Ever heard of cord cutters? These trend-setting consumers are tired of paying top dollar for their in-home entertainment via cable or satellite and electing instead for a myriad of pay-as-you-go services that give them control over spending and content. Even though it’s growing in popularity, you can bet we won’t see the extinction of traditional TV any time soon. However, predictions of the demise of TV are increasing – especially as smart TVs and DVR systems continue to advance.
For example, according to Forrester Research, by 2025 we could see up to half of adults under the age of 32 not paying for TV.
What might this mean for the future of challenger brand strategies?
Well, marketers don’t have to let cutting the cord be the main focus just yet. However, as technology changes, it is likely to happen faster than you might expect, so it’s better to be prepared and not playing catch up. This can mean big wins with traditional and emerging media if your timing and execution are right.
Embrace the Evolution of Cord Cutting
- Do your research because trends can change quickly. Some emerging media applications might be relevant this month and fizzle out the next.
- Get to know cord-cutting and the applications and interfaces that are popular. This includes products and apps like Roku, Apple TV, Sling TV, Amazon, Google, Hulu, and more.
- Stay on top of current stats on downloads and numbers of households cutting the cord. This will help you keep track of how fast this market is growing and keep your brand at the ready.
Develop an Ad Strategy That Keeps Your Brand on Top, No Matter the Change in Industry
- Millennials set the standard for how the face of advertising is changing – even outside of cord cutting. Be sure your brand is at the forefront of the shift.
- Keep in mind that there are countless effective ways to market to millennials, which make up nearly 23.5 percent of the population.
- Pushy ad messaging won’t work for Millennials. Provide value in the content of your message, and Millennials will be more receptive to what you have to say.
- Remember – make millennials feel like they are taking a journey with you. They want an experience, so give them one they won’t forget.
Revisiting Traditional Ad Outlets
- While cord-cutting is trendy, now is prime time for your brand to leap into other forms of advertising to capitalize on every awareness option offered. Extend your reach by tapping into the following options when planning your ad and marketing strategies:
- Radio is often a forgotten medium and one that some consider to be “old” for advertising. However, 93% of adults listen to the radio weekly compared to 87% who are watching TV.
- Remember outdoor advertising? Well, this medium is still proving popular, even with 60 percent of Millennials deeming billboards as a trusted form of advertising.
- Be sure to explore options including native content development, social targeting, and even pre-roll ads.
Keep your brand nimble and sharp. A new form of media and a fresh audience is growing and moving, so get ready to take the plunge!