The future of advertising is uncertain, as more advertising is now online.
Since the recession started in 2007 many businesses have been either reducing their marketing spend or stopping it completely.
Advertising for many businesses is seen as a luxury, something that can be done during the good times, but not the bad.
Why is this?
The reason is because advertising is very much speculating to accumulate.
According to compiled stats, advertising spend in 2010 went up; as many businesses took the plunge and considered that the worst of the recession was behind them and things would get better.
Confidence returned to many companies (certainly in the US) as advertising spend went up from previous years.
However in 2011 the fear of the double dip happened. The future of advertising was changing again.
Over the last decade we have seen a rise in social media and digital marketing; as new marketing routes have opened up advertising has changed its face.
More people have mobile devices now than before and this is set to increase as Apple, Sumsung and other mobile providers race to create the latest and greatest smart phones. With the rise of games such as Angry Birds, Farmville, advertising on mobile phones is becoming very popular.
More people are accessing information ‘on the move’ and as such, advertising agencies have been adapting their techniques in order to cash in on this new market.
Over the years we have seen the old posters replaced with digital marketing boards. In the London tube stations we have seen digital display marketing being used more and more. Good for advertising companies as they mean that for the space they can get more income by showing more adverts. For the consumer, they see digital adverts that are modern and rotating (for those of us that take notice).
Advertising indeed is changing as we move through 2010 into 2020 and as such we will see social media, mobile marketing and digital media increasing as the older forms of advertising (direct mail, newspaper advertising) reduce.