Marketing agencies have to not only be aware of certain industry factors but ahead of them as well. The more traditional your agency, the worse it may be for your company’s exposure.
Recent data shows that individuals are spending more time on their mobile devices than with traditional media. Couple this with the explosion of social media and the proliferation of online data, and online marketing is significantly shifting how companies choose to market — and how agency budgets are allocated, Mashable states.
These five factors for budget, explained by IDG TechNetwork CEO Pete Longo, will become more and more crucial as time and technology evolves. They include:
- Diversifying budgets—budgets haven’t changed, but spending has changed to reflect more, online, social media and consultative work.
- Measuring Matters—It is suggested that agencies spend more on crunching numbers when it comes to data, though many are not spending as much as recommended in this area.
- Breaking down barriers—“With the emergence of social and mobile, integrated campaigns are a must-have. We’re working to get the clients who are behind the curve up to speed with gusto, so they get the most out of their communications dollar,” Jennifer Moede of Waggener Edstrom told Mashable.
- Television’s staying power—Businesses should be paying attention and possibly funds to the fact that TV is becoming more social and viewing is becoming more web-oriented.
- Mobile and search mature—“[Search] is about as mass market of an activity as there is online. It has been for some time, with 90% or more usage rates. But it continues to increase. People continue to search more and more, with consumers searching 7% more annually according tocomScore,” Ryan Derrow of Empower MediaMarketing told Mashable.
Should you be looking for a new path for your brand? Are you spending money on an ineffective marketing model? Ask yourself whether your agency is cutting-edge or paying attention to trends that could mean more interest in your business.