September 28, 2022
Our advertising world continues to evolve with technology and social changes. Use of digital, data, and market research is on the rise as marketers seek a deeper understanding of consumers and the performance of their marketing. While digital still rules, for the first time in decades we’re seeing an increase in traditional marketing. Here’s what you need to keep an eye on:
More marketing teams are working remotely. According to a Duke School of Business study, 48 percent of respondents said they were working from home exclusively, while another 58 percent reported working from home at least some of the time.
- CMOs are increasing their spending on analytics to assess the impact of digital marketing. Analytics now commands up to 9 percent, an all-time high, of the marketing budget
- Marketing directors are making data-driven decisions. Analytics are involved in half of all marketing decisions, a 38 percent increase compared to pre-pandemic times.
- Brands are investing in social issues. About 30 percent of marketing leaders use their brands to communicate or take a stance on politically charged issues.
- Fifty percent of marketing companies are using face-to-face – for example trade shows and sales calls – channels. Only 11 percent of respondents said their face-to-face channels would be replaced by digital marketing.
- Increased marketing budgets for traditional advertising increasing for the first time in a decade, although well below the expected growth rates for digital marketing in the coming year. Driving this trend are the elimination of cookies and concerns about the effectiveness of digital advertising.
- As interest in scientific marketing grows, so does marketing research with increased spending on both quantity and scope.
Sources: “The Changing Face of Marketing” (mckinsey.com): and “6 Trends changing the Marketing Industry” (Becker’s Hospital Review), Harvard Business Review, and Research Roundup from Customerthink.com
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