Digital, Television, Audio, Print and Cross-Platform
Charles Warner, William Lederer, Brian Moroz
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Media Selling
Digital, Television, Audio, Print and Cross-Platform
Charles Warner, William Lederer, Brian Moroz
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About This Book
The must-have resource for media selling in today's technology-driven environment
The revised and updated fifth edition of Media Selling is an essential guide to our technology-driven, programmatic, micro-targeted, mobile, multi-channel media ecosystem. Today, digital advertising has surpassed television as the number-one ad investment platform, and Google and Facebook dominate the digital advertising marketplace. The authors highlight the new sales processes and approaches that will give media salespeople a leg up on the competition in our post-Internet media era.
The book explores the automated programmatic buying and selling of digital ad inventory that is disrupting both media buyers and media salespeople. In addition to information on disruptive technologies in media sales, the book explores sales ethics, communication theory and listening, emotional intelligence, creating value, the principles of persuasion, sales stage management guides, and sample in-person, phone, and email sales scripts. Media Selling offers media sellers a customer-first and problem-solving sales approach. The updated fifth edition:
Contains insight from digital experts into how 82.5% of digital ad inventory is bought and sold programmatically
Reveals how to conduct research on Google Analytics
Identifies how media salespeople can offer cross-platform and multi-channel solutions to prospects' advertising and marketing challenge
Includes insights into selling and distribution of podcasts
Includes links to downloadable case studies, presentations, and planners on the Media Selling website
Includes an extensive Glossary of Digital Advertising terms
Written for students in communications, radio-TV, and mass communication, Media Selling is the classic work in the field. The updated edition provides an indispensable tool for learning, training, and mastering sales techniques for digital media.
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Anyone taking a moment to ponder the $2 trillion marketing and advertising sector of the economy âcanât avoid the inescapable truth that capitalism could not exist without marketing,â Ken Auletta writes in Frenemies: The Epic Disruption of the Ad Business (and Everything Else).1 The marketing process is vital to the vigor of the American economy, and the media are integral elements in that marketing process and, thus, to the economyâs health and stability. Consumer demand is what drives the economy, and it is marketing that fuels demand. Advertising is a major component of marketing, and it is through the media that consumers and businesses receive advertising messages about products and services. Also, âin the United States each dollar spent in advertising alone spawned nineteen dollars in sales and supported sixtyâseven jobs across many industriesâŚâ2
Furthermore, advertising keeps a brand healthy and growing in a highly competitive marketplace. In a March 4, 2019 issue of Ad Age an article titled âThe end of austerityâ detailed how âThe stunning tumble of Kraft Heinz has caused pain for investors ⌠after Kraft Heinz took a $15.4 billion writeâdown of its assets.â3 The article goes on to report how Kraft Heinz owner, Brazilian investment firm 3G, went into a costâcutting mode and used a zeroâbased budgeting process to cut advertising investments drastically. After the Kraft Heinz huge writeâdown on assets, a JP Morgan analyst said, âInvestors for years have asked if 3Gâs extreme beltâtightening model ultimately would result in brand equity erosion.â4 So not only is advertising a major element in the fuel that drives consumer demand, lack of sufficient advertising investment can stunt a brandâs growth.
If any one of the three elements (marketing, advertising, and the media) is not healthy, the other two cannot thrive. This chapter will examine the ecosystemâlike interdependent relationships among marketing, advertising, and the media and how the Internet disrupted that ecosystem.
What Is Marketing?
In his influential book, The Practice of Management, Peter Drucker, âthe Father of Modern Management,â presented and answered a series of simple, straightforward questions. He asked, âWhat is a business?â The most common answer, âAn organization to make a profit,â is not only false, but it is also irrelevant to Drucker. âThere is only one valid definition of business purpose: to create a customer,â Drucker wrote.
Drucker pointed out that businesses create markets for products and services: âThere may have been no want at all until business action created it â by advertising, by salesmanship, or by inventing something new. In every case it is a business action that creates a customer.â Furthermore, he said, âWhat a business thinks it produces is not of first importance â especially not to the future of the business and to its success.â âWhat the customer thinks he is buying, what he considers âvalue,â is decisive â it determines what a business is, what it produces and whether it will prosper.â Finally, Drucker said, âBecause it is its purpose to create a customer, any business enterprise has two â and only these two â basic functions: marketing and innovation.â5
Notice that Drucker did not mention production, suppliers, or distribution, but only customers. That is what marketing is â a customerâfocused business approach.
A productionâfocused business first produces goods and then tries to sell them. In the book Marketing 3.0: From Products to Customers to Human Spirit, Philip Kotler and his two coâauthors refer to a productâfocused approach as Marketing 1.0.6 A customerâfocused business approach produces goods or services that it knows will sell based on market research and data that reveal customersâ aspirations, wants, needs, tastes, and preferences. In Marketing 4.0: Moving from Traditional to Digital, Kotler, who is often referred to as âthe father of modern marketing,â and his coâauthors refer to a customerâfocused approach as Marketing 2.0.7 In Chapter 15: Marketing and Chapter 16: Advertising, you will learn more about how marketing has further changed from Marketing 1.0 (product focused), to Marketing 2.0 (customer focused), to Marketing 3.0 (human centricity), and to Marketing 4.0 (customer collaboration), but for now, we will concentrate on customerâfocused Marketing 2.0.
Another leading theorist, former Harvard Business School Professor Theodore Levitt, wrote an article in 1960 titled âMarketing myopiaâ that is perhaps the most influential single article on marketing ever published. Levitt claims that the railroads went out of business ânot because the need [for passenger and freight transportation] was filled by others ⌠but because it was not filled by the railroads themselves. They let others take customers away from them because they assumed themselves to be in the railroad business rather than in the transportation business.â8 In other words, the railroads failed because they did not know how to create and keep customers; they were not marketingâoriented. Where would makers of buggy whips be today if they had decided they were in the vehicle acceleration business or in the transportation accessory business instead of being in the buggy whip business?
As a result of the customerâfocused, marketing approach espoused by Drucker, Levitt and other leading management and marketing theorists, in the 1960s, 1970s, and 1980s many companies asked themselves the question, âWhat business are we in?â and subsequently changed their direction to focus more on marketing and customers rather than on products. After the Internet became widely adopted by consumers in the late 1990s, entrepreneurs such as Larry Page and Sergey Brin (Google), Mark Zuckerberg (Facebook), and Jeff Bezos (Amazon) asked âWhat business do our customers want us to be in?â. Existing businesses that survived after the Internet disruption had a heightened sensitivity to customers and changed the oldâfashioned outlook of, âLetâs produce this product because weâve discovered how to make it.â The Internet opened the door to a new digital age in human history, and from a business perspective, successful businesses and entrepreneurs in the digital age put the preferences, wants, and needs of customers and consumers first as these customerâfirst businesses shot past traditional companies in market value.
In todayâs digitalâage economy consumers rule because the availability of information on the web has switched the information asymmetry that existed in favor of marketers prior to the Internet to be in favor of consumers in the postâInternet, digital era. Before the Internet and search, someone who wanted to buy a car had to depend on car dealers and their salespeople to provide information about a carâs features, benefits, condition, and price. The information asymmetry favored the salesperson.
Today, consumers can search for the information about the make, model, features, benefits, condition, and price of a car on the Internet and can be armed with thorough information before walking into a dealership, often with more information than a dealer salesperson has. Therefore the information asymmetry has switched to the consumer in the digital era. Any company that does not recognize that customers now rule an...