As all this social stuff continues to accelerate in both adoption and advancement one would think that advertisers ought to examine their thinking. Would you spend $12.4 Billion a year on ads that no one sees?
U.S. advertisers spend nearly $40 billion a year for online advertisements, but 31% of their ads are never seen. That means $12.4 billion will be wasted on U.S. online ads this year. That’s the average across all sites; on some sites, only 7% of the ads were “in-view,” meaning 93% of them went unseen.
That sounds ominous for the health of Web content. But ad spending is up by over 20% this year. Online ad spending will exceed print magazine and newspaper ads for the first time this year. So, put another way, online ads in the U.S. are still worth enough to brands to waste $12 billion a year on them. But is all this waste necessary? via Online Ads Will Waste $12.4 Billion This Year In the U.S..
Wrong Message and Method
The current methods of reaching people with propositions is the same method that has been used for decades. The shift has simply gone from off line to on-line and advertisers are trying every trick in the book to “catch” people with attractive ads and offers. It would seem that the practice of building brand equity and loyalty can be better served by thinking differently about the ultimate buyer, you and I. Maybe we aren’t necessarily interested in buying anything rather our interest is in learning something meaningful and valuable. Now that is a totally different veiwpoint for advertisers to comprehend.
Doc Searls writes: The Web is changing from a world wide library with some commercial content to a world wide mall with intellectually interesting publications buried under it, in virtual catacombs. Google’s mission of “organizing all the world’s information” is still satisfied. The problem is that most of that information — at least on the Web — is about selling something. The percentage of websites that are Web stores goes up and up. SEO only makes the problem worse.
Every major and local brand is rushing into social media, Facebook Fan Pages and every social tool available. They are all rushing to the web fueled by the thirst for consumer engagement but using old advertising methods as the means of engagement.
I don’t know about you but the last time I was in a mall and being chased by a merchant I left….hmm, actually it has been a very long time since I was even in a mall. How about you?
Marketers ought to stop wasting money on the chase and stop calling it engagement marketing.