Another reason magazine advertising is dying
Add this one to the list of reasons companies will continue to reduce magazine ad spend:
I was reading the Jan-Feb 2010 edition of Harvard Business Review and came across this gem:
If Accenture, who dropped Tiger Woods back in mid-December, can’t alter an ad 2 months before distribution, you know there’s a problem.
Rob Katz, CEO of Vail Resorts, said it better than I when he discussed how long lead times for magazine advertising cost him big bucks (video link). When the economy turned, his 8-month advance purchase of ads no longer resonated with consumers who were suddenly focused on value vacations. But it was too late to change.
Rob’s solution: ditch magazines and focus on outlets with shorter lead times where he can change ads the next day, not the next year. Digital and social media outlets give businesses that ability. And more and more businesses will realize the advantage, whether it’s due to changing consumer perception or celebrity scandal.