A New Decade – A New Way Of Marketing?Craig Simpson
As we enter a new decade I thought I’d reflect a little on the changes in the marketing world over the last ten years or so and also take a quick look at what I think will happen in the coming years as technological advances continue at a lightning pace…and with no sign of slowing down any time soon.
Back in 2010 Facebook was already becoming a huge force having seen significant growth in user numbers over the previous 2-3 years. As it entered the new decade Facebook could boast 260 million active monthly users, pretty good yeah? Well ten years further down the line Facebook has an astonishing 2.3billion active users every month. The last decade has seen Mr Zuckerberg not just grow his user base through Facebook however, he has also grown that base through a fairly aggressive acquisition strategy that has seen Facebook acquire both Instagram and WhatsApp. Both of these platforms were barely a blip on our radars in 2010 but now boast 1billion and 1.6billion active users every month.
In the UK we have seen huge growth in digital advertising spend with mobile spend alone growing from £200m in 2010 to in excess of £4billion last year.
With that in mind, there has to be some losers, and as you’d expect print has seen the worst of this switch to digital spend. Many publishers have had to review their models and offer a much more joined up approach with their digital & print offering just to survive. Unfortunately some haven’t survived and there has been a huge decline in regional titles over the last few years due to this. Consumers have an expectation of immediacy these days and that is an area that traditional publishers struggled with.
So what’s next? There certainly seems to be no sign, even with the troubles of the last year or so, that Facebook is going to be knocked off its perch, particularly given that they also own two of the next three largest networks. Digital spend and mobile spend will continue to grow as more traditional channels, print, TV and radio will continue to decline. I believe, perhaps controversially, that as we enter 2030 that there may not even be a paid for newspaper title available in the UK.
This is not to say that there doesn’t remain a place for traditional media in your marketing budget, we still use it with many of our clients if we believe it is right for their audience as part of the mix, and will deliver an excellent return on investment.
What I can say with some conviction is that we will continue to see more and more online channels vying for your marketing spend. My advice, understand who your target audience is, this will allow you to engage with them on the right channels. More on that next week!