Years ago we coined the term “fragflation,” the combination of fragmentation and inflation in the world of advertising media. When the audience for any given media vehicle gets smaller,  while the costs of reaching that audience continue to rise, fragflation is the result. And like it’s cousin stagflation (the combination of high unemployment and high inflation), fragflation can do a lot of damage in a short period of time.

Here’s a current example. When Jay Leno signed off on his last Tonight Show in May, he achieved an 8.8 rating in Nielsen metered markets. That was the show’s best Friday night rating in the 17 years Leno spent behind that famous desk. By contrast, when Johnny Carson said his goodbyes in 1992, he achieved a 31.9 rating in metered markets.

From 31.9 to 8.8 in 17 years. That’s a significant decline, and unfortunately it’s the rule, not the exception. If it feels like you’re getting less for your advertising dollar than you used to, it’s because you are. Which puts all the more of a premium on strategy and creativity.

Make sure you’re maximizing both. You can’t afford anything less.