As consumer technology advances, advertising and marketing strategies by all industries must adapt, too.
For instance, traditional advertising primarily consisted of print and broadcast media but this has evolved with various forms of social media, including Facebook, Twitter, Instagram, Snapchat, and more, all now serving as advertising platforms.
According to Ad Age, the advertising industry generated $39.1 billion in revenue throughout 2013. And of that revenue, 35% came from digital work, up from 25% in 2009.
In the past, television served as a key source for advertisers, with programming being sponsored by ad agencies such as the “Colgate Comedy Hour” and “Kraft Television Theater.” Today, television doesn’t create the same consumerism that it once generated. The digital revolution has turned people away from the large screens on their televisions, to the small ones on their smartphones.
Possibly the biggest reason that traditional ads are dying is due to the inability for consumers to communicate back. With social media, consumers are able to leave a comment instantly or like an image that is appealing to them. With this two-way communication, companies are now able to create the message that will have the best effect on their customers.
This new form of advertising demands two-way engagement, working on both the large and small scales in the advertising industry. Local companies like Broad Street Dough Co. have great community engagement with contests and hashtags that foster interaction with local customers and create a strong brand image. Larger companies like Coca-Cola use social media with their #shareacoke campaign. The campaign netted over 550,000 Instagram posts last year, creating huge engagement and a fun process for consumers.
While the advertising industry today is still fine-tuning a balance between traditional and new-age ads, the push for two-way engagement with social media has proven to be strong and effective, with the majority of ad revenue coming from digital. Job growth is on the rise, with many agencies are looking for employees that understand traditional advertising, but can execute on the digital side, and consumerism is continuing to boom.
The question that then comes up is, what is the next big change? What will be the next innovation that changes how we connect with consumers?
Do you have any thoughts about how the advertising industry has made a change? Tweet us @lotus823 or leave a comment below!
Connor Zazzo is a 20 year-old student-athlete and junior at The University of Tampa. He is currently studying Communications with a focus on advertising and public relations. While interning with lotus823 he looks forward to learning and improving his knowledge of digital marketing. Some of Connor’s hobbies include competing on the University’s swim team and lifeguarding at beaches along the Jersey Shore.