Happy New Year from everyone at The Student Advertising Summit!
It is not easy to predict trends for an industry that is always changing with the blink of an eye. You never know what is going to be in or out from the trend list by the time 2013 actually arrives. Well now that 2013 has arrived, here are a few trends that we can expect to see emerge in the advertising industry this year:
1. The demise of big-budget broadcast TV- After a decade of the proliferation of media fragmentation, the numbers just aren’t there to continue the boom of broadcast TV when it comes to big- budget programming. This will impact the industry in 2013 because broadcast TV will begin looking even more like non-subscriber cable networks rather than the premium cable networks. Also, Hollywood will have to begin going directly to advertisers both to create and distribute (largely on digital platforms) artist-driven content that will require larger budgets (though still considerably smaller than in the past).
2. Speed- Speedy responsiveness will become more important than ever in 2013, as consumers quickly tune out irrelevant messages and engage with quality content above all. This lightning-fast paced environment will have a considerable impact on the industry. More and more brands will embrace the nimble nature of marketing across screens. It is the agencies that collaborate with these brands that will thrive in this high-tempo industry.
3. Mobile advertising- This latest trend will disrupt the mediums that have traditionally targeted location-sensitive messaging to on-the-go consumers like out of home and radio advertising. Mobile advertising will fulfill the same strategy as these mediums while allowing for much deeper engagement, real-time data, proximity, and overall greater ROI.
4. Action- 2013 will be the year of “do” vs. “say”. The roaring success of Red Bull’s Stratos event was likely the tipping point for brands and their agencies to move even greater chunks of their budgets away from traditional advertising. 2013 will be all about focusing on actions, events, branded partnerships, and non-traditional ideas—things that build rich experiences and content, not just campaigns.
5. Relationship building- We think one of the largest trends in 2013 will be a change in how brands market and engage with their consumers. Instead of the traditional, one-way communication broadcasted through mass media, brands will increasingly build relationships with their consumers by providing service and utility that improves their lives. Through these services and utilities, brands can learn more deeply about their customers by observing user behavior. Therefore, they will be able to provide better and more personal services and experiences while at the same time building stronger brand loyalty. For example, two leading brands that have already incorporated this into their strategies are Nike and Starbucks. Nike builds relationships with runners by providing Nike+, which enhances the running experience by letting runners track, measure, compare, and share their runs while being motivated and inspired by the community. The Starbucks app simplifies the payment process and includes a rewards system and store locator to drive more repeat visits. We will see many more brands moving towards providing services and utilities like these with reduced effort on traditional advertising methods.
Senior at University of St. Thomas
Marketing and Business Communications