The Future of Marketing
I wrote a post about 5 years ago on our company website and thought it was about time I followed up. It was written 5 years previously and is titled “Consider your market now and in 2014”. this is the basics behind the post An older but interesting article by Steve Ruble regarding the fact that there will be no tangible ads by 2014 (We’re talking USA here) and while I don’t agree entirely with him, I do agree with many points made. The one that really sticks out for us here is that in 2014 the demographic change will be that 13 to 15 year old kids today will be our 18 – 20 year old market then. So looking at that – I know my own kids have NEVER picked up a paper to look for toys, bands, movie times or anything else. In fact my 6 year old just spent an hour last night online going over all the toy sites such as Target.com.au to do his xmas list to santa. He did this all on his own and only request for help was ” Is Indiana Jones with a space in it?” (must be some cool Indiana Jones lego stuff out there) I don’t think this is a case of “when they get older they will discover the newspaper or print material”. It is a complete shift away from the traditional print media or tangible media as Steve mentions to the online arena. Make of it what you will …. I know that if I wanted to ensure the effectiveness of my advertising dollar I would be working out now how I keep my 6, 9 and 14 year old happy in 2014. Well it’s now a few years on and my 6,9 and 14 year olds are now 11, 14 and 19. While print advertising hasn’t died, we have seen that online ads now surpassed print ads (In 2010, the internet surpassed newspapers as the second-biggest advertising medium after television – emarketer.com) and that my kids still don’t look at ANY print material (aside from school). What has happened since I wrote this is the proliferation of apps and mobile/smart devices, Spotify, Soundcloud, Snapchat & Vines. Youtube and Facebook continue to grow in popularity. I guess my point here is that the kids (possibly your current market), are going to be your future market and they’re not looking in the traditional media areas. Hell, they don’t even watch TV. It’s youtube, vines, facebook or they download everything they want to watch because the ads just suck and it’s easier to watch what they want when they want to. The other observation is that I don’t see many businesses (in my local area) even thinking about looking at spending money in this digital world. So many business owners are either too scared to try (fear of failure is an understandable barrier) or believe that they know better because it’s the way it’s always been done (just the same way as the horse always pulled the cart !!!). lastly, it’s also these smart 20-30 year olds that are now creating all of the cloud based services and along with this a whole new way to do business – that are becoming potential competitors to your own. I still have companies asking me for my FAX number!!! Even the software market is slowing being eaten into from the newer web based apps (Dropbox, Zapier, Triggerapp, Bugherd, Mailchimp etc). So I my point here is – Yes the existing marketing channels will still attract new customers – BUT not forever and not in the number or ways it has for the last 30 years.