9 January 2017 0 Comments

Economy of attention: should media houses take back seat or…

Author: yinkaolaito

Yinka Olaito is happy,excited and passionate Communications & Media specialist, Trainer and speaker. Yinka Olaito helps Profits and Non-profits with effective communication and positioning for premium service delivery and returns. Yinka Olaito also has special interest in Development Communication and has consulted for noted UN Agencies. Yinka Olaito is the CCO of Michael Sage Consulting(Communication/digital media), African Child Education Right Initiatives(NGO) and Content Director, Africa Development Talk( online Platform for discussion on Policy, Governance, development across Africa) and Africa Foundation for Young Media Professionals

Newspaper and advertising in Nigeria, should print media advertise themselves, why should media houses advertise their own product, It was Lanham who started the conversation around this topic when it comes to branding and associated management of services offered. Then many others joined the conversation in arguing for or against its impact and what becomes the fortune of ?an average brand.

We understand when it comes to consumer or audience, we know a good manager does not only focus on consumer spending but on what get their attention. If manager ?focuses only on consumer spending/expenditures ?s/he will miss the major reason for consumer’s action.

As Martins Lindstrom had said there are many myths around what people buy and we can easily be carried away by the act of buying without a deep ?rooted understanding of what informs the final decision to buy. So to get the accurate position of things, it is ideal to focus on ‘how ?much ?attention ?is ?allocated to brands, ?where ?that ?attention is ?allocated, ?and ?how ?that ?attention ?is ?allocated’

If we get these basics right, ?it is easier to make informed decisions on how best to approach the issue of audience attention and product purchase. ? With media business, it is a bit complicated than any others because of the demands of the industry. It is not only about profit, there is also the Public interest dimension that must be followed.

We do know what determines success for some print media is circulation and purchase figure. Couple with this for some is the authenticity, ?authority they have built and can be turned into social capital. To this later category, this social capital encourages patronage and bigger income generations outside sales.

While for Television, viewership, ?ratings( we do know though in many development Countries, there are no adequate data if it exist at all to show audience rating or feel viewers’ pulse) audience engagement to programme and credibility can be the basis.

Meanwhile media often encourage others to use a blend of marketing communications tools for positioning and brand building. Media and communication professionals often encourage everyone not to stop spending money on advertising even when the economy is ‘going doing south’.

So in this line of thought, what do we say? Can we say many media houses are leading by example, investing in brand and product advertising in other stronger medium than their own or they just put an approach of ?’do what I say and ?not what I do?

It has been noticed major investment of media houses end at their launch. Pro-launch time, many of them stretch out all their marketing communications antenna and want people to know what they are bringing to the market which others are not offering. Once the launch is done, ?one hardly sees any media organizations (Radio, Television, ?print) in this instance consider a huge investment into advertising with the aim of increasing sales figure.

This question is becoming relevant as advertising revenue is declining and economy is demanding new strategy from every business owner including the media managers. With specific regards to print media houses, a study by former Booz & company ?indicates ”With aggressive action to foster innovation and more aggressive cost management based on new success strategies, media companies can position themselves for a bright future” should be able to ?consider external product and services advertising(italics mine).

We have noticed two major trends which account for revenue decline for Print: shift in ads spending below the line ?as well as digital media rise.

Though at the end, the study rather suggest four other routes outside huge advertising budget like developing new streams of income, new product and pricing, reinventing or remodelling their content s or build a stronger relationships with their target audience. ?These are very good ways outside the advertising lane for print media as content authority, authenticity will count. We do know if there is nothing of value to sell, huge advertising budget may go down the drain.

But the question is should media houses practise what they preach or stay with the strategies that best fit the Industry? What informed cold attitude of media attitude toward making huge investment in brand advertising? Let the debate and theories begin.

Photo credit: mapnewstv

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