Making marketing communication strategies and plans is an ongoing challenge, and 2015 appears to be particularly difficult. Although 2015 is expected to be a successful year for businesses generally, however, we think that the majority of B2B, B2C, and non-profit marketers need to be prepared for a rough journey.
The majority of financial advisors anticipate the market to continue growing, and the majority of projections suggest moderate growth in GDP and moderate inflation. Then again, Madison Avenue predicts advertising spending to rise in the range of 4.8 or 5.0 percent. What’s the issue?
In reality, average American earnings haven’t increased for more than six years. The low cost of money in the market will be a barrier to the acquisitions of corporations. Political and economic turmoil all over the world will remain significant uncertainties.
Marketing Communications: Considerations for 2015
In conversations with prospective clients, customers, or colleagues, my conclusion is reflected in the following predictions for 2015:
The tax-deductible nature of investment in advertising is in serious doubt.
According to a report last year, Congress is still considering placing a limit on deductibility for advertising at 100% in one year. The Chairperson of the House Ways and Means Committee has already advised advertisers that he’ll be considering the possibility of deducting their advertising costs over a five – to 10-year period instead of only one. If or when the bill is approved, it will affect the budgeting.
The conference will provide a more in-depth and comprehensive analysis of the application of “Big Data”
to aid in improving customer service and responsiveness, product development, and the measurement of the impact of social media. Understanding the “wants and demands” of potential customers and clients will be the main focus. Analytics will take over, and so will intelligent analysts.
There will be more significant pressure to prove and improve the return on investment of marketing communications. Examining every tactic used (in traditional and new mediums) and how it contributes to the larger marketing plan is vital for successful growth. Accurate and impartial evaluation is a must.
Staff and consultants who are outsourced will continue to increase in importance. Nonprofits and businesses will continue to follow an approach of working as needed in lieu of full-time work. In the year 2020, the number of “guns to hire” will constitute 40% of the U.S. workforce. This is the perfect time to assess and recognize the people you’ll be relying on in the near future.
Businesses and non-profit organizations will be increasingly focused on internal communication. Employees are just as much of an authentic marketing asset just as the service or product. Making each employee a marketer and a true brand ambassador is now an important goal. Make sure that you make each gathering or event an integral platform for building a brand. Also, make sure you are monitoring the opinions of your employees about the brand.
Entrepreneurs of small and start-up companies are aware that to succeed, they’ll require much more than the “big concept.” Making a brand profitable is a work of a team. Utilizing marketing and communications in your group can give you the power that is needed to turn an idea into a viable brand.
The focus will be shifted on marketing to older people. An earlier Nielsen study reveals that by 2017, American boomers will hold 70 percent of America’s disposable income. In addition, according To Forrester Research, 28 million adults over 55 old spend more online than younger adults. In reality, the millennial generation has much less money than their counterparts from earlier generations. But, innovative approaches will be required. Marketing to the boomers (and those who are older) is different from marketing to 18 to 34-year young people.
It is expected that the Yahoo-Bing Network (YBN) will become more critical. Today 70% of users who use the for financial and business services through YBN (17 million users) are not searching the same categories using Google. YBN currently accounts for the 29th percentile of U.S. search volume (149 million unique searches per month), and the users tend to be older, educated, and more wealthy individuals.
Making sure you are neutral with your media when it comes to your marketing choices is becoming more crucial. An earlier Gallup study of 18,000 customers revealed that 62 percent believed that they had “no influence whatsoever on their purchasing decision”; however, only 5 percent claimed “it had a lot in influence.” If you’re reading between the lines about how crucial traditional media is, the Advertising Age projected an increase of 48 percent for event spending as well as the direct mailing rate was 34 percent, while 6 percent of radio and 4 percent on television. Be sure to understand the distinction between effectiveness and efficiency in traditional and digital media.
A lot of time and effort will be devoted to creating more creative and engaging messaging. When competition grows, it will mean more focus is put into determining what customers and potential customers would like to be aware of a brand. This is facts, not opinions. A more significant amount of respect will be accorded to the innovative item, regardless of the media, in order to ensure it’s accurate, current, and timely. According to Tom Bradley, head of marketing at Nestle has stated “The most effective source of marketing communications’ leverage can be found in the high-quality of the message. It’s not the medium, either traditional or new, that delivers or doesn’t make a difference.”
Naturally, there are numerous other areas that merit forecasts and discussions (e.g., the decline of Facebook as well as the increase of native ads, fraud clicks on digital ads as well as the significance in marketing for women as well as Hispanics and so on. ) however, the predictions that were discussed earlier seem to have a more significant impact on the marketing communications landscape in the year 2015. The question then is what to do to address these forecasts.
Look at the fresh perspective of Marketing Communication Consultants.
Another study recently conducted by Forrester Research reports that 34 percent of marketers feel overwhelmed by the pace of change. The sad thing is that the majority of organizations and non-profits lack the intellectual or financial resources to tackle the issues in the short- or long term.
If this sounds familiar, this could be the perfect time to seek out the most experienced, well-established consultants. Find people who have broad expertise in branding and business across small and large organizations. Candor is a must. In the end, you must ensure that your future is better than the past.