Robert Marich of Broadcasting & Cable points out that while viewers are increasing for CNBC and Fox Business Network, advertising remains on the sidelines for now.
Marich writes, “That’s because the news is so unsettling and because some financial advertisers themselves—Bear Stearns, Lehman Brothers and Washington Mutual—have collapsed.
“‘We won’t push a [financial services] client there simply because the ratings are higher,’ says Carrie Drinkwater, senior VP/director of national broadcast at media buyer MPG. ‘The environment and relevancy aren’t right.’
“Drinkwater and others say it is key that ad messages during unnerving drops in the stock market address consumer concerns of the moment—such as demonstrating an institution’s solvency and offering safe-haven investment alternatives for troubled times. The standard plan-for-your-retirement financial commercials seem irrelevant or irritating to viewers watching their investment strategies unravel.
“Fox Business Network VP of Ad Sales John McCann points out that while some advertisers are sidelined, others not embroiled in bad news have increased spending, including AXA Financial, Lending Tree, Raymond James and Zurich Financial. On some spots, there is now new emphasis on an institution’s safe investments.”
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