Wouldn’t it be fantastic if we could predict what the future holds?
At Quest PR we deliver communications campaigns for wide-ranging sectors – in fact even more since we scooped a raft of new clients.
Our industry has also witnessed its fair share of challenges since the recession hit in August 2008. On the positive side, we can now feel the momentum gathering and looking forward to a bright future. This week’s guest post on this very topic is from David Blackburn.
The Past
The UK has undoubtedly been through the mill in recent years – impacted by the shockwaves of the global recession and industry trends within its own shores.
The knock on effects of manufacturing gradually moving overseas – coupled with engineering, electronics and heavy manufacture drifting to low cost countries – is reflected in our rising unemployment statistics.
Also playing a key role is the beleaguered construction industry which comprises over 300,000 businesses employing over 2 million people, and the housing slump’s detrimental domino effect on the supply chain.
The collective impact of the above resulted in PR and marketing budgets being pared to the bone.
The Present
Half way through the year and optimism starts to return as many industries begin to see signs of an upturn.
Advertising globally has improved since 2010 and social media continues to make an impact.
Twitter has over 190 million users tweeting 65 million times a day and Facebook has over 500,000 users – providing businesses with effective ways of interacting with their target audiences.
The internet has indeed dramatically changed the way that businesses work and communicate – which in turn has changed the way that marketing & advertising is positioned.
A classic example is Groupon’s momentous growth from humble beginnings to a multi-billion dollar company whose advertising is purely online and social.
Other marketing platforms experiencing a boom in their growth include:
Web Marketing
With the growth of social media and technology knowledge, many traditional businesses – particularly in the more competitive industries of engineering and construction – are engaging online. Companies that historically have relied on word of mouth advertising are now joining the cyber race to the top of the search engines.
Digital Advertising
The digital world is taking over many traditional forms of banner advertising. Consider the large banners at airports, or the banners on the escalators in London’s underground – they are gradually turning digital. The principal benefit is that advertising revenue is up due to more adverts being rotated per day (plus they are cleaner and easier to maintain than having someone paste an advert to the wall).
The Future
To look into the future we need to look at the past, having evolved from an offline and fragmented world to one that is online and connected.
The world of marketing and advertising is split into two camps:
- The offline world of print, banner advertising, telemarketing
- The online world of internet marketing, social media and e-marketing
Both camps have their place in the future, however we have in recent years seen a massive boom in the world of online marketing.
Thanks to seismic advancements in technology and research, advertisers can now target their adverts and track their results much more accurately – leading to more transparency and to profitable results that are quantifiable.
Marketing Quotes is a free service to help UK businesses get advice and help from local PR agencies.
