Advertising and marketing are always changing. In order to keep up and keep your approach fresh and relevant, it’s important to stay current with the latest developments. Many types of products and advertising that were dominant a couple of decades ago are now barely relevant. With the rapid speed of the media and startup companies emerging each day it's vital to stay on top of the latest Marketing Trends. Let’s look at some of the more noticeable trends in these areas. The Decline of Print Media
No media trend is more important than the recent decline in print media. The internet has compelled traditional print newspapers and magazines to come up with online editions to stay competitive. Many print publications have gone out of business due to lack of subscriptions and advertiser revenue.
This has profound implications for the field of advertising. While no one is predicting the end of print media in the foreseeable future, there is little doubt that its decline will continue. As devices such as smartphones and tablets become more popular, people are more inclined to get their information in a digital format.
Advertising Has Evolved In The Digital Age
Over the last few years, more companies have been shifting their budget towards digital media. This resulted from people’s shopping habits going digital and better targeting options becoming available to marketers. But the question is how companies are actually spending their money. According to studies, many companies are investing as much as seventy percent into digital marketing. Some small businesses are going as far as putting in ninety percent of their budget into digital.
The real eye opener is how digital media budget is being allocated by companies. According to Gartner.com, are spending 12.5% into general digital marketing, 11.6% into content creation, 10.7% into search marketing, 9.4% on social media, and 7.4% into mobile marketing. The biggest increase in spending that's clearly visible has gone to content creation and mobile marketing over the last few years due to shifts in the search atmosphere and increased consumer mobile usage.
What this data all reveals is that there isn’t one specific digital marketing medium that’s overwhelmingly dominant. Companies are finding that different marketing strategies are producing results and are also using a combination of mediums to get the most out of their campaigns. It also seems that search is still one of the most preferred methods of driving traffic and sales.
The State of Advertising Now vs. The Recession
Back when the recession hit the U.S., many traditional advertising mediums such as newspapers struggled. Some newspapers that were doing well before the economy had an easier time dealing with the economy while the ones that were just making it inevitably crashed. Companies also cut down on direct marketing because they couldn’t justify the mailing costs when consumer confidence was at an all time low.
Many companies made the shift to digital when the recession hit as well. They realized they needed new revenue streams and started to see a more controlled method to acquire leads and customers. Ultimately, many companies stuck with digital media through the recession and have turned it into a primary revenue source rather than a supplementary one.
Right now, newspapers have stabilized but are still not on solid ground. Direct mail spending has also bounced back but not to the levels it was before the recession. The bottom line is that companies have shifted their advertising budgets towards digital and even companies that rely more on offline media are also integrating their offline campaigns with their digital campaigns.
The Rise of Mobile Marketing
According to current estimates, more people will soon access the internet on smartphones than on computers. This development has created a whole new category of advertising -mobile marketing. This includes promotional and targeted text messages as well as notifications that customers sign up for, such as for their favorite restaurants or stores.
A related trend is that people are increasingly making everyday purchases using mobile devices. That’s why apps for things like booking flights and hotels, as well as various online payment solutions such as PayPal, Square Wallet and many others are becoming increasingly popular.
Retargeting
Retargeting is another area that is just starting to take off. In the 2002 movie Minority Report, characters were confronted with aggressive and personalized advertisements everywhere they went. A little more than a decade later, this type of advertising is rapidly becoming a reality. Internet users are already accustomed to retargeted ads based on their recent browsing history. This is something that will only become more common and personalized in the future.
Popular Niches and Categories
What types of products and services are most popular today? We now see a broad mixture of traditional physical products being marketed alongside newer high tech gadgets and services. Here are a few trends to be on the lookout for:
- Gadgets and software that give people more speed and convenience. This includes electronic devices, programs, apps and accessories.
- Niche markets -companies are increasingly catering to specialized markets, whether this be lovers of dark chocolate, owners of exotic tropical fish, smokers of electronic cigarettes and so forth.
- Products at High and Low Price Points -There is a growing demand for products and services at both extremes of the spectrum. Wealthy customers want ever more luxurious items while people struggling with limited budgets are seeking bargains and better value.
- More Customization -This applies to physical products sold in retail stores as well as items sold online. Whether it’s jewelry, coffee mugs, t-shirts or customized options on services, there is a growing trend towards greater customization. Businesses that can do this successfully have an edge over those that offer more generic items.
These are some of the leading trends in media, advertising and products. What the future will bring is largely a matter of speculation. We can, however, observe what has been happening recently in these fields and respond to these events accordingly.
