In the 20th century, the media was dominated by print, radio, and television, attracting a broad swath of the public, affording them the opportunity to read, listen, and watch the world around them in a way that they previously had not been able to do. Beginning in 1989, the World Wide Web, (W3C.org) was invented, and it devised a virtual medium of software laid on top of the internet’s physical wiring structure, which has since enabled the public to message, tweet, send and receive emails, photos and videos; and to interact with user sites such as Twitter, Facebook and many others.
Apart from imparting knowledge and connecting the world, media serves another role: It spreads awareness about products and services, broadcasting the benefits of specific products and services, via advertising.
The advertising industry is huge. Advertisers spent a grant total of $267 billion in 2016, much of it from the rapidly growing companies in China like Alibaba. Procter and Gamble spent more on advertising than any other company, a whopping $10.5 billion, followed closely by the electronics company, Samsung, with expenses of $9.9 billion. Car companies like Ford and General Motors, and consumer firms like Amazon were also among the big spenders.
Many companies spend a lot of money on advertising, relying on the various forms of media out there to spread awareness about their products and increase their sales. Here is a breakdown of the role of advertising in the media.
Spreading Awareness Through Advertising
Advertisements alert people about new products and services in the market that could potentially fulfill their needs or solve their problems. A typical advertisement will tell you what the service or product is, where it can be bought, for how much, by whom, and why it should be bought. This is possible through the power of the media to reach millions of people at the same time.
Popularizing a Brand
Think of all the popular brands you know, such as Coca-Cola or McDonald’s. These brands are where they are today because they utilized the phenomenon of advertising well. Through constant republishing and replay to large groups of people, the media popularizes the brand. Many people see it multiple times, and it sticks in their heads. Eventually, when they see it out there, they will recognize it and are more likely to buy it.
Increasing Customer Demand
The target audience of advertisements is typically large, whether you’re advertising in social media, print media, radio, or television. A well-crafted advertisement will convince the public that they should buy the product or subscribe to the service being advertised. As a result, whatever is already in the market becomes exhausted or oversubscribed, leading to an increase in demand for the product or service.
Increased Company Profits
This one works for the same reasons as the previous one on demand. Advertisements are usually displayed to large groups of people at the same time. This means that, even with a low conversion rate, many people will end up buying your products eventually. If you execute your advertisement well, you will get a good conversion rate and great sales. Increased sales, of course, mean increased profits.
It all boils down to how well you do your advertisement. A badly executed ad will not do any good for your company, no matter how many people see it. A well-executed ad, on the other hand, can do wonders for your bottom line and turn your brand into a household name. Ultimately, it can’t be denied that advertising in media is the fuel that drives global business.