Advertising Depression
September 26, 2008
Industry Vet, George Parker stated “as we all know, when Corporate America is “feeling the pain” and needs to improve the bottom line, the first place they look for slash and burn, is the ad budget. That’s the way it’s always been, that’s the way it will always be.” Hence we in advertising are feeling this first.. and with blunt force.
Already we had private discussions with several agencies regarding their client base… what we are hearing over and over again…. the client wants to cut spending.. the client reduced their marketing spend.. the client halted advertising… and the worst of them all… in one case we heard this.. can’t we just have you as our “agency of record” for press releases?
That question was asked from a fortune 1000 firm to a BDA … we were told this on the condition of anonymity… but we can say for a fact that one of the firms that had nearly a $35 million dollar spend last year.. has now opted to press releases, blogging, and an occasional youtube video as their total marketing campaign.. to “keep the appearance that advertising hasn’t really stopped”
In fact we were told that the youtube videos were to run only 30 seconds, to make them appear as if they were TV spots that the individual missed..
Trust us, we really want to tell you the name of the agency and the client…. but look around.. you’ll see that not that many firms run about that spend on measured media last year… look hard enough and you might make the right guess…
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