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On November 20, 2009, it was reported that newspaper advertising revenue fell by nearly 28%. There has been a consistent slide of advertising revenue for the past 13 quarters. Free online classified sites such as Craigslist have contributed to the collapse of classified ad revenue at US newspapers in recent years. Some TV stations are struggling to keep their doors open. Most television shows can be watched online now. Sites like YouTube are gaining the attention of viewers who want something different.
I was at a coffee shop recently having a conversation with a couple of college students. We were discussing their new phone and all the options they have available to them. The conversation evolved into talking about one of the more popular television shows. When I mentioned TV, they replied, “Who watches TV anymore? I watch all my favorite shows online at my convenience, not theirs.”
You can possibly make the argument that the recession had an impact on the decline of ad revenue, but you can clearly see from my conversation with the college students that the mindset of the new generation of viewers is changing. The internet and social media sites such as Twitter, Facebook, LinkedIn, and YouTube are replacing traditional media at a faster rate than most people realize. This is not a fad. To quote Bob Dylan, “the times they are a-changin”.
Here is the good news. There was a time when growing a business meant spending outrageous amounts of money on advertising in newspapers, on radio and on TV. But the old rules no longer apply. What this means for us, as small business owners, is we have more opportunity than ever to promote our businesses and services at less cost (or no cost) with a larger return on our investment.
The trick is to learn how to utilize online social media in your business in the most effective way possible. This does not mean you abandon all traditional marketing. New media and online social networks do not necessarily replace traditional offline marketing practices that you may already have in place. These are just tools you are adding to your marketing toolbox. The online social networks just allow you to accelerate the process and reach more people for less cost. Many of the same principles apply to both online marketing using social media and to traditional marketing.
The goal with new media, as it is with traditional marketing, is still to build the know, like, and trust factor. You still need to make sure you’re communicating your message in a way that attracts the people you are meant to serve. You still need to know the demographics and psychographics for your ideal client. Where are they and why do they buy? All of these things still apply. You just have to know how to use these same principles in your online marketing strategies.
Do not discount the impact that using online social networks and new media can have on your business. In next week’s newsletter I will be giving you a few tips on how to make the most of new media and online social networks to build and grow your business.
To
Your Success,
Mike Coleman
P. O. Box 291642
Nashville, TN 37229
615-308-8078
www.mikecoleman.net
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