Failing marketing strategy
The decline in advertising through traditional media is blamed on various factors. These factors are attributed to a shift in advertiser goals and consumer interests. The medium of advertising and effectiveness of a medium matters significantly in modern-day advertising. This is attributed to a lack of marketing strategy. These factors are; reliability, durability, performance, style/looks, delivery, comfort, convenience and taste (Jobber, 2007). Television and newspapers over the years lost all this. This has been gradual and eventually, advertisers have found it short of the essential qualities that would provide the effectiveness they once had.
Core factors include:
- As a product, its life cycle has ended
- Marketing strategies and values have failed to meet consumer demands
- Overrun by competitive industry
- Failing to create new solutions
- Failing to communicate value to consumers
The cause of this death is also attributed to a lack of sufficient influence on the consumer (Frisk, Dove & John, 2008). Advertisers have sought advertising platforms that influence consumers purchasing behavior. Television and newspaper advertising have no sales channels in comparison to online advertising. Online advertising provides a much-needed influence on consumer behavior. Consumers can buy products and services online unlike on the traditional platforms. This is if they are able to provide the following. The philosophy of marketing in ASB 4006MARKETING STRATEGY discusses this.
- Advertising that communicates value
- Advertising that introduces the buying situation
Television and Newspaper advertising has failed to benchmark on how to achieve corporate goals by meeting consumer demands and going beyond this. These two platforms fail to identify and establish the following;
- A proper marketing environment
- Lack of a Strategic marketing fit leading to their stagnation in competitive marketing
- Failing to adhere to concepts of the marketing planning process
- Failing to improve their marketing environments
- Poor responses to corporate environmental changes
- Poor product positioning methods
Believe and attitudes towards products determine how consumers respond to a product and service (Frisk, Dove & John, 2008). The consumer decision-making process and level of purchase involvement is a core factor when advertising (Jobber, 2007). Consumers need compelling mediums. Traditional advertising platforms hardly provide initiatives that increase the consumer’s purchase involvement; this is attributed to the poor positioning of the products and services. This is what is ‘The philosophy of marketing in ASB 4006MARKETING STRATEGY’ emphasizes.
Such problems have come up due to the following:
- Poor market research
- Failing to understand how consumers buy and develop relations
- Why a consumer buys
- Poor influences on consumer purchasing behavior
Advertisers have disfavored newspapers and television since these advertising platforms fail to provide the required detail about products. These mediums only offer a short preview of a product. While this hardly impresses the potential consumer, it is also very expensive. Advertisers require dynamic platforms; Mediums that will communicate directly with the consumer while saving the advertiser the cost of sales. Online marketing and advertising are cheap and effective in comparison to traditional platforms. Such mediums provide detailed insights about a product or service while offering a chance to buy the product or service instantly. This contributes significantly to creating consumer value
Consumer retention and consumer dissonance are also core factors advertisers look at. Positioning products and services determine how the consumer reacts to these products. If the positioning is not ideal, consumers will not be interested, however, effective advertising requires proper placement of adverts to compel and initiate interest (Frisk, Dove & John, 2008). Television hardly offers this in principle. It is a plain indicator, which plays only the role of informing about a product. The newspapers fall in the same cluster. They hardly provide the much-needed platform to display more detail about a product.
Products availability is key to sales. Advertisers use this perspective to place their products on mediums that will allow the technologically well-informed consumer to purchase at any time and even on speculation. Advertisers have realized that these mediums have no avenues of offering such advertising platforms. This means they cannot achieve technological advancement. Such limitations and lack of opportunity to provide dynamic avenues that can provide and meet consumer needs have forced advertisers to shift from television and newspaper advertising to new technology mediums like the internet. The need to establish new strategies that will help television and newspaper advertising establish itself as a core advertising platform is urgent. The death of these mediums as the most effective methods of advertising has led to a decline in their profitability. This marks the beginning of the death of an industry. The advertising business has also aggressively sought to get established in new technologies which provide dynamic advertising that is both effective and offers easy consumer retention.
How can TV and Newspaper advertising platforms be revived?
Revving this industry is possible. This is through adopting technology and incorporating existing platforms with modern inceptions to provide satisfactory advertising.
This will help consumers find it appealing and subsequently, rely on it as a reliable source of information, and at the same time, a medium efficiently providing an opportunity of convenience and availability.
This entails the incorporation of technology in these mediums’ business processes. Such an approach involves converting digital television to online television whereby, real-time advertising can be done. Consumers can be provided with real-time opportunities, purchase platforms, and cashback guarantees just as on online platforms.
Another perspective is to invest in online newspaper versions.
While this might not suffice due to the number of consumers who are not internet savvy, newspapers can improve on content. Content about products should be detailed enough to satisfy a consumer and compel him to make a purchase. In fact, providing links to the seller’s online business environment will provide consumers’ confidence, interest, and intent to buy the product.
This requires newspapers to adopt online advertising concepts to offer almost an online feel on the newspapers. The quality of the content and its relevancy will determine the future of newspaper advertising. The same does for television.
References
Jobber, D. (2007). Principles and practices of marketing, 5th ed. McGraw Hill.
Fisk, R.P. Grove, S.J. and John, J. (2008). Interactive services marketing, 3rd ed. Houghton Mifflin.