Whatever You’ve Learned About Advertising Is Now Probably Wrong
From this January 18th article in Businessweek, a quote from a recent McKinsey Consulting report gave me a significant pause:
“Traditional TV advertising will be one-third as effective in 2010 as it was in 1990.”
I had to read that again.
Then I Googled the entire quote, and pulled up some more conclusions from the same study, this time from Marketing Vox:
“According to McKinsey, real ad spending on prime-time broadcast TV has increased over last decade by about 40 percent even as viewers have dropped almost 50 percent.
The Businessweek article goes on to show how just about everything that today’s CPG marketers have learned in their careers to effectively market their brands is rapidly becoming obsolete.
Media fragmentation, the rise of web based entertainment, and the drastically different media consumption patterns of young consumers are all significant factors.
Most traditional marketers have heard that the future of advertising is a two-way conversation, versus talking at consumers one-way. Most have also heard about the growing importance of word-of-mouth, engagement and viral advertising.
But if McKinsey is right in their forecast, these “emerging” techniques and forms of advertising will be anything but emerging in a couple of years.
In fact, they may be the only things that work.