Summary
Internet advertising is the way to go.It is directed to a specific audience, it reaches huge numbers of people,and it is cheap to buy. Sites like Facebook,Huffington Post,and PressPassTV are an advertisers dream come true. Making them work for a sponsor is the new and exciting challenge and opportunity. for the advertising industry.
Analysis
Recently, a former head of a major N.Y. ad agency told me , "internet advertising doesn't work, advertisers are going to want to own their own content".
The answer to him is no and yes. With sites like Twitter,Facebook and blogs like Sugar and Gawker reaching hundreds of millions of targeted people, smart advertisers have to go after them. Yes, advertisers want to own their own content, but content is no longer limited to radio and T.V.In the early days of radio, "Soap Operas" were created specifically to reach stay at home moms and were created with and sponsored by soap companies who were trying to reach these women. In 1971, I created The King Biscuit Flower Hour, a syndicated radio show aimed at 18-24 year old males. My sponsors were Pioneer Hi-fidelty and 3 M Tape Co. The rock concerts that were the content,the young male audience and the sponsors were all a natural match. The hugely successful sports content on the T.V. networks were ideally suited for sports gear (Nike etc), beers,(Anheuser Busch, Miller etc.) automotive, sports drinks, all this drove baseball, football and basketball. In turn, sponsors were able to find newer sports such Ultimate Fighting,( which I created in 1991) Nascar,and entire networks like ESPN.
The current challenge for the advertising community (agencies and clients) is to understand the new media and understand who it reaches and why . The opportunity is as exciting and fresh as the early advertising greats had with the creation of radio and T.V. I am sorry to say that my good friend, who I started this article with is simply wrong. Social networks and blogs reaching hundreds of millions of people is an opportunity that no ad man should turn away from.
The new Bill Bernbach is out there.We don't have to find him. He will find us.
This author consults with leading institutions through GLG
Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
