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Advertising is undergoing revaluation as a result of
multiple changes in technology and consumer
behavior. An old adage said half of every
advertising dollar is wasted, but one can’t tell
which half. With new media, the adage
is measure, measure, measure to assess the value of
an advertising campaign or a specific media buy and
quickly adjust as a result.
Advertising is getting less expensive, thanks to new
media. Much as new mass manufacturing techniques
and transportation technologies, such as rail,
truck, and air, sharply reduced the cost of goods in
the 19th and 20th centuries, so too the internet is
dramatically changing advertising economics. Said
simply, we are entering an era when advertisers will
pay less for similar or even greater advertising
impact.
New media’s impact cannot be measured on a pure
replacement basis, since it provides capabilities
not available in old media. While broadcast TV
remains valued for sheer reach, online advertising
can intercept individuals at a point of need, such
as when one is researching a purchase. In addition,
online advertising, such as classifieds, can reach
beyond traditional local market boundaries, can be
searched, and configured to alert users to relevant
offers. While many advertisers are starting to
create unified strategies that combine online and
traditional media, make no mistake that the growth
will occur in the use of online media, mostly at the
expense of traditional media.
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