Wednesday, January 10, 2024
Unless you have been living off the grid, the global economy is still suffering the effects of the tight money supply through higher interest rates to combat the post pandemic echo of high inflation. The strategy seems to be working as inflation was 3% in Canada in November 2023. But we are still not out the woods yet as the first six months of the year will still be tight as inflation needs to be at 2% before there will be a change in interest rate policy and that is expected to happen in the second quarter.
Snap Shot of the Post Pandemic Echo
Zoom, the video conferencing tool the world has been living through since 2020, laid off 15% of its workforce, or about 1,300 people, on February 7. 2023. During the early days of the COVID-19 pandemic Zoom’s profit skyrocketed more than most tech companies, leading to massive hiring, but the company is now saying it overdid it.
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According the Dentsu Global Ad Spend Forecasts (Dec. 2023) was a very turbulent year for media as we saw a contraction in global ad spending in automotive, finance, food, government/social, media and entertainment, pharmaceutical, retail, technology, telecommunications and travel industries, which was a a reflection of what the economy was suffering through. Only two sectors saw a growth and they were beverages and cosmetics/personal care. The Dentsu ad forecast will see a rebound back in ad spending in 2024 with an increase of 5% worldwide.
The movement by Canadian Ad Agencies to buy Local
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The growing digital spend with USA based publishers have not gone unnoticed by governments and now ad agencies in Canada have an industry goal of a 25% digital ad spend for Canadian media through an effort called “ The Canadian Media Manifesto”. Publishers can learn more about about this here.https://www.cmdc.ca/cmm
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What can Canuck publishers do as they confront the "Walmart Effect" of Canadia media going out of business caused by the digital giants. Well it is important to show relevance of your audience to today’s advertisers and reader research is always needed to keep in tune with the changing habits that seems to change every 6 months. Reaching Adults 18-34 today is totally different from a generation ago, as this market is the “ Cellphone Zombie Generation” and live on social and prefer video over text.
Its time to think outside your box to survive.
What is your digital delivery strategy to compete with SEO, programmatic and Influencers that have captured the attention of today’s advertisers. According to the Dentsu Dec. 2023 report you will also have to explore AI as 72% of their clients have AI on the marketing radar. There is no magic wand, It all comes time down to marketing basics target market fit, geographic location and timing ie: Right place, right time, right market. Build your plan in 2024 with sound marketing fundamentals, but you have to know your audience to compete.
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About Me
Martin Seto
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reflexmediasales.com or 416-907-6562, and on LinkedIn.
Most Recent Blog Comment
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| Lorene Shyba says: | |
Full of terrific information, Thanks!... |
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