Advertising, Branding & Marketing OVERVIEW
This is partly because the final cost of advertising for any organization includes creative and agency costs; local branding and marketing efforts; public relations; catalogs, brochures and other printed matter; the creation and maintenance of web sites, email campaigns and social media campaigns; and myriad other components, in addition to expenses for media.
Numbers that are available for analysis and comparison are generally limited to actual spending on media, such as radio, TV, billboards and paid search or online advertising.
Even these numbers are often educated guesses.
Estimates of ad spending may include spending at both local and national media outlets, as well as spending on internet media via paid search and online ads. In recent years, ads on social media sites have been added to the media spending mix.
Another important development has been the use of data mining and predictive analytics to study patterns of consumer media use in order to place ads, especially digital ads, in front of the best possible audience for a particular ad.
For example, Facebook enables the advertiser to drill deep into consumer demographics, tastes, habits and locales in order to have ads appear to highly niched groups.
The winners in this pandemic environment will be ecommerce companies such as Amazon, grocery sellers including Wal-Mart and Target as well as some other types of
Emerging economies have been seen as outstanding advertising markets for the long term, due to rapid improvements in household incomes, consumer spending and business investment, along with the continuing spread of media access via consumer electronics ranging from smartphones to flat-screen TVs. For the near-term, they will be hit hard by the Coronavirus pandemic.
Nonetheless, for advertisers willing to adapt to today’s rapidly evolving environment, there is good news. Effective advertising today targets consumers based on things they are passionate about, rather than merely their tendency to watch network TV on Friday night, or their age or household income bracket. That is, the increasing range of niche media now available enables carefully crafted messages to be designed for, and delivered to, specific consumer “passionate interest groups.”