When dealing with clients who are retail businesses...helping them better connect with thier customers energizes your experience. Here are some positive statements that should echo through the client's retail employees' vocabulary. Dr. Philip Jay
Posted by Douglas Hanna on Apr 20, 2010 in Customer Think
The company owner sets the rules, and employees need to live and know them. The old adage “the customer is always right” isn’t realistic, but empowering employees and rewarding employees for superb service helps each customer sense your appreciation.
Perhaps sharing the following with the front line people can add to the desired goals of dependability, promptness and competence. Helping the customer service representative communicate in an upbeat, positive way, may just help the customer feel appreciated. Here are some useful phrases to incorporate in customer communications:
- “Good morning. How can I help you?” This starts the conversation in a friendly, non adversarial tone plus invites discussion. A customer feels you want to help them and not sell them a product and also putting them at ease.
- “I can help you solve your problem.” Now the customer service professional places the customer as the most important participant and promises a positive outcome. The positive statement inspires customer confidence.
- “I am not sure of the answer but I will find out for you by ……”. A sophisticated buyer could be bating a customer service representative for an answer the customer already knows, so it is always best to be honest and not just try to wow a customer with some fancy rhetoric without a definitive and honest answer. Honest answers inspire integrity.
- “I am responsible for this and I will take care of it.” A customer knows what to expect and can depend on the customer service representative to stick by the agreed upon terms, price and if applicable… the promised delivery date.
- “I will call you on Friday ( or whenever) and update you on my progress.” If you promise to call on Friday with updates, make sure you follow-up and make sure you call.
- “Your delivery date is set for ….” If a delivery date is set for Thursday, it is the company’s job to make sure the delivery day is met. Sometimes it takes a better relationship with vendors to ensure delivery dates. When companies pay vendors on time, learn to deal with honorable vendors, insist on reliability and dependability of their vendors, delivery dates happen at specified and agreed upon dates and times. Efficient pre-planning and efficiency don’t just happen; they are cultivated and nurtured.
- “I have the particulars of your order. Let’s go over it.” Each order must be exactly what the customer ordered. Customers don’t want to hear of a similar product or a promise that what you are going to deliver is better. They want what they ordered.
- “Did you get everything you ordered and are you satisfied with your order?” The order should be complete and the customer should have everything they ordered, in the time they ordered, in the method agreed upon when ordered, and in great condition.
Superior customer service includes, the infamous “I appreciate your business, and is there anything else I can do for you?” Follow-up with surveys, thank-you notes and, more service; customers are sure to keep coming back.
Wednesday, April 21, 2010
The Behaviorally Targeted Generation
MediaPost's Behaviorial Insider
by Laurie Sullivan , Wednesday, April 21, 2010
The Internet has accelerated "generation numbness" -- some kids today aren't concerned about the type of information they post to the Internet because they think the search engines of tomorrow should know how they feel today. The information helps marketers target them with ads. It doesn't get much more personal than that.
Last week at MediaPost's Search Insider Summit in Captiva, Fla.,Jen Milks and Michelle Prieb, project managers at Ball State University, shared insights on how a handful of kids would redesign Google given the chance. The group discussed behaviorally targeted ads during the end of the session.
Milks and Prieb said the students embrace who they are, so it's okay if marketers want to target the "influencers" with ads based on the information they give in profiles. When social meets search, people will have more options to rate the ad to make "it go away." The students want social results, marketing ads and content in search results. It seems almost as if the students want to build a relationship with search engines and brands based on behaviorally targeted ads and content.
A conference attendee from BlueKai noted that the university students probably don't know marketers can target them based on around 5,500 variables -- and soon they will have an icon they can click on to tell them who's hitting them with ads. Milks said the students will likely want the option, but they're not in the mindset where they will change their way, or the information in their profiles and privacy settings -- not until the students make the transition from college to the workplace. Life changes will prompt this generation to clean up their act. The students are the "me" generation living in the "now."
Marketers at the conference told me that when they transitioned from college to the work force, their social profiles changed -- and so did the ads that follow them from Web site to Web site.
The field clinical engineer for cardiac rhythm devices I met on the plane returning from the Summit watches his online profiles and activities closely. He's less concerned about being targeted with ads by marketers than with how his thirst for adventure could prompt insurance agencies to either cancel or raise rates on medical and life insurance, using photos on Facebook or LinkedIn as evidence. Interesting.
by Laurie Sullivan , Wednesday, April 21, 2010
The Internet has accelerated "generation numbness" -- some kids today aren't concerned about the type of information they post to the Internet because they think the search engines of tomorrow should know how they feel today. The information helps marketers target them with ads. It doesn't get much more personal than that.
Last week at MediaPost's Search Insider Summit in Captiva, Fla.,Jen Milks and Michelle Prieb, project managers at Ball State University, shared insights on how a handful of kids would redesign Google given the chance. The group discussed behaviorally targeted ads during the end of the session.
Milks and Prieb said the students embrace who they are, so it's okay if marketers want to target the "influencers" with ads based on the information they give in profiles. When social meets search, people will have more options to rate the ad to make "it go away." The students want social results, marketing ads and content in search results. It seems almost as if the students want to build a relationship with search engines and brands based on behaviorally targeted ads and content.
A conference attendee from BlueKai noted that the university students probably don't know marketers can target them based on around 5,500 variables -- and soon they will have an icon they can click on to tell them who's hitting them with ads. Milks said the students will likely want the option, but they're not in the mindset where they will change their way, or the information in their profiles and privacy settings -- not until the students make the transition from college to the workplace. Life changes will prompt this generation to clean up their act. The students are the "me" generation living in the "now."
Marketers at the conference told me that when they transitioned from college to the work force, their social profiles changed -- and so did the ads that follow them from Web site to Web site.
The field clinical engineer for cardiac rhythm devices I met on the plane returning from the Summit watches his online profiles and activities closely. He's less concerned about being targeted with ads by marketers than with how his thirst for adventure could prompt insurance agencies to either cancel or raise rates on medical and life insurance, using photos on Facebook or LinkedIn as evidence. Interesting.
Borrell Forecasts Big Mobile Growth
From Media Daily News.
by Erik Sass, Friday, April 16, 2010, 5:49 PM
After years of showing great promise but disappointing growth, mobile marketing is poised for explosive growth over the next four years, according to a new report from Borrell Associates titled "Local Mobile Advertising & Promotions Forecast."
This huge growth -- equaling the high double-digit percentage increases in the early days of the Internet -- will be driven largely by local mobile coupons, Borrell predicts. However, mobile advertising will also play a big role.
Part one of the four-part Borrell series, titled "Mobile Coupons Set to Cash In," sees mobile coupons growing from $2.7 billion in 2009 to $57 billion in 2014, for a cumulative annualized growth rate of 84% per year.
That's compared to a CAGR of 13% for online marketing in general, which Borrell pegs at about $80 billion in 2014. Mobile advertising will grow from a mere $285 million in 2009 to $11.3 billion by 2014 -- increasing from about a tenth of total mobile spending to about a fifth.
This growth will be enabled by the high penetration of mobile technology, with about 80% of the U.S. population owning a mobile device, including 31% who own a smartphone.
Borrell notes that the mobile market will grow at the expense of established channels like direct marketing and the Yellow Pages -- but also the Internet, its direct precursor and main competitor in the digital realm.
While marketers have long touted the potential of the mobile channel, it has noticeably failed to live up to bold predictions made earlier this decade, with relatively modest growth in spending on mobile advertising and marketing in the U.S. compared to Europe and Asia. Mobile ad spending in Japan alone was estimated to be $1.14 billion in 2009 -- four times greater than for the U.S.
by Erik Sass, Friday, April 16, 2010, 5:49 PM
After years of showing great promise but disappointing growth, mobile marketing is poised for explosive growth over the next four years, according to a new report from Borrell Associates titled "Local Mobile Advertising & Promotions Forecast."
This huge growth -- equaling the high double-digit percentage increases in the early days of the Internet -- will be driven largely by local mobile coupons, Borrell predicts. However, mobile advertising will also play a big role.
Part one of the four-part Borrell series, titled "Mobile Coupons Set to Cash In," sees mobile coupons growing from $2.7 billion in 2009 to $57 billion in 2014, for a cumulative annualized growth rate of 84% per year.
That's compared to a CAGR of 13% for online marketing in general, which Borrell pegs at about $80 billion in 2014. Mobile advertising will grow from a mere $285 million in 2009 to $11.3 billion by 2014 -- increasing from about a tenth of total mobile spending to about a fifth.
This growth will be enabled by the high penetration of mobile technology, with about 80% of the U.S. population owning a mobile device, including 31% who own a smartphone.
Borrell notes that the mobile market will grow at the expense of established channels like direct marketing and the Yellow Pages -- but also the Internet, its direct precursor and main competitor in the digital realm.
While marketers have long touted the potential of the mobile channel, it has noticeably failed to live up to bold predictions made earlier this decade, with relatively modest growth in spending on mobile advertising and marketing in the U.S. compared to Europe and Asia. Mobile ad spending in Japan alone was estimated to be $1.14 billion in 2009 -- four times greater than for the U.S.
Stations Outpace Papers In '09 Web Sales
By Staff
TVNewsCheck, Apr 20 2010, 10:40 AM ET
Web sales growth at TV stations outpaced newspapers in 2009 as broadcasters gained ground against their principal in-market competitors and posted an 8.7% share of all local online advertising, according to a Borrell Associates report sponsored by the Television Bureau of Advertising.
Total online ad revenue for stations hit $1.1 billion last year, a 10% increase over the previous year, and the report forecast that revenues would grow another 21% in 2010.
"In a year where the [Interactive Advertising Bureau] reported flat Internet revenues, the performance of local TV stations is quite stunning," said Jack Poor, VP of strategic planning at TVB.
At a TVB press this morning announcing the study, Benchmarking: TV Web Sites Defy Gravity, Borrell Associates CEO Gordon Borrell, CEO attributed the stations' healthy growth to their putting more resources into their interactive efforts. Most of those resources went into the technology underlying the websites and their ad servers and in the hiring and training of dedicated sales people, he said.
The content of the stations' websites showed some slight improvement, he said. However, on the whole, he added, "the sites remain a little more shallow than what you'd find on newspaper sites."
The study examines revenue sources, growth rates, site traffic and other interactive issues and offers benchmarking for stations in large, medium and small markets. The Borrell research tracks interactive advertising for more than 4,400 local websites in the U.S. and Canada through voluntary submission of data.
Borrell also noted that the local online advertising is 15 years old and maturing. He said: "But we're seeing the emergence of a new disrupter: mobile."
According to the report, local mobile advertising surpassed $200 million last year, with TV broadcasters capturing about 12% of the total. "I expect that figure to skyrocket into the billions within two years as the transition from desktops and laptops to hand-held devices takes off," Borrell added.
The top local ad-spending categories, according to the report, continue to be major retailers, car dealers and real estate agents — reflecting the efforts of merchandisers to meet up with consumers who are researching major purchases online.
Local and state governments were also big spenders in 2009 as they bought Internet advertising to educate residents and taxpayers and placed job postings to recruit employees. Health care is another large category, comprising hospitals, outpatient clinics, physicians, and "other" health professionals such as LASIK surgeons, dentists, chiropractors and cosmetic surgeons.
A surge in the use of coupons last year — and an even stronger surge in online couponing — drove other categories such as food stores, pharmacies and restaurants. Sites such as Coupons.com, Groupon, Coolsavings.com, Zip2Save.com, ShopLocal.com and others took hold with consumers.
TV stations' efforts in this area extended mainly to selling half-price gift certificates, typically for restaurants, as well as some experiments in mobile couponing.
This is the fifth year Borrell has conducted the benchmarking report for TVB. This year's report focuses on data submitted by 573 TV stations.
TVNewsCheck, Apr 20 2010, 10:40 AM ET
Web sales growth at TV stations outpaced newspapers in 2009 as broadcasters gained ground against their principal in-market competitors and posted an 8.7% share of all local online advertising, according to a Borrell Associates report sponsored by the Television Bureau of Advertising.
Total online ad revenue for stations hit $1.1 billion last year, a 10% increase over the previous year, and the report forecast that revenues would grow another 21% in 2010.
"In a year where the [Interactive Advertising Bureau] reported flat Internet revenues, the performance of local TV stations is quite stunning," said Jack Poor, VP of strategic planning at TVB.
At a TVB press this morning announcing the study, Benchmarking: TV Web Sites Defy Gravity, Borrell Associates CEO Gordon Borrell, CEO attributed the stations' healthy growth to their putting more resources into their interactive efforts. Most of those resources went into the technology underlying the websites and their ad servers and in the hiring and training of dedicated sales people, he said.
The content of the stations' websites showed some slight improvement, he said. However, on the whole, he added, "the sites remain a little more shallow than what you'd find on newspaper sites."
The study examines revenue sources, growth rates, site traffic and other interactive issues and offers benchmarking for stations in large, medium and small markets. The Borrell research tracks interactive advertising for more than 4,400 local websites in the U.S. and Canada through voluntary submission of data.
Borrell also noted that the local online advertising is 15 years old and maturing. He said: "But we're seeing the emergence of a new disrupter: mobile."
According to the report, local mobile advertising surpassed $200 million last year, with TV broadcasters capturing about 12% of the total. "I expect that figure to skyrocket into the billions within two years as the transition from desktops and laptops to hand-held devices takes off," Borrell added.
The top local ad-spending categories, according to the report, continue to be major retailers, car dealers and real estate agents — reflecting the efforts of merchandisers to meet up with consumers who are researching major purchases online.
Local and state governments were also big spenders in 2009 as they bought Internet advertising to educate residents and taxpayers and placed job postings to recruit employees. Health care is another large category, comprising hospitals, outpatient clinics, physicians, and "other" health professionals such as LASIK surgeons, dentists, chiropractors and cosmetic surgeons.
A surge in the use of coupons last year — and an even stronger surge in online couponing — drove other categories such as food stores, pharmacies and restaurants. Sites such as Coupons.com, Groupon, Coolsavings.com, Zip2Save.com, ShopLocal.com and others took hold with consumers.
TV stations' efforts in this area extended mainly to selling half-price gift certificates, typically for restaurants, as well as some experiments in mobile couponing.
This is the fifth year Borrell has conducted the benchmarking report for TVB. This year's report focuses on data submitted by 573 TV stations.
Tuesday, April 13, 2010
Guess What? Men Shop, Too! And Retailers are Paying Attention
OK...we all agree that local-direct business is a great savior for the TV ad sales industry as well as radio....I myself made alot of money at it when I was in the street. One of my favorite categories was the men's and women's apparel industry. Well...now it's time to make a call on local menswear stores in your DMA because menswear sales seem to be leading a trend in a recovering economy. Annnnd, if you can write copy for a clothing store...it makes the effort even more fun besides the increased comission. GO GET EM!! Dr Philip Jay
From Apr 2010 Merchandising Magazine | By Susan Reda
In an industry obsessed with the wants and needs of women, men have been an afterthought among retail and marketing executives for as long as many can remember.
Not anymore. Men are paying more attention to their wardrobes. They’re spending more time shopping for themselves, and they’re showing an increased interest in personal grooming products. And, make no mistake, retailers, manufacturers and marketing executives have finally gotten the message.
Evidence that the gender gap has begun to narrow is piling up. Nowhere was this more apparent than the ads that ran during the Super Bowl. Dockers’ “Men Without Pants” commercial captured guys’ attention with the closing tagline, “Calling all men: It’s time to wear the pants.” Then, there was Unilever promoting its new Dove Men+Care, the first “for-men” product from the well-known brand. “Now that you are comfortable with who you are, isn’t it time for comfortable skin?” the announcer intoned.
On the retail front, French luxury brand Hermes opened its first men’s-only store on Manhattan’s Madison Avenue earlier this year. Coach will debut its first boutique for men next month in Greenwich Village; Ralph Lauren is transforming its Rhinelander Mansion location on Madison Avenue into a men’s store set to open this fall; and J.Crew has signed a lease for its fourth men’s-only store in the New York area.
Though it may appear that only men living in the tri-state area have boosted their spending on apparel and personal grooming products, various surveys confirm that the trend is taking root from coast to coast. About 75 percent of men shopped for themselves last year, compared with just 52 percent in 1995, according to research compiled by The NPD Group. Based on projections from its consumer panelist data, NPD is reporting men’s apparel sales totaled just over $51 billion for the 12 months ending December 2009.
While sales at most specialty retail chains took it on the chin in 2009, men’s apparel proved to be more resilient than women’s. The trend held true for retailers catering to the teen and 20-something set, as well.
The figures are also downright handsome in the personal care arena. According to the Packaged Facts report “Men’s Grooming Products: A Global Analysis,” the men’s grooming industry is already valued at $19.7 billion worldwide, and is expected to grow nearly 40 percent (to $28 billion) by 2014. And 2010 is expected to be the biggest year ever for product launches aimed at manly men.
Wake-up call
So what’s the deal? Did men just wake up one morning and decide it was time to clean up their act and assert their fashion sensibilities? Not exactly.
“It’s been a slow, steady build over the last eight to 10 years,” says Marshal Cohen, chief industry analyst for The NPD Group. He points out that retail companies began taking a closer look at the men’s business just prior to the recession because it was posting better growth rates than women’s apparel. Everyone pulled back on spending once the recession hit, but the men’s segment has proven to be more resilient.
“The bottom line is that it looked more appealing because it was a little less recession-reactive,” Cohen says. “Retailers are always looking for new possibilities to grow their business. When it comes down to it, they have a choice – expand in the women’s market, expand in men’s or shift the emphasis to kids. The women’s business is saturated, and many of them tried the kids’ market just a few years ago and that flopped. So now we’re seeing a surge in companies focusing on becoming male-centric for growth.”
C. Britt Beemer, CEO and founder of America’s Research Group, says a lot of men “deferred buying in the face of the recession. Now they’re starting to wade back in.”
From Apr 2010 Merchandising Magazine | By Susan Reda
In an industry obsessed with the wants and needs of women, men have been an afterthought among retail and marketing executives for as long as many can remember.
Not anymore. Men are paying more attention to their wardrobes. They’re spending more time shopping for themselves, and they’re showing an increased interest in personal grooming products. And, make no mistake, retailers, manufacturers and marketing executives have finally gotten the message.
Evidence that the gender gap has begun to narrow is piling up. Nowhere was this more apparent than the ads that ran during the Super Bowl. Dockers’ “Men Without Pants” commercial captured guys’ attention with the closing tagline, “Calling all men: It’s time to wear the pants.” Then, there was Unilever promoting its new Dove Men+Care, the first “for-men” product from the well-known brand. “Now that you are comfortable with who you are, isn’t it time for comfortable skin?” the announcer intoned.
On the retail front, French luxury brand Hermes opened its first men’s-only store on Manhattan’s Madison Avenue earlier this year. Coach will debut its first boutique for men next month in Greenwich Village; Ralph Lauren is transforming its Rhinelander Mansion location on Madison Avenue into a men’s store set to open this fall; and J.Crew has signed a lease for its fourth men’s-only store in the New York area.
Though it may appear that only men living in the tri-state area have boosted their spending on apparel and personal grooming products, various surveys confirm that the trend is taking root from coast to coast. About 75 percent of men shopped for themselves last year, compared with just 52 percent in 1995, according to research compiled by The NPD Group. Based on projections from its consumer panelist data, NPD is reporting men’s apparel sales totaled just over $51 billion for the 12 months ending December 2009.
While sales at most specialty retail chains took it on the chin in 2009, men’s apparel proved to be more resilient than women’s. The trend held true for retailers catering to the teen and 20-something set, as well.
The figures are also downright handsome in the personal care arena. According to the Packaged Facts report “Men’s Grooming Products: A Global Analysis,” the men’s grooming industry is already valued at $19.7 billion worldwide, and is expected to grow nearly 40 percent (to $28 billion) by 2014. And 2010 is expected to be the biggest year ever for product launches aimed at manly men.
Wake-up call
So what’s the deal? Did men just wake up one morning and decide it was time to clean up their act and assert their fashion sensibilities? Not exactly.
“It’s been a slow, steady build over the last eight to 10 years,” says Marshal Cohen, chief industry analyst for The NPD Group. He points out that retail companies began taking a closer look at the men’s business just prior to the recession because it was posting better growth rates than women’s apparel. Everyone pulled back on spending once the recession hit, but the men’s segment has proven to be more resilient.
“The bottom line is that it looked more appealing because it was a little less recession-reactive,” Cohen says. “Retailers are always looking for new possibilities to grow their business. When it comes down to it, they have a choice – expand in the women’s market, expand in men’s or shift the emphasis to kids. The women’s business is saturated, and many of them tried the kids’ market just a few years ago and that flopped. So now we’re seeing a surge in companies focusing on becoming male-centric for growth.”
C. Britt Beemer, CEO and founder of America’s Research Group, says a lot of men “deferred buying in the face of the recession. Now they’re starting to wade back in.”
Getting News And Sales To Coexist
By Andrew Krukowski
TVNewsCheck, Apr 13 2010, 11:15 AM ET
Just as the daily conversations between the sales and news departments push and pull against one another, participants during the NAB Show's "Stepping Up News, Stepping Up Revenue" panel verbally jostled with one another to figure out the ethical grey area of news advertising.
Moderators Louis Wall, president of Sagamore Hill Broadcasting, and Tom Bier, station manager of WISC Madison, Wis., led an open-forum discussion of the foibles of having sales and news departments occasionally stepping on one another's toes as they either sell ads or cover news.
"It's a process," Wall said, talking about the ebb and flow of both departments. "It's a give and take process."
Wall said news and sales people are very similar, in that they are driven and try to do the right thing.
"Whether we like it or not, [broadcast news] is a business. The goal is to make money," said Steve Schwaid, director of news and digital content with Atlanta's CBS affiliate, WGCL.
Schwaid added, however, that news people should be able to tell when an advertising opportunity is erring on the side of ethically incorrect.
"The line is always moving. The issue is: Are you comfortable with it? What does your gut say? If your gut says, ‘This is wrong, this is bad,' then it probably is."
Viewers are also quick to pick up on curious advertising decisions, as well.
In a 2006 RTNDA study, 35% of viewer responses said they believe businesses and advertisers have "a lot of influence" on what is seen on the local news. In contrast, 7.2% of news directors surveyed said businesses have "a lot of influence."
Try as they might, sales and news departments have to deal with one another in order to run a financially successful station. Some attendees groused about the idea of forcing sponsorships on sports or traffic coverage, while others suggested embracing the discussion of what will work best for the station as a whole.
Scott Heath, general sales manager of San Diego's KSWB, said sales and news departments need to have an organic conversation with one another.
He said his station overhauled its news 20 months ago, and the changes made have made the product look bigger and better. Some of the changes included adding a giant canvas map for weather, detailed with logos from local businesses.
The question news and sales must ask themselves, Heath said, is "what is it we want to create together?"
TVNewsCheck, Apr 13 2010, 11:15 AM ET
Just as the daily conversations between the sales and news departments push and pull against one another, participants during the NAB Show's "Stepping Up News, Stepping Up Revenue" panel verbally jostled with one another to figure out the ethical grey area of news advertising.
Moderators Louis Wall, president of Sagamore Hill Broadcasting, and Tom Bier, station manager of WISC Madison, Wis., led an open-forum discussion of the foibles of having sales and news departments occasionally stepping on one another's toes as they either sell ads or cover news.
"It's a process," Wall said, talking about the ebb and flow of both departments. "It's a give and take process."
Wall said news and sales people are very similar, in that they are driven and try to do the right thing.
"Whether we like it or not, [broadcast news] is a business. The goal is to make money," said Steve Schwaid, director of news and digital content with Atlanta's CBS affiliate, WGCL.
Schwaid added, however, that news people should be able to tell when an advertising opportunity is erring on the side of ethically incorrect.
"The line is always moving. The issue is: Are you comfortable with it? What does your gut say? If your gut says, ‘This is wrong, this is bad,' then it probably is."
Viewers are also quick to pick up on curious advertising decisions, as well.
In a 2006 RTNDA study, 35% of viewer responses said they believe businesses and advertisers have "a lot of influence" on what is seen on the local news. In contrast, 7.2% of news directors surveyed said businesses have "a lot of influence."
Try as they might, sales and news departments have to deal with one another in order to run a financially successful station. Some attendees groused about the idea of forcing sponsorships on sports or traffic coverage, while others suggested embracing the discussion of what will work best for the station as a whole.
Scott Heath, general sales manager of San Diego's KSWB, said sales and news departments need to have an organic conversation with one another.
He said his station overhauled its news 20 months ago, and the changes made have made the product look bigger and better. Some of the changes included adding a giant canvas map for weather, detailed with logos from local businesses.
The question news and sales must ask themselves, Heath said, is "what is it we want to create together?"
TV Tops Revised Magna Ad Forecast
By Staff
TVNewsCheck, Apr 13 2010, 3:11 PM ET
Magna today issued a new U.S. Media Advertising Revenue Forecast, updated from the company's quarterly report in January.
In total, Magna said, it expects media suppliers to generate $164.5 billion dollars of advertising revenue during 2010.
On the back of continued improvements in the economy and an increased likelihood of sustained growth in the near-term, it forecasts that excluding political and Olympic advertising on TV, on a normalized basis the U.S. advertising economy will grow by 1.6% during 2010, ahead of its prior forecast of flat year-to-year growth.
Including political and Olympic advertising, it expects 3% total industry growth for 2010.
It said that "as expectations for the broader economy have improved over an extended time-frame as well, we are increasing our long-term forecasts, and now expect growth to average 3.5% between 2010 and 2015, up from +2.3% previously.
"Among the various sectors, television remains the largest advertising platform in the United States, generating $56 billion in total advertising revenues during 2010.
"Online advertising will once again prove to be the fastest growing medium during 2010, with paid search alone rising 16.8%.
"Local media is generally likely to perform better than we had previously forecast as well."
TVNewsCheck, Apr 13 2010, 3:11 PM ET
Magna today issued a new U.S. Media Advertising Revenue Forecast, updated from the company's quarterly report in January.
In total, Magna said, it expects media suppliers to generate $164.5 billion dollars of advertising revenue during 2010.
On the back of continued improvements in the economy and an increased likelihood of sustained growth in the near-term, it forecasts that excluding political and Olympic advertising on TV, on a normalized basis the U.S. advertising economy will grow by 1.6% during 2010, ahead of its prior forecast of flat year-to-year growth.
Including political and Olympic advertising, it expects 3% total industry growth for 2010.
It said that "as expectations for the broader economy have improved over an extended time-frame as well, we are increasing our long-term forecasts, and now expect growth to average 3.5% between 2010 and 2015, up from +2.3% previously.
"Among the various sectors, television remains the largest advertising platform in the United States, generating $56 billion in total advertising revenues during 2010.
"Online advertising will once again prove to be the fastest growing medium during 2010, with paid search alone rising 16.8%.
"Local media is generally likely to perform better than we had previously forecast as well."
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