“2009 is a horrible year for the advertising industry. There’s no avoiding the cycle of falling consumer confidence, falling consumer spending, lower sales, lower profits and low marketing budgets - However there is a way of avoiding the effects” said internet marketer Danny Meadows-Klue, in his annual opening of the regional internet congress today.
“Marketing directors need to urgently focus on a new marketing model. The global recession will trigger a long awaited innovation in marketing techniques and media channels, but the innovation will not be universal. Many brands will fail to change, and deciding not to change means deciding to fail. That failure will be brutal, but there is another route.”
“Most of us buying a big ticket item like a car or a financial product go first to the web to research it. In some markets like the UK that’s been true for 10 years and it would be incredibly unusual to do anything else, but increasingly it’s the normal practice worldwide. We use search engines to find the sites with information, online magazines to read reviews, online databases to check prices, online blogs and forums to hear what other people think, and the brand’s own websites to dive deeper. Yes, we still ask our friends in the bar what they think, we probably still see some television and outdoor advertising, so traditional media still has a place. But the mix is different.”
“Most brands are a long way behind their customers’ behaviour in understanding how media engagement now works. In a customer’s journey towards buying these products maybe over half of the thinking and decision making happens online. Far more activity than the small number of connections a brand can make with consumers through traditional media.”
“Marketers here can gain real competitive edge by understanding this and getting the mix right.”
