Who could have predicted that the monolithic status of television, radio, magazines, and newspapers would crumble right before our eyes? Mainstream media used to control the message—not so anymore. Consumers watch, read, and listen to what they want, when they want it. The digitization of media has altered consumer behavior forever. “Ad spending can’t support media anymore, this is a structural change,” said Mr. Garfield.
For marketers who are still rooted in traditional media, the landscape looks rather bleak. Like it or not, you’re going to need a new game plan to engage with consumers. Mr. Garfield has a name for the seismic shift that traditional media is facing. He calls it “The death of everything.” But don’t worry—there’s hope.
Social media has changed the equation. “The Internet is a word-of-mouth engine,” says Mr. Garfield. Consumers are listening to each other—and they’re talking about your brand. “In a connected world, the consumer knows far more than you. You’re not in control of your brand anymore…and you better not piss them off,” he added.
In the new world order of digitization and social media, marketers need to learn to listen to consumers. “You need to make sure that an irritated consumer doesn’t become an irate consumer,” said Mr. Garfield. If you’re listening, you have the opportunity to perform a sort of “marketing jujitsu” and flip the consumer back around to your point of view. Brands have the ability to forge new relationships with consumers and aggregate an audience a little at a time. Mr. Garfield calls this the art and science of Listenomics.
As it turns out, there is a ray of hope for marketers. Mr. Garfield believes that online media and out-of-home media will survive and prosper. “Out-of–home is the last great play in the advertising world. You can avoid traditional media, but out-of-home media is the one exception to that,” he said.
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