2020, Here We Come… Advertising Trends to Keep in Mind
Which trends should marketers be considering for the new year? What are the tactics, behavioral shifts, and big ideas that every firm should be paying attention to in 2020?
We gazed into our crystal ball—and also researched some market info—to find out. Here are three key points to consider as you march towards the new year and new business goals.
Local is the New Black
Local advertising used to have a different connotation. It was all about accessibility, affordability, and local reach to communities. Now, it’s a defined strategy. Companies of all sizes are using local advertising as a strategic weapon and competitive advantage to hyper-target customers on a local level.
According to BIA Advisory Services, it’s estimated that total local advertising revenue in the U.S. will reach $161 billion in 2020, up from $152.5 billion this year, representing a growth rate of 5.8 percent. Traditional media revenue will account for 58.5 percent of total local advertising in 2020 at $94.4 billion.
Stop the Debate–Traditional Media Remains Critical
Over the past decade, as new media platforms & technology became accessible for marketers and popular for end-users, local marketers debated how much to embrace digital and whether traditional ad channels would soon disappear.
A survey of small- and medium-sized business owners found that 74% now use a combination of digital and traditional advertising methods and many have started to purchase media in cross-channel bundles. In other words, the debate is increasingly shifting away from whether digital or traditional advertising will triumph, and toward which media mix is best for each individual business.
Higher Customer Expectations Evolve
Reaching and engaging your audience at every touch point is critical. The winners in 2020 will be the companies that form a deeper connection with their customers. And a huge part of this will be your customer experience. A Walker study found that by the end of 2020, customer experience will overtake price and product as the key brand differentiator.
It’s an exciting time to be marketing your brand, yet it can also be an unsettling experience with all the media choices in the landscape. Bottomline: Keeping the customer front and center and adopting new integrated ways to reach them will ultimately deliver a competitive edge.