Los Angeles Times is said to have hit a new low recently when it featured Johnny Depp on its front page in a peculiar colorful costume. By selling its coveted front page to Tim Burtons latest flick "Alice in Wonderland", something more than a controversy emerged; the epitome of media woes, especially those of print.
According to the Newspaper Association of America, total print revenues in the US fell nearly 29 percent in 2009, and the trend continues. Media in general, bore the brunt of recession the most, as advertising budgets were cut drastically throughout the world.
Pakistan too could not escape this downturn; as the once booming advertising industry witnessed a steep decline of around 30 percent, according to industry experts.
Yet, as the mood in advertising agencies continued to deteriorate, things picked up quite suddenly in April.
Whether it was the lawn saga unfolding on billboards, new financial products or certain energy drinks, there has been a fresh wave of exuberance all around us.
As the recent T20 cricket series turned into Pakistans "super bowl", tens of millions of rupees were spent on electronic media campaigns. Even the down trodden print media advertisements picked up too, as almost out of nowhere, Pakistani banks also woke up, booking huge ad spaces in nearly all the leading newspapers.
Does this mean that the slowdown is over?
Nay! Pundits call it the "seasonal bubble". Thats because firms tend to spend their advertising budgets cautiously, but when left with excess money at the end of year they spend the money more freely - which is why the local print industry, according to ballpark estimates, saw more than a 10 percent rise in advertising spending during March and April.
If thats the case, shouldn businesses "invest" wisely? Well, this is a debate that has gone on between marketers and the rest of the organization for ages.
Advertising will always be an expense in the financial statements. But in reality it is an investment; it helps build brand equity, creates awareness, loyalty and above all influences purchase decisions (sales).
In slowdown times when everyone cuts advertising budgets (like organizations have), it is easier to break out of the clutter. With discounted rates in media, even a modest budget will ensure maximum visibility for the ad, while an enhanced rate of retention also helps in bringing stability to the brand image.
With the right frequency and concept, a brand can easily gain "top of mind" position in the target market. All this translates into enhanced revenues.
Take for example, latest media campaigns by m-banking service providers. It is hard to believe but just look around, why is "easypaisa" the first thing that comes to mind when banking is discussed everywhere? With 1 million secure transactions worth nearly Rs2 billion this May, Telenor and Tameer Bank are not worried.
In a world wrecked by economic slowdown, advertising is constantly evolving, as value for money is still the "big idea" in many minds.
Hence, when we spot big campaigns in Pakistan today, even when inflation is flirting with double digits, the marketers are essentially trying to grab the right "positioning". Yes! The budgets are not what they once used to be but they still exist and many foresee a promising future.