Tips & Tricks to 2010 Media Planning: Newspapers
If there’s any advertising medium feeling the most amount of heat from the advancement of new technology, the internet and a down economy, it’s the newspaper industry. Surprisingly, even with all of the cards in the deck stacked up against newspapers, they might be the right fit for some in the fine jewelry industry. Below you’ll find the pros, cons and overall analysis in a quick snapshot of the media of ‘yesterday’… newspapers.
CONS: In 2009 alone, hundreds of daily and weekly newspapers around the United States will be closing their doors as a result of a decline in both readership and advertising revenue. A study released in early October by TNS Media Intelligence reported that local newspapers were down 24.1% in advertising revenue through June of 2009, second only to local radio (25.5%) and local magazines (26.7%). Gannett Co. which owns local newspapers throughout the United States reported a profit loss of 53% in Q3 of 2009, a total loss of close to $85 million dollars. Newspaper readership is down across the country. The Audit Bureau of Circulations reported yesterday that average weekday circulation for newspapers dropped by over 10 percent in the past six months, the first double-digit decrease ever in the newspaper industry. Sunday circulation was down by just over 7%.
As this recent audit shows, more and more people are shifting away from reading newspapers daily. As time goes on, circulation will continue to decline. In fact, TargetCast data reported that a majority of adults ages 18-34 have already replaced newspapers as a valuable source of information. We’ve become a society of the ‘now’, demanding to know the most up-to-date information immediately, not wanting to wait until the next morning. Think about it, how many times have you picked up a newspaper and read a front page story that you hadn’t already heard about?
PROS: Understanding a need for news now, as opposed to tomorrow, many newspapers are shifting a lot of their focus to their own Web site. These Web sites are driving users in record numbers. In fact, Nielsen has reported that online newspaper readership has increased 16% from December 2008. Newspaper publishers today are striving to find a way to capitalize on the increase in online readership, turning these visitors into potential customers for their advertisers.
Not all readers are going online for their news. There are still loyal newspaper readers who like to sit down with their cup of coffee to get ‘in the know’ for the day. These readers are typically older in the 35+ demographic, skewing a little more male than female and are looking for today’s news, promotions and price offers. The offers listed in newspapers still regularly influence the purchasing decisions of those aged 35 and older, according to TargetCast.
WHEN TO USE: Depending on your market and the cost of the newspaper in your market, newspapers can be a viable option for jewelry stores targeting the 35+ crowd. Newspaper readership has not declined nearly as much for this demographic as it has with others. However, even if you are targeting this demographic, newspapers should not serve as a consistent form of advertising. If you’re looking to do strict branding for your store, regardless of your target demographic, look elsewhere. If you’re trying to reach the engagement crowd, don’t even consider it. Want to advertise a sale, special, or promotion for your store? Newspapers might be the right place for any time sensitive advertisement.
When placing ads, be aware that less people are reading print and more people are looking online. Don’t ignore the trends. Instead of a print-only ad campaign for your event, consider online advertisements that drive traffic to your Web site. A compelling offer will give consumers a reason to click through to your Web site to learn more about your promotion. Finally, don’t pay full price, negotiate the rates. Newspapers are bleeding from lost money and subscribers. They need you more than ever. Take advantage of the knowledge you have and work toward a reasonable spend.
These tips will aid in your 2010 media planning endeavor and save you time, money and potential mistakes. In the upcoming issues of Tuesday Tips & Tricks we’ll be taking an in-depth look at the pros and cons of each advertising medium. Our media department will recommend how to use and approach each medium for effective advertising in 2010. If there’s an area you would like us to cover that is not listed above, please contact us and we will analyze that medium as well.
Next week: Magazines
For in depth analysis of how Fruchtman Marketing’s media team can help you with your 2010 planning, please contact Brent Vogel, Jr. at brent@fruchtman.com
By Fruchtman on October 27, 2009 :: Filed under Act,Media Buffet
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