Sep 13, 2022
The 28th edition of The CMO survey found that marketing budgets for traditional advertising were growing for the first time in a decade, although well below expected growth rates for digital marketing in the coming year.
In a recent harvard business review article, researchers led by Duke University’s Fuqua School of Business said the new appeal of traditional advertising is partly due to challenges associated with digital marketing, such as annoyance from pop-up videos and other conventional online advertising approaches, along with the impending demise of third party tracking cookies and growing doubts about the effectiveness of digital marketing.
According to the researchers, traditional advertising, meanwhile, has long enjoyed greater consumer trust, is seeing greater relative engagement as costs have fallen, and stands to benefit from the amalgamation of digital technologies such as URLs. and QR codes.
Finally, traditional marketing, in some cases, translates messages even better than digital. The authors wrote: “For example, TV broadcasting continues to provide an ideal platform for emotional narrative ads, like the clever Guinness ‘Welcome Back’ ad that marked the reopening of pubs and restaurants after the lockdown. of Covid-19.
A number of articles point to a potential revival of traditional advertising for loss of credibility by online influencers. A recent consumer investigation conducted by Wakefield Research for The Desire Company found that only 11% of Americans believe influencers provide trusted reviews.
The directory Gartner “2022 CMO Spend and Strategy Survey” found that online advertising is still expected to take the largest share (56%) of marketers’ dollars in 2022, with spending led by social advertising, closely followed by search. paying and digital signage. Offline channels are expected to see more spend than in recent years, with Gartner identifying a shift from digital-first strategies to hybrid multi-channel strategies.
“There has been a lot of talk around COVID-19 shifting consumers to a digital mindset. However, as Western Europe and North America relax pandemic protocols, consumer journeys customers have recalibrated,” said Ewan McIntyre, research chief and vice president of practice analyst Gartner for Marketing Leaders, in a statement. “Post-lockdown, CMOs need to listen carefully to their customers and pay attention to the channels ‘they use, because it feels more like a hybrid reality.”
DISCUSSION QUESTIONS: Do you see spending on traditional advertising mediums recovering, flattening or declining in the years to come? Will any improvement likely be related to traditional media becoming more efficient or digital becoming less so?
“I think the marketing world needs to better position ‘traditional’ advertising and not categorize these media efforts based on how long they last in the media timeline.”