Move over television. Advertisers now spend more on digital than traditional TV. We’ve been trending this way for years, but the numbers are finally in:
Digital ad spending reached $209 billion worldwide in 2017,
while TV brought in $178 billion, according to research firm Magna.
And the gap is predicted to widen, with digital advertising expected to grow 13 percent in 2018, compared to just 2.5 percent for television.
Once considered the most effective medium, television has suffered from sharp declines in ratings and surging ad prices, driving savvy advertisers to slash TV budgets in favor of more targeted and effective digital campaigns.
With one exception: law firms.
According to a report published by the US Chamber Institute for Legal Reform, television ad spending by lawyers is growing 6X faster than any other industry in America. This is great news … if you’ve got unlimited funds to compete. Top firms spend millions in TV advertising. Shell out less and you risk losing the important “share of voice” battle, resulting in little return on your investment.
For most firms, digital advertising presents a smarter alternative, enabling you to run hyper-focused campaigns that target a specific niche and bring you the clients you want.
Why Digital Advertising is Better than Television
Market to your niche. Not the masses.
TV ads for personal injury lawyers often blare to the unaffected masses, or increasingly to nobody, as most viewers skip commercials. Digital advertising allows you to find and communicate with your niche – be it those who suffer from brain injuries, motorcycle accidents, birth issues – whatever your area of expertise. If you’re not the biggest player in your market, no problem. Targeting a specific niche allows you to be the biggest player in one section of the market, which is critical.
Target the clients you want.
Once you identify your niche, target this group with relevant ads that drive conversions. TV is a poor medium for targeting. Firms love digital because it gives them the ability to target ads based on their own lists of customers. Facebook and LinkedIn allow firms to upload a list of client email addresses and create a list of similar people to target. This strategy can be enhanced by powerful data and analytics technology such as machine learning which enables firms to use millions of data points to target prospects more effectively.
Optimize your campaigns in real time.
Television advertising is about frequency. Run your ad enough and maybe people will notice. But what if they don’t. The flexible nature of digital marketing enables advertisers to evaluate ads in real time and reallocate funds to the most profitable channels, ensuring the best use of your marketing dollars.
Use video more effectively.
Nothing grabs attention like video. But whereas TV uses a “spray and pray” approach to advertising, modern alternatives such as Facebook Live and YouTube enable advertisers to get their videos in front of the right audience. Whether you’re creating ads, webinars or event highlight videos, when you do great video marketing, you're giving people a real-life glimpse into your practice and establishing your authority in the legal industry.
***With today’s connected consumer, digital marketing offers the best way to target your message to the right audience. Partner with an award-winning legal marketing agency that knows how to maximize this opportunity and get you the cases you want. Contact us today to get started!