While we were in New York, Jeff Hamill discussed the thriving advertising market associated with magazines. His clients are typically monoliths of the fashion and beauty industry that can afford to spend hundreds of thousands of dollars on glossy full page ads in magazines like Cosmopolitan, Seventeen, and Marie Claire. As you can imagine, businesses in Lexington, Virginia advertise a little differently.
As part of our market research, our team went to multiple businesses to gauge their interest in advertising in Valley Dish. Even though the response was overwhelmingly positive, it was rare to find a business that actually had an allocated advertising budget. Word of mouth seemed to be the most important and common way that local businesses advertise. However, many of the people we talked to indicated that they intend to begin utilizing social media.
Some of the business owners interviewed us just as much as we interviewed them. As we began to delve into more specifics about advertising, several of our subjects wanted to talk to us about how we as their target audience would respond to a social media presence. We told them that using social media would likely be the quickest way to reach young people and promote their businesses. This spurred a discussion within our group about the future of advertising — will the cost-effectiveness and immediacy of social media allow it someday to completely overtake print advertising? Considering the catastrophic effects this would have on the magazine industry, lets hope for the sake of our future careers that this is never the case.
— Allison Smith