5 Future Trends in the Advertising Industry
In the podcast “Under 15” by Dagens Media researcher Erik Modig talks about what he believes will be the 5 future trends in the advertising industry. In addition to the 5 trends, you will learn about the single biggest change the digital transformation has led to. Furthermore, Erik gives you an example of a brand that has really succeeded in building a long-term marketing strategy. A little hint: It is a Swedish brand. Moreover, you will receive advice on what to do if you want to learn more about advertising. If you prefer reading over listening, we have summarised the 5 future trends in advertising for you.
5 Future Trends in the Advertising Industry according to Erik Modig
1. Those who effectively make use of big data to target their customers will be the winners. AI and machine learning will be needed to quickly analyse big amounts of data. Since these methods are expensive big players will have an advantage.
2. It will become harder for new brands to buy advertising space in the media landscape. The big brands already occupy that space.
3. If you manage to do a campaign that attracts a lot of attention that campaign will have a great leverage effect.
4. How your company is organised will have a huge effect on whether you will succeed. You need to hire the best creators and copy writers who can create campaigns that are ahead of their time. Therefore, you need to attract those people who know what will be trending in three months to your company.
5. You have to act quickly since people’s attention span is decreasing. If people talk about something now, you need to pick it up immediately in your communication. Think about when everybody was talking about “alternative facts” after Trump had lied about the size of his inauguration crowd. Both the Swedish pastry brand Delicato and the personal care brand Dove were quick to launch advertising campaigns joking about alternative facts. Are you the third company that makes use of this trending topic you will not be worthy customers’ attention. However, if you are, your tactic can backfire since you might be considered a copycat.
If you want to know more about the 5 future trends in advertising or how digitalisation has influenced advertising you should listen to the “Under 15” podcast.