Brenner says when Business Insider’s Founder, Henry Blodget (@hblodget) predicted back in 2007 that “newspapers are screwed,” he may have been conservative in his estimates.
“Henry predicted a 40-50% drop in print ad revenue and the decline of many newspapers,” he writes.
Using the example of a chart created by Mark J. Perry, University of Michigan Professor of Economics, which covers the latest numbers from the Newspaper Association of America, Brenner says the greatest decline came in the last 4 years where revenues dropped more than 50% from $46 Billion to $21.
Lessons for Marketers
Customers are rapidly rejecting traditional marketing approaches in traditional channels.
Marketers have been slow to respond, creating a gap between customers behaviors and the marketing mix.
Content marketing and social media that seeks to meet customer needs is now more important than ever!
Businesses need a sound content strategy that holistically considers audience content and channel needs.
The future of marketing was digital. Marketers need to skill-up on digital (and social and mobile) and fast.
For more on the future of marketing, read Brenner’s full post here.