expanding list of international locations ranging from The Big Apple in New York to Kanturk, Ireland.|
Mini WolfBites 1
The most important word in any small business marketing plan: Customer. How often does it appear in your plan?
If you try being everything to everyone, you end up being nothing to anyone.
Best sales tip
Want your sales team performance to improve instantly? Identify who is a "farmer" and who is a "hunter" – and then put them in those roles.