Jewelry ECOMM Tech
Google Exec To Jewelers: Your Ad Spending Is All Wrong! March 07, 2018 (0 comments)
Scottsdale, AZ — John Wanamaker, the great Philadelphia department store founder, once famously said, “Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.”
Fast-forward more than a century and Jamie Blomquist, agency development manager at Google, can tell you exactly which half it is. Except that jewelers aren’t wasting just half, they’re wasting three-fourths of their advertising money, she says. During a morning presentation at the recent Centurion Scottsdale show, Blomquist—who co-presented the session with Andrea Hill of Hill Management Group—told jewelers bluntly their ad spending ratio is almost the exact opposite of where consumers are spending their time.
“Most jewelers are advertising on print, outdoor, radio, and TV, but most consumers are spending more time on digital,” she told the audience. Jewelers typically spend about 25% of their total ad budgets on digital marketing, with the remaining 75% being spent on traditional media. Consumers, meanwhile, spend about half their time on digital media.
This is especially true of Millennials, she said, but it’s also true across the board.
For the remaining half of consumers’ time, the majority is spent watching TV—and if they’re Millennial consumers in the engagement ring demographic, they’re most likely watching it via streaming services.
“Almost half of adults age 22-45 are watching absolutely no content on traditional TV platforms. Millennials are using streaming services such as YouTube, Netflix, Amazon Prime, and Hulu,” said Blomquist.
Of consumers’ remaining time, about one quarter of it is spent with radio—again, streaming services such as Sirius are a significant part of the mix—and the rest is split between traditional television and outdoor.
