THAT BRANDS ARE CUTTING BACK ON TRADITIONAL ADVERTISING MEANS THEY ARE ADDING ON TO SOME OTHER FORM OF ADVERTISING – DIGITAL ADVERTISING
You ever heard brand managers and marketing professionals complain? They say that industries and business owners are cutting back on their advertising spend and as such they aren’t making as much money as they used to. Well, no one wants to spend so much and not get value for their money. In an age where digital is taking over the world there is almost no sense in spending a lot of money on traditional forms of advertising and/or marketing – so they think.
Truth is, although brands are cutting back on advertising and/or marketing budgets, they are actually channeling more funds to digital advertising. In 2018, we saw a dramatic increase in marketing spend compared to 2017 and we are sure to see such a trend in 2019. Because marketing on digital space is not as expensive as traditional modes of marketing communication that is why it appears to be that there are cut backs in spend. You should know that although there are cut backs there are also add ons in digital marketing communications spend.
For agencies to excel in this capital driven market, they must tighten their digital marketing strategies and explore innovative ideas on traditional media in order to deliver value for money spent by brands.