Estimated Industry Size Today:
Estimated Industry size in the Future:
Why it’s ripe for disruption:
The business marketing arena changes constantly and keeping up with those changes can be difficult for companies who are not focused solely on marketing. With marketing communications mainly being transmitted digitally, the number of ways to approach an organization's marketing and advertising strategy is practically infinite and the knowledge on how to do so is somewhat specialized.
Consumers are constantly on the move and receive information from many sources. Marketers must take this into consideration and enable campaigns for marketing products and services with mobile-friendly platforms. What’s more is consumers are coming to expect highly individualized content which speaks to them on a more specific and personalized level. Strategic firms will find ways to communicate with customers in a way that feels specific to their needs. This will likely not be possible without the use of Big Data metrics and as it stands, the marketing industry is not widely known for its technological acumen.
Understanding what drives consumer behavior, more specifically what messages or activities translate into actual sales or conversions on marketing products and services, has notoriously been difficult to capture. But, as technology advances and discovers ways to solve age-old problems, the marketing industry will soon be able to mine this type of information to help companies create intelligent marketing and advertising plans.
Top Trends to Watch:
- Virtual reality as a storytelling platform will be broadly used in advertising practices.
- Social media marketing will be so prevalent that it’s virtually undetectable.
- Marketing and advertising agencies who move from a services model to a product model will position themselves for quicker innovation and will remain relevant for longer.
- Brands which focus on the culture their supporting rather than the product itself will see greater success.