Guest blog by Red Slice intern, Suzi An
The advertising environment in 2009 was dark and gloomy due to the budget cuts, causing the industry to face a new reality and evolve. Mainly, businesses and brands hopped on the social network and consumer-generated media bandwagons to create more personal interactions with customers. Ultimately, this brought customers closer to a product or brand, just as marketers had hoped.
So how are businesses (and traditional marketing and ad agencies) expanding to reach all audiences and adapt to the changing world in which their customers live?
- Optimizing media convergence: As companies reduce their budgets in TV, radio and print, they will put more money and efforts into the online community where the metrics can be measured. To accurately measure activity and link online ads to offline purchasing is crucial in today’s marketplace. In addition, the increase in online shopping has many “old school” companies finally looking to advertise online. In order to deliver a better return on investment, companies will need to close the skill gap – or start hiring really smart people who get it – to more appropriately understand and harness the power of this media convergence.
- Adapting to smart phones: It seems that smart phones are slowly taking over the world. Almost everywhere we look, someone is jiggling around on his or her fancy sleek phone. So it’s more important than ever to understand in what direction media is headed and what customers are using in order to stay ahead of the game. If mobile media is where everything is occurring, then that’s where the industry needs to be. Meaning, advertising companies will customize campaigns to cater to smart phone media in a more innovative and creative way.
- Cross-media ad campaigns: In addition to mobile advertising, we see media shifting into new territories such as online and offline video games. In Grand Theft Auto, you may drive past a billboard for McDonalds or some other giant company brand. Because the video gaming community has seen rockstar growth, companies understand that this is a successful and innovative way to promote interactive branding campaigns across screens.
- Social media: Whether you love it or hate it, you can’t get away from social media. It’s taking over how we interact with anything and everything. This platform will provide a new sales channel for establishing brand and product awareness, taking campaigns further away from traditional advertising and text-based ads. Many of the rules are being made up as we go along, but tons has been written about the proper etiquette for “selling” in social media – and what communities will and will not accept.
- Valuable and innovative ads: Because this generation of consumers is always looking for something new and lives in a world of constant connection, companies are looking for more creative advertising and content for the online community. This is why we have seen an increase in viral ad campaigns.
What will the next year bring us in advertising? Please add your thoughts in the Comments.