We all recognize that the advertising landscape is evolving rapidly. Digital ad spending is projected to represent over three quarters of total ad spending by 2028 according to PwC MarketingCharts 2024. With digital ads dramatically transforming the entire field of advertising, you might be asking, “What should I be spending ad dollars on right now? Social Media? Search? Something new?”
The question is real. There seem to be new technology and ad platforms every day, and these changes certainly complicate media plans that now have more options but not more budget. While Broadway advertising might not align perfectly with other sectors (like consumer-packaged goods, for example), there are things to be learned from looking outside of the Broadway space.
The Coca-Cola Company offers an interesting model for advertising in our current time of digital transformation. According to McKinsey & Company, Coca-Cola organizes its marketing budget according to a 70 / 20 / 10 rule. It breaks the ad budget down like this:
