There has been plenty of predictions on the future of work, and the advertising landscape has not been left behind. It seems like everything in the world is fast-changing. Brands and brand agencies are only left with one option, as far as the future is concerned, to take advantage of the perceived technological change.
Although it is almost impossible to make predictions on what the future of advertising holds for a country, using the available research data makes it easy. Research shows that over the years, ad revenues have been on the decline. Unfortunately, this trend is likely to continue for the next decade. So, where is the advertising terrain headed to?
Here is an overview of some predictions on the future of advertising.
1. The Fate of Print Advertising
Print advertising has had its significance in the Promotion element of the marketing mix. However, although print advertising will continue to be in existence, its relevance in the marketing mix will fade out. Simply put, print advertising will become insignificant as far as ad revenues are concerned. The Print will be categorised together with other forms of advertising such as radio, cinema, and outdoor ads as the minority contributors of ad revenues.
2. TV versus Digital Advertising
As print advertising becomes more negligible, TV advertising will also shrink exponentially, with digital advertising taking over the landscape. What this means is that digital advertising will continue to scale the revenue ladder. This is because as competition grows between TV and digital, TV marketers will invest in safeguarding its relevance. This will see their marketing expenses grow, pushing digital revenues higher.
3. TV Advertising Will Become Less Important
TV viewership has declined over the years. This is as a result of more people moving to the digital space. What this means is that marketers will reduce their investment on TV adverts. The most important thing to note is that people are not just consuming any form of digital content. Most people will be online watching video content.
4. The Dominance of Digital Advertising
The TV will be completely ousted by digital advertising. Digital ads will come in the form of videos, making TV more irrelevant. Social media platforms have already shifted from being mere avenues of social networking to media airing robust video content. Platforms such as Facebook, Twitter, and Snapchat are already hiring content producers to serve this purpose.
5. Marketer’s Sense of Insecurity
Out of the dominance of digital ads, marketers will be deluded into a false sense of insecurity. This is where most of them will believe that TV ads are similar to digital ads. Whether this is true or not will depend on one’s readiness to face the shift in the future of advertising.