There are plenty of reasons to think that marketing budgets are going to boom in the near future. What follows is a list of eight reasons why companies must invest in marketing. Ready marketing Fundraising and Marketing Company in Houston.
1. More Millennials than Baby Boomers, Generation X and Traditionalists
The U.S population will be made up almost entirely by millennials by 2024 with only 8% of the population being traditionalists or baby boomers. This creates an increased need for a wide variety of services including – but not limited to social media advertising, strategic design, website development, and educational content creation among others.
2. Many Students Want to Work in Marketing
The Bureau of Labor statistics says that the number of bachelor’s degrees in marketing is expected to increase by 16% from 2014 to 2024. In addition, a degree in marketing makes up more than 10% of degrees conferred per year. No other major has such a large percentage conferred as does marketing. This means that companies who want quality employees will need to train their own or hire reputable third party agencies for help.
3. The Rise of Internet Advertising and the Importance of SEO
Internet advertising is on the rise and continues to grow at twice the rate as television advertising, according to Forbes . The use of online ads for product sales and shopping, SEO, has also grown rapidly. The majority of purchasing decisions are now made online with millennials making up a large percentage of those looking to buy their products or services.
4. Gifting Becomes More Popular
Online retailing is on the rise again after a slight decline in 2012 and 2013, which was attributed to the new holiday shopping season. The popularity of gifting is expected to increase even more as the number of Americans who believe they will use more of their disposable income on gifts increases. Also, in February 2015, Black Friday retailing became more popular than Cyber Monday thanks to increased demand for things such as electronics in China and other countries that do not participate in Cyber Monday.
5. More Than Half of Online Buying Occurs on Mobile
Although mobile was originally promoted as a tool to make purchases on the go, now it has become one of the most popular ways to buy things online and offline. On a mobile device, users are 4 times more likely than on computers to make a purchase. The majority of those who use their phones and tablets to shop are millennials which is expected to grow even more as the generation reaches adulthood.
6. Companies Expect Buyers Are Going to Spend More Time on Social Media
Millennials expect to spend more time per day on social media in the future according to research by Plano , Texas-based Interactive Advertising Bureau (IAB) . It also predicts that millennials will spend more than 2 hours per day on social media by 2024. It is important for companies to consider the value of having a presence on social media. Having a presence can be a form of advertising in itself as companies have been able to use it as a way to obtain followers and build trust with those customers who do follow them.
7. Companies Are Going to Have More Online Competition
The cost of advertising online will continue to increase as platform fees rise, especially for those channels that have become necessary for both buyers and sellers. Simply put, ad revenue will be divided among more companies which could mean less revenue for each company with fewer buyers/sellers than before which further decreases their profit margins.
8. Companies Need Brands, Not Products
Many organizations have built up their brands to be more valuable than their products. Brand loyalty is very important in the marketing world as it creates a feeling of trust with a product or service and can influence what people buy. Many companies are now recognizing the value of creating a brand instead of only marketing their products and services, which has created an increased demand for marketing company services. In order to succeed in this new digital era, companies must adapt to these trends in order to stay ahead of the competition and retain customers for their products or services. There are numerous agencies that are better equipped for today’s ever-changing demands; however, not all agencies are created equal.