Advertising is an essential part of a solid marketing strategy, and since marketing is about building trust, you should give advertising the same attention. And sure, you already invest in digital ads, but are you still advertising in newspapers and magazines, and is print advertising still viable for real estate?
Global Ad Spend Statistics
According to Statista, this year, global advertising spending in the print advertising segment is expected to reach $50.38 billion worldwide, and most of the ad spending will be generated in the United States ($12.37 billion).
Interestingly, also according to Statista, the largest print advertising revenue comes from newspapers, with a global market volume of US$35.59 billion in 2022. However, newspaper advertising space revenue in the United States have not exceeded US$15 billion since 2015.
But while newspapers are losing readers and advertising revenue, magazines are gaining readers. In 2020, there were 221.9 million magazine readers aged 18 or older in the United States, down six million readers from 2019, primarily due to lockdowns imposed by the COVID-19 pandemic. 19.
The following infographic from Finances Oline offers more information and figures to consider:
Print ads are trustworthy and memorable.
While it’s true that print ads are more memorable than digital ads, the latest statistics regarding their effectiveness are from 2017. At the time, MarketingSherpa reported that four in five Americans (82%) trusted print ads (newspapers , magazines), while 80% trust TV ads. Five years later, we cannot rely on the same numbers in a rapidly changing digital age. Additionally, Nielsen doesn’t even include newspapers and magazines in The Nielsen Total Audience Report: Advertising Across Today’s Media in 2020.
The Nielsen Total Audience Report: Advertising Across Today’s Media does not include print advertising.
Some sources predict that print media is in decline; however, Reportlinker.com’s “Print Media Global Market Report 2022” shows other numbers: the global print media market is expected to grow from US$305.44 billion in 2021 to US$320.07 billion in 2022 , and US$366.73 billion by 2026. that these forecasts refer to print media as a whole, including books, periodicals, calendars, greeting cards, cards, brochures, flyers, etc.
The largest advertising sector in the world is digital, with total ad spend of $455 billion in 2021 and expected to top $645 billion in 2024. Additionally, TV and radio will grow by $160 billion in 2021 to $177 billion in 2024.
Historically, TV ads were always outrageously expensive, and it makes more sense to spend on digital video ads than TV clips. However, radio is the only traditional medium that will grow in 2024, rebounding from a pandemic-caused decline in 2020. Statista forecasts global advertising spending for radio ads of around $30 billion in 2024.
Meanwhile, print media remains the most underutilized advertising medium, with newspaper advertising expected to fall to US$25.8 billion by 2024 from US$29.5 billion in 2021 and newspaper ads. magazines at US$15 billion in 2024 versus US$17 billion in 2021, respectively.
Does print advertising make sense when local newspapers disappear?
However, the statistics only show how much advertisers are willing to invest in each medium. Of course, digital ads will attract more ad spend and revenue because they are cheaper and have a wider reach. And while print advertising is the only form of traditional media in serious decline, its value to real estate remains because of the nature of the business: catering to local buyers.
However, here is the fine print: local newspapers are dying:
“Over the past 15 years, the United States has lost 2,100 newspapers, leaving at least 1,800 communities that had a local media outlet in 2004 without any start to 2020,” reported Penelope Muse Abernathy, Knight Professor of Journalism and Economics. digital media. at the Hussman School of Journalism and Media. “Half of newspaper readers and journalists have also disappeared in the past 15 years. Many of the country’s 6,700 surviving newspapers have become “ghost newspapers” – mere shells of themselves, with greatly reduced newsrooms and readership. The loss of both journalists and circulation speaks to the waning influence of local newspapers and raises questions about their long-term financial viability in the digital age,” she added.
The news landscape in 2020: transformed and diminished
If local newspapers haven’t shut down due to the pandemic in the area where you do your real estate business, investing in print ads makes sense.
Yet consider that in February 2022, only 12% of Americans used newspapers as their daily news source. Can you estimate how many people read the local newspaper? Additionally, with so much information online, many people now access news on the go, on smartphones or tablets.
In this landscape, it doesn’t matter that printed materials require 21% less cognitive effort to process because they stimulate both sight and touch – a statistic derived from a 2009 neuroscientific study by Millward Brown. What matters is that there is nothing left to touch.
Print advertising has never ceased to be important for real estate. Ideally, a smart advertising strategy in this industry should include digital and print ads in a local newspaper (or magazine) – if your local paper is still circulating. However, it would be better to consider reducing your budget for print ads in newspapers and magazines and investing more in print marketing. So invest in brochures and flyers, business cards and display boards if you must have something in print.