Posted on November 5, 2020October 30, 2020 by Chip FilsonData of the Future of Media Spending What do these two graphs suggest about advertising trends to consumers?
3 Replies to “Data of the Future of Media Spending”
I wrote a book in 2011 titled The 2020 Vision fo Marketing: A Focus on Purpose.
I predicted the demise of traditional marketing channels (TV, radio, newspaper). I was correct in that assumption…
I did not predict the rise in digital marketing (not for credit unions anyway) the message in my book was that we have to get back to word of mouth marketing by focusing on the member experience.
To that end if credit unions had been more prepared with the digital experience we would have won in COVID. Now many are playing “catch up.”
While I agree that the prioritization of marketing channels is shifting, “demise” is a very strong word at the current time. In reality, CUs had really not prioritized traditional channels to any GREAT or comprehensive model in any way. Traditional marketing channels never counted on CUs, or are they now missing our industry in any way. We were not players and we now seem to be justifying it by saying it was based on us walking away.
I do agree with Denise that “word of mouth” is the foundation of all effectively scaled marketing for credit unions of all size. And would now add that digital marketing from a self-serviced publishing approach is “word of mouth”. The revolution for credit union marketing and investments will be when CUs start to use digital marketing concepts as the PUBLISHERS of digital content directly to their audiences. Digital magazines, direct content publishing, press release style postings through their own outlets. Word of mouth delivery is digital, and it’s self-directed community pushed. Eliminate the middle man (somebody else’s eyeballs) and go direct to your community. 80% of your spend at least is cultivating your community directly, and no more than 20% of your outreach digitally is for new community prospects.
All of this was true for anyone really understanding community affinity and how to cultivate relationships at the lowest cost prior to COVID. COVID is just shining a light for cooperative community marketers to follow. What I worry about is that if we promote this as the COVID catch up then people who are waiting for post-COVID returns will never engage at all.
First of all you are spot on that traditional marketing channels did not rely on credit unions for their survival. In fact I don’t believe many credit unions can get a good return on their investment in radio or TV advertising. They don’t have enough budget to make a big impact. The prediction in my book was based on the move from “stalking” marketing to “talking.” Citing things like TiVO being the warning shot across the bow for commercials (giving people the option to skip over advertising) and Pandora for radio (paying to eliminate advertising). I can even “train” Pandora to play the music I like the most (by talking to her). And now we have Alexa which is pretty much stalking me 24/7 but that’s okay because my life is not that interesting.
I do believe that “content marketing” is where it’s at and has been my focus on building brand awareness for NACUSO, and it seems to be working. I cringe when I hear marketers say “We need to go after….” That’s a form of stalking as well. Instead we need to attract and engage members for long term loyalty. Especially now.