Uncategorized

Making Cents of our Blog

Our blog centered around the relationship of economy and media. As media surrounds our daily lives, as does money, we “made cents of the media” in very distinct categories. Our topics of advertising, music, social media, sports, and wall street took different perspectives on economy and media that was relevant and hopefully as interesting to our audience as it was to us.

Sam: Advertising and Commercial Media

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When our group was assigned “economy”, I was initially worried that it would be a bland subject I have no interest in. However, focusing on advertising was anything but bland. I had fun learning about the layers of advertising beyond just what I see on TV or magazines or Billboards. I know my first post was excessive but it is very representative of the excitement with which I left into this subject with. It was cool to apply concepts like the digital lifestyle or branding from class to things that I see everyday. It definitely helped me to improve my media literacy and excited me to learn more about the world of advertising.

Sophie: Music Economics

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Since music is the one form of media that every American has access to, it is a huge asset to our economy. Over half of the money we spend on music goes towards live events, so it is important to spread the right social messages at these events. I got the opportunity to dive into music streaming controversy and the reasoning behind people’s arguments.  As far as the government goes, I learned about Trump’s budget cuts and the extreme damage they will do to aspiring musicians.

Kate: Social Media

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In today’s society people of all ages are using social media to interact with each other, however usage is most popular among the two youngest generations. Companies of all shapes and sizes are using social media to promote their brands as well as get people interacting with their company. They are taking advantage of the power social media has on society by using it as a tool to reach the public.

·      Social media’s convenience is appealing to its users

·      Companies realize the importance of targeting millenniums when attracting customers

·      Companies are now able to use algorithms in the practice of behavioral targeting

Jordan: Sports Media

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When you think of the economy, you typically think of Wall Street and men in dressed in suits; not athletes wearing their uniforms. Yet, the sports world is an extremely important factor in the United States economy. Sports plays an integral role in media and advertising. Sponsorships, commercials, and television all major factors in the constant economic flow. Some athletes aren’t even paid any money yet millions of dollars is devoted to them, for instance, NCAA basketball players during March Madness. While others receive multi-million dollar contracts like professional baseball players. Interestingly, one of sports biggest media events doesn’t even involve sports at all, like the NFL Draft.

Natalie: Wall Street

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Making Cents of the Media covered a wide variety of topics, media and economics has proved to be a much more encompassing topic then we previously thought. Wall St economics can be hard to relate to our everyday lives but the amount of impact we have on our local and global economy is shocking. What we post and circulate around on our social media reflects larger problems in our society and our greater investors listen. The world of Wall St is not all that far from us as Hollywood seems to make it seem. The wild, and high powered world we’ve come to believe is in total control of our world actually has ears wide open to our voices.

Social Media · Uncategorized

iSpy Something You Wanna Buy

By Kate Lewis

Everyone has that one item they would die to own. Whether it be a car, a pair of shoes, or a picture-perfect house you only ever see in the movies.Unknown We spend hours searching for it on the internet, “pinning” it on our Pinterest page, and possibly even making the bold move and putting it into our shopping carts. However ultimately our self control overcomes us, and we cannot justify the action of pressing “Check Out.”

Not only do we watch as that item stays in our shopping carts, but for the few weeks following our search we see it on the side column of our Facebook page, in an advertisement on a different website, or even receive an email informing us that the item is still in fact in the cart (Like we didn’t know that already?) The internet knows exactly what we want and remembers it because marketers tailor web ads based on their customer’s behavior. This way they are able to know exactly who is interested in their product, and when they are eventually going to press the “check out” button.shopping-cart-abandonment-email-1_copy.png

This is the ultimate promise of behavioral targeting. 82% of internet users over the age 15 use social media, sharing their personal information and habits online. As defined in The Media of Mass Communication by John Vivian, behavioral targeting is using personal information and patterns in activities to match advertisements with potential customers. So all this personal internet trafficking can provide a lot of information. By using sophisticated set of software tools and analytics, algorithms are created that marketers use to their advantage. They can view what their consumers view, research, and exactly how close they come to making a purchase.

Three major components go in to the action of behavioral targeting; tracking and dataSalesDeck20_US_iceberg-e1438724443513-610x475 collection, segmenting a user based on their online behavior, and connecting this data so that advertisements that target this customer based on their interests will show. Behaviroal targeting is so successful because it gives real-time relevance to the consumer.

Marketers, who also carry the title of advertsisers, rely on ad networks to perform the bahvioral targeting. These networks are technology companies that partner with websites in order to access information about visor traffic. Through these websites, “cookies” are dropped on consumers hard drives that keep track of their activity. The websites are also able to collect visitors’ IP addresses. All this together creates a portfoli of a customer, which a company can review and use ot see their like interests and Web surfing habits. Ad Networks sell access to these portfolios to marketers/advertisers.

Behavioral targeting is a cost-effective way of turning browsers into customers.Market research firm eMarketer projected that spenidng on behavior targeting would double to $1 billion in 2008 and hit $3.8 billion by 2011.

Sources:

John Vivian

eMarketer