CMOs shifting from TV to Web

BrandWeek had a nice article this week on the accelerating shift from spending on TV to investing in websites. A quote from BestBuy’s CMO was indicative of why. “We look at Bestbuy.com as the first proof point of the brand and if we’re not doing a good job there then we’re not going to get [consumers] to come to the stores.”

Based on resource allocation models that we’ve developed, there is a simple summary of what is happening. Marketers are prioritizing converting in-market buyers ahead of building brand familiarity for future purchases. Given the current economic conditions, I believe this shift is prudent.

There are three key Web-related activities that all marketers should be focused on right now:

1. View Web content as media: With the right assets on your site and others’ sites, you can drive incremental traffic cost-effectively. Don’t let your current budgeting system inhibit your flexibility to do this now!

2. Optimize your entry points: Landing pages should be built, tested and optimized to aid conversion of your paid media, especially your PPC campaigns. This can drive immediate benefit in improving your ROAS (Return on Advertising Spend).

3. Incorporate customer feedback on your site: Candid feedback in the form of ratings, reviews and comments can be extremely valuable in getting potential buyers to act. Buyers trust their peers more than they do you. While there are some risks, the rewards appear to be most compelling.

If the case for more Web and less TV is so strong, and leading marketers are making the shift, why are others slow to capitalize on this beneficial shift?