As Gazelle enters its sixth year, I marvel at how far we have come, especially since we launched at the peak of the digital age.
I think of the digital age as a slowly progressing “Y2K,” not only for publishing, but for all businesses. In the financial sector, traditional banks are now competing with online banks, which have really become a thing. My 18-year-old daughter recently opted for an online-only bank, which sounded risky to me, but apparently it is a preferred and legitimate option for young people.
Retail stores and boutiques are desperately trying to keep the doors open as the convenience of online shopping impacts their businesses. U.S. stores are now sharing their clientele with retailers on every continent who offer fast and affordable global shipping, giving consumers vast shopping options.
Car companies must be more specialized than ever to reach their market because with a click of a button, we can now all read reviews, not only for the vehicles we are purchasing, but on the experience of shoppers at each establishment. Some local consumers are also spending extra dollars to fly across the country and pick up their perfect vehicle from a dealership or owner in another state, with the entire transaction happening online.
On the same front, the local cosmetic surgery industry is competing with surgeons in other parts of the country, because we can now see all the before-and-after photos on Instagram or other social media. Not to mention the slow death of interior design houses competing with online programs, which at a low cost, allows homeowners to design the look of their own home. Realtors now have to figure out creative ways to stand out as homeowners opt for services like Zillow and realtor.com to find their perfect space.
The list goes on and on with examples of how we are all learning to adapt to the growth of the digital platform. I call it a slowly progressing Y2K because it is only in the last couple of years that we are truly seeing the impact. Part of the problem is that instead of adding digital to traditional methods of advertising, businesses panicked and abandoned conventional ways of marketing, opting for cheaper options online, which are great for immediate savings, but catastrophic for long-term survival, in my opinion. All you have to do is look at the local restaurant industry to see what is happening. Many of our beloved spots in Clayton are all but gone. The honest truth is that many did not spend money on advertising. Parking lots at local shopping establishments are nearly empty.
The real question to ask ourselves is: Is my digital marketing plan working, or am I killing my business by opting for cheaper methods in a saturated online global space?
The truth of the matter is that in order to survive, we all need both. Magazines, newspapers, radio and television outlets are all influencers, speaking to their trusted audiences about why a product is a better option for them. It is an endorsement and something you really can’t buy cheaply online. In my opinion, spending all of your efforts telling people how great you are is just not the same as someone else doing it for you. So as you spend fewer dollars promoting your social media posts, consider investing in an influencer to endorse you.
I believe the following quote is the most honest one in advertising, which is why both mediums are necessary for business survival:
“Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” – John Wanamaker, marketing pioneer.
https://blogs.umsl.edu/news/2019/02/01/cillah-hall/
