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Gary Vaynerchuk: Why businesses need to evolve alongside advertising

Posted by Shivali Anand

September 29, 2021    |     3-minute read (462 words)

Are you working with agencies, consultants and marketing executives to create your company's ad campaigns? If those discussions conclude your marketing strategy meetings, you are overlooking an important aspect.

VaynerMedia CEO Gary Vaynerchuk urged advertising professionals to "talk to their normal friends more,” during a talk at Advertising Week. "The biggest elephant in the room is that the industry has wildly overvalued potential reach and subjectiveness instead of relevance to the end consumer," he explained.

Vaynerchuk is correct in stating that the marketing environment has evolved well beyond a one-size-fits-all approach. The days of spending a lot of money on a TV advertisement and waiting for the leads to come in are long gone. If your company wants to reach a larger audience. In that case, you'll need to do a lot of micro-targeting to discover them, and you'll need to generate relevant material to keep them interested constantly.

Take a look at these statistics on targeted advertising

Several studies have shown that various audiences have differing levels of tolerance for different ad styles, and unless you know your target well, your advertising might be turning them off.
  • According to 2019 Deloitte research, talk show viewers have the most tolerance for TV commercials, while news viewers have the lowest tolerance.
  • Despite having significant purchasing power and being digitally sophisticated, people over the age of 50 are underrepresented in marketing imagery, according to AARP research.
  • According to a MAGNA/IPG and Twitter study, younger customers are more inclined to buy items from culturally relevant businesses.
  • According to a Vanderbilt University professor’s research, most customers would buy the same items as their friends, implying that knowing what one member of a group loves may predict what the others will.

Why are these figures important?

The findings of this study demonstrate the stark variations in demographics, emphasizing the need to understand your target audience before advertising to them. Don't squander money on TV advertisements if your product is marketed at a population that only watches the news. If you're targeting a younger demographic, you'll be wasting your time unless you first develop a culturally appropriate brand message.

The first step in ensuring that your marketing message gets received is to understand your target by conducting market research and studying your sales statistics. This goes beyond tweeting a message and expecting it to do the work for you.

"This is not spray and pray and hope we get lucky with a viral tweet," Vaynerchuk explained. "This is truly understanding the 10 to 15 subsets that drive the business."

Vaynerchuk's remarks should be taken to heart by businesses of all kinds, from startups to big enterprises, since no matter what your company goals are, the chances are good that you're constantly seeking to grow your audience.

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