Bob Garfield’s 7 minutes

“Marketers need to shut up and listen”

Auto-generated transcript from YouTube:

Nobody can make the way of a successful medium for advertising period Randy sorry period on the contrary the Internet and the rest of the digital
revolution are precisely the forces killing your industry dead dead dead
specifically they have decoupled too priceless symbiosis of media and
advertisement for 400 years the mass media again and damask advertising yang have been mutually sustaining but along comes the internet and with it a new kind of audience fragmentation meanwhile digital tools gave Joe laptop access to production and distribution inner-tube enjoyed only by the media Titans creating a vast pool of online content that costs nothing to create and nothing to view and thus the elements of the universe went flying apart never to be rich old fragmented audiences you know what I would just type something in turn i’m going to take 30 seconds of my time to tell you that i’ve been doing these crappy powerpoint presentations now provided a five or six years and never until now solve my notes on the computer screen well only the slide was showing here which is why i’m the only jerk in north america carries a paris trip trip so now I’m dude which wait there’s more because because now I’ve got to the point when the notes have gone down beyond the screen and I’m afraid to scroll down for fear of going to the next slide I gave up on the paper scripts now 50 seconds ago and now like all of you in your careers I am completely screwed fragmented is generate less after at revenue for any human channel the quality of the content with less revenue therefore deep lines leading to further advertiser further audience exodus leading to further advertise Exodus and so on so in a traditional media into a spiralling vortex of ruin which would be great for new media if the situation they are weren’t much much worse if you happen to think I’m just some sort of stereotypical media again you know jerry and yahoo co founder lost the CEO job at his own freaking company thanks to plunging revenues and plunging profits and most of all plunging market value yahoo search business is okay but its display business is Nowheresville and not just a yahoo with the biggest online publisher on the internet display is Nowheresville everywhere and this is for tip two very good reasons regrettably I must call your attention to our esteemed host check out the second quote thanks to that pesky law of supply and demand the micro economy that the media economy simply does not function in a micro world a nearly infinite supply of advertising inventory immutably and inevitably depresses price full stop collaborative filtering and behavior behavioral targeting will certainly help CPMs but not enough to neutralizes to neutralize the forces of the lot and that’s not the only structural problem the other is ad avoidance why does Joe laptop not click on 99.7 to ninety nine point eight percent of banner ads why does he tebow pass the commercial on his TV shows why does he advertise his used car when craigslist instead of his local paper and why did he cancel a subscription to that paper and read it every day online for free duh that’s a very old joke in a very good the consumer all advertising is span all advertising is a call from a telemarketer during dinner hour you know we’ve had to put up with it for all of our lives not because we love it or even because you know we’ve necessarily accepted the quid for a pro quo of ad in exchange for free or subsidized content but simply because it was difficult to a lawyer well now it’s easy to avoid and I promise you I promise you that’s point two or point three percent of click-throughs on better ads you know read their mouths related accidents or fraud resolve not put too fine a point on it as I earlier suggested the shakedowns in progress beginning with newspapers and magazines very soon to include major television networks which is tragic for many reasons not pollution which is you know no more forget it you know new episodes of 24 but but such a kind of delicious considering how the major networks acknowledging their customers or the last chance gasps of mass audience for going on 10 years anyway then we’ll comes from equilibrium and in which the survivors profit for a while and then full-on apocalypse or put another way chaos scenario now see how dejected and even suicidal measure that poor fellow looks don’t be like him try to look at the bright side and here I’m going to sort of get to debrief the bright side whole industry is disappearing from the face of the earth including you know yours see if well everyone in the media business it is on a collision course with homelessness marketers are very well positioned that’s because the very people who are indifferent or hostile to as happen to like advertised goods and services just fine in fact consistent consumers consistently show almost a perverse fondness for brands and actually crave information about them in fact they feel like they are a part of them and that’s why employing the very same digital tools that have rendered advertising significantly obsolete you can these people who voluntarily exchange rate information left and right what the hell okay else well someone comes in fixes this I will read from this piece of paper and I’m not getting to the end my business partner and publisher on this is a guy named Greg steel strip of the bunch of group someone please press come press the buttons which is in Nashville and he has a diagram called trial law which is about out the conversations about brands ago you know go thank you so much it looks like that and it’s a good scheme up but I don’t want to get to powerpoint a about this when it comes down to is the customers will willingly receive messages about brands and they do it all the time already they just don’t want to hear about this stuff from y’all they want to hear about it from one another and is outlined in this book that I am about to finish marketers and all of the other institutions of humanity have previously dictated from on high to consumers to voters to to the audience to congregations of the faithful they are now at the mercy of the crowd the purred shall be hurt and marketers finally need to shut up and listen.

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