Where to Spend Those Marketing Dollars
The only true constant in life is change. And in the marketing industry, ain’t that the truth! It wasn’t that long ago that swanky magazine ads along with 30-second spots airing during “Friends” and eye-catching billboards along our nations’ highways were all the rage in the marketing world. Today, switch out “Friends” with “Lost” and all of those advertising tactics still exist, but in a Nice-to-Have capacity. The Must-Haves come in the form of interactive media, such as iPhone applications, Pandora commercials, Facebook, Hulu and high SEO rankings in Google search results, just to name a few.
So, are these Must-Haves really necessities or like life’s true constant, will this all change? According to the guys who get paid big bucks to research this, Forbes and Forrester, it looks like you should start thinking about spending your company’s hard earned dollars in the interactive realm. According to Forrester Research, U.S. marketers will increase their online marketing spend from 13% this year to 21% by 2014. And what is it that these marketers are buying to increase their visibility? Search Marketing and Display Advertising are the top dogs in demand. Social Media, Email Marketing and Mobile Marketing are close followers and steadily climbing the ranks.
Now we know where company’s marketing budgets will be spent over the next few years, but are consumer trends following suit? Let’s consider mobile phones. Remember just ten years ago when mobile phones started to emerge, but we really only used them for emergencies? Over the last few years, a switch has occurred and landlines are more used for emergencies and our cell phones never leave our sides. Maybe this is the reason Forrester Research estimates that mobile spending will increase from $561 million in 2010 to $1.3 billion by 2014.
Still not convinced of the paradigm shift? Let’s look at TV. The Yankee Group, a firm that researches global connectivity issues, projects that 1 in 8 Americans will cancel their cable TV subscription before the end of 2010. As online media grows and iPads become as commonplace as iPods, I think it will be safe to say that the television set will join the telephone in the corner of technologies past.
What does all of this mean for you? Your competitors are engaging in interactive marketing. Consumers are responding to interactive media. Think about your target audience – where can you meet them on the web? How can you serve them on the go? Can you catch them between their favorite shows and Google searches? The answer is yes. You can. And you should. Otherwise, if you don’t keep up with the marketing trend, you might be headed to the corner with telephone and television.