“Market is no longer about the stuff you make , it is about the stories you tell.”
Seth Godin
As we dive into the roaring 2020s even further, we can see the evolution of marketing. Decades have passed of tv/radio spots, billboards, and newspaper ads. With the onset of the internet and technological advances over the last few decades, the marketing rebirth has begun. Not only has it begun, it is trending upwards. Below is a chart depicting the projected market sizes for advertising with a view of 2021 vs 2025:
As one can see from this report published from Pwc in July, 2021, internet media market will increase its advertising spend by 30% over the next four years. According to this same article, “The latest estimates predict a 7.4% compound annual growth rate (CAGR) from 2020 through to 2025, at which time the online advertising market in the US is expected to reach $200.3 billion. By 2025, the dollar spend on online advertising is forecast to be nearly 2.5 times that of TV advertising spend…” (US Online and Traditional Media Advertising Outlook, 2021-2025, 2021).
It is clear that the trend for digital marketing continues to grow. Of these specific digital technologies, mobile will continue to grow exponentially. Furthermore, specific strategies will become more popular than before. For example, influencer marketing “will evolve from trend to a common marketing tactic” (Bump 2022). According to this article, 57% of marketing professionals that currently leverage influencer marketing say it’s effective, 46% of them plan to increase their investments in 2022. Additionally,11% say it’s the top ROI-generating trend they’ve tested (Bump 2022).
As aforementioned, mobile marketing will be one of if not thee most important marketing tool and communication path to consumers. Mobile marketing allows marketers to disrupt via text messaging, gaming ads and, through the use of apps such as Facebook and Twitter, social media marketing as well. A third strategy I could see coming, if I had my marketing crystal ball before me, is the use of virtual reality to target consumers, especially younger ones. “…In 2021, 35% of marketers were leveraging AR or VR in their strategies. Of those marketers, 42% plan to increase their investment in 2022. And, of the marketers who didn’t leverage AR or VR in 2021, 9% will experiment with it for the first time in 2022…” (Bump 2022).
By marketing via VR, it can provide the consumer a real-world experience to what life would be like if they were using the product for which we’re marketing. These experiences could be provided at events or through the internet. Providing an experience to a consumer will gain their attention more so than any advertising interruption from their wordle game.
References:
US Online and Traditional Media Advertising Outlook, 2021-2025. July 23 2021. Marketingcharts.com Retrieved from: https://www.marketingcharts.com/featured-117719
Bump, Pamela. 2022. The Marketing Trends of 2022 [New Data]. bloghubspot.com. Retrieved from: https://blog.hubspot.com/marketing/marketing-trends
