WAV Group joined the parade of consults declaring the death of print media in late 2006. Inman News confirmed its death during their conference in San Francisco in 2007 (one of my favorite events of all time). Believe it or not, print actually made a bit of a comeback in 2010. Nevertheless, the Internet is the place that consumers increasingly spend their media time. The new news is that people are actually spending more time on their mobile phones today than they are spending interacting with print media.
According to eMarketer, time spent on mobile devices is now an average of 65 minutes a day, compared to 44 minutes a day for print (newspapers and magazines combined). Last year, both media segments were tied, but mobile grew by 30% in 2011.
Here is the weird part – someone forgot to tell the people who are creating the advertising budgets.
Today, companies spend an average of 25% of their marketing dollars on print according to eMarketer. Mobile gets less than 1%. Sound familiar? That was about the same ratio that we saw back in 2006-2007 when marketers began to shift dollars online. Today, marketers still only spend about 21% online – still less than print. The majority of money is still spent on Television – about 50% for most marketers.
At this time of year, we meet with our broker clients to solidify their marketing budget for 2012. It has been a fun season. We still see most budgets split pretty evenly between online and print, and despite our pleas – mobile is poorly represented.
The real estate brokerage today is still tied to being Agent-Centric and Seller-Centric in advertising. In my younger years, I would scream that it is about ROI and Reach until my face turned blue. I am more seasoned now, and understand that having happy agents and happy sellers has a value that even the best marketing matrix failed to measure. Lets face it, Agents and Sellers typically market from their gut. They are typically guided by beliefs and decade old experience rather than by facts.
Done effectively, online marketing will destroy print media dollar for dollar. So will mobile marketing. Smart marketers understand this – which explains why companies like Trulia, Zillow, and Realtor.com are outperforming most brokers in attracting consumers. By the way – in 2007 – Trulia, Zillow, and Craigslist were just emerging – 4 years later – they dominate.
If you need help with your marketing plan for 2012 – contact WAV Group. We support large brokers, MLS, and Associations by reviewing or building their marketing plans.
If you want to read more WAV Group articles about print media – here are a couple of oldies, but goodies that I enjoy reading from time to time.