Everyone is predicting that the media recovery will lag behind the rest of the economy. Experts say we may not be out of the woods until the second half of 2010. Given that everyone misjudged how badly digital media would be hit this year, I’d venture to say that even late 2010 is optimistic, though I think there will be pockets of success and bargains to be had for those prepared to invest.
This may be social media’s make-or-break year. I expect to see much more proof around the value of micro-targeting for non-long-tail advertisers, as well as for the value of friends and fans. It’s a balancing act to not overrun a wonderful forum with corporate messages and shills. If we, as advertisers, are clumsy in this space, we could end up really hurting it both for ourselves and our fellow social media users.
Mobile will be buoyed by the increasing sophistication and affordability of both the carrier networks and handsets, but is likely to remain a largely niche tactical tool. Because the phone is a two-way device, dialogue has to be part of the strategy in any mobile implementation. This, of course, is the basis of social media, so the good news is that those who master its application relative to specific goals within a social strategy should shine.
I’m still holding out hope for print, and I think we’re going to see good use of integration across digital and traditional platforms—a combination of bargain pricing and increased accountability will keep these options in play.
In my mind, everything hinges on what I call “turnkey accountability”—clear, unambiguous “results” that clients can take to the bank. We still bridge digital results very loosely to specific business objectives, and there’s still too much reliance on proxy-ing basic metrics for tangible goals. It gets even cloudier as social and viral strategies gain prominence, but it will be imperative to try and solve this over the next year.
What we’re likely to see more of this year is increasingly intertwined media and PR strategies, as well as a greater emphasis on communication strategies rather than media plans. This is a little alarming from a media professional’s standpoint, as it could imply that we do less buying and placing and more strategizing and collaborating as part of the media function. This is good in the long run because the actual investment is likely to shift away from space or time to the strategy itself. It’s bad because it acknowledges that media placements have become highly commoditized and because strategic planning is harder for agencies to package up and assign value to.
The near-term reality is that we’re likely to find ourselves trying to convince clients they need to spend nearly as much on the strategy and measurement of media as on the media itself. The problem is that while CPMs will continue to fall, the cost of determining effectiveness will remain high. The question then becomes whether the combined costs still compare favorably to the traditional perception of media efficiency.
Honestly, I don’t think 2010 is going to be all that pleasant, but I think we’re going to emerge with a higher degree of understanding and effectiveness than we’ve ever had before. If we don’t, I’m not sure we deserve to emerge at all.