Consumers now using the internet to find trades and services
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The rapid migration towards the internet is changing the status quo and creating phenomenal opportunities for those businesses that see these trends and position themselves to take advantage of them.
For example, in the US and the UK recent surveys have shown that Google has overtaken Yellow Pages as the primary place that consumers go to find trades and services. This is phenomenal given that Google didn’t even exist 10 years ago. It also begs the question of where Google will be in another 10 years. As a result, understanding how to make the most out of Google’s dominant position is now key to your businesses future ability to generate work. Similarly, you should question the value that Yellow Pages advertising does (or doesn’t) supply in the modern age.
Also, value discrepancies are appearing across other forms of advertising. For example, a recent survey by iPrime found that:
- The internet represents 35% of all media consumption, and just 5% of advertising spending.
- Radio represents 20% of media consumption, but 15% of all advertising spending. And,
- Newspapers represent just 8% of all media consumption, but 35% of all advertising spending is with newspapers.
Consequently, the internet represents amazing value, whilst the value of newspaper advertising is extremely questionable in the modern day.
These trends have even been acknowledged by the doyen of Newspapers, Rupert Murdoch, who in 2009 stated that there would be no more printing presses in 10 years.
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