With any business, the consumer is the driving force in guaranteeing success. We’ve discussed how consumers are the main component in creating, maintaining, and experiencing progress; but where do consumers turn to learn about new products? According to The Nielsen Company, consumers turn to three media categories: paid, earned, and owned advertising.  

“More than half of global respondents (52%) cite TV ads a top source of new-product awareness—the second highest percentage of the 20 sources reviewed—but this has declined 11 percentage points since Nielsen’s 2012 survey. In fact, reliance on seven of the nine “paid media” sources included in the survey stayed flat or declined in the three-year period. The only paid-advertising sources to increase in importance were Internet ads and video sharing websites, which each rose one percentage point.”

Consumers are constantly looking to fill an unmet need, or to resolve a problem throughout the purchasing process. According to The Reighley Group, the 5 stages of the consumer buying process include: Problem Recognition, Information Search, Evaluation of Alternatives, Purchase Decision, and Purchase Post-Purchase Evaluation.

Here’s some interesting facts…

“Generation Z and Millennial respondents use TV and radio to learn about new products at similar rates as Generation X and Baby Boomer respondents, and their reliance on outdoor billboards/posters, public transport ads and ads at public events exceeds that of their older counterparts.”

In order to maintain success, your business model should address and solve all six steps in the consumer buying process. Despite the differing age groups, marketers shouldn't ditch traditional advertising to focus solely on digital advertising. All forms are being used by Gen X, Baby Boomers, and Millennials. Brands have found success in advertising to millennials by adjusting to an overall consumer persona that is personable, relatable, and desirable. Creating a social and memorable experience with a product, while becoming trendy and edgy, is a great example of how Coca Cola is currently marketing to millennials. The “share a coke” campaign has created a social experience and increased social media posting by creating “share worthy” content among their following.

Creating paid, earned, and owned media advertising continues to intertwine and build within one another. Determine your target market, and discover the best way to retain their attention.