Exponential Growth of the Marketing Industry

From advertising on newspapers, billboards and TV commercials to pushing marketing content directly to the fingertips of clients, marketing as an industry has truly come a long way. How consumers reacted to creative content a decade ago is largely different now due to the ease that technology brought into this world. As a kid from the 90s, I distinctly remember the jingles of brands that floated around the neighbourhood. A new ad campaign that ticked all boxes was so rare that it would be common household talk even if the product was not used by anyone there. Cut to 2024, and there is just so much creative content that is targeted to the exact user, that stumbling upon a common campaign has become a rarity.

The Shift in Consumer Behaviour

With access to information at an all time high, the consumer’s behaviour towards purchasing has seen a grand shift. Everytime someone wants to buy something, the first thing they do now is to check the reviews. Real customer feedback on a product is driving the sale of the product, and customers are less likely to something anything new making it difficult for new brands/products to enter the market. The rise of social media and its influencers are also added in this mix. Brands pay the influencers who say great things in favour of the brand. So, the brands who can spend money on influencers and doing better than others, and very less importance is being given to the product itself.

Digitization of the World

Technology is a boon especially for this industry for so many reasons. I can sit in any part of the world and order my mom’s favourite cheesecake delivered to her house. The liberty to make purchases online is truly the new way of life for consumers now. But the brands are winning too, because technology has made it so easy for them to understand and track consumer behaviour. Analytics of shopping trends help the brand learn more about what the customer likes and hates, therefore making marketing more targeted. If you’re having a conversation with someone about travelling to Turkey, there are huge chances that you will see hot air balloons over Cappadocia on your Instagram in the next hour.

Brands and Branding

Earlier in the day if someone wanted to start a business, knowing the trade was the most important aspect. But now, knowing how to brand yourself and stand out in a saturated market filled with competition is the biggest challenge for entrepreneurs. The product or service comes into play only if the consumer can identify and remember the brand in a market full of brands. Over the years, markets have also seen the carving of niches that are so specific, that brands are born to cater to that exact niche as well. My case in point: sustainable fashion for petite sizes.

Product Centric to Consumer Centric

If you’ve spent enough time on instagram lately, you’ll see that user generated content or UGC as it’s called is a fast growing trend in marketing. This is where a brand sponsors content creators to make everyday content using their product. A consumer is more likely to trust the influencer’s campaign than a brand’s campaign because there is a feeling of community and belonging in the former. If people see more people using a product, the product is deemed to do well. Whether the product actually works or not is secondary. This consumer centric approach also helps the brand in understanding what the consumer actually wants and helps build a relationship compared to a one way transaction.

Marketing’s role in driving business growth

From being a cost centric department, marketing has now grown into a revenue generating side to a business. A direct example for this would be companies selling merchandise of the brands to increase brand visibility, and generate revenue while also increasing customer engagement. The data from marketing in the new age has also helped brands to make new products and offerings to compliment the existing ones, therefore leading to business expansion.

It’s interesting to see how brands are adapting to the AI wave that has hit the industry. While creating content just got a hell lot easier, being able to stand out in this market of over-information will be extremely challenging. Investing in a creative team to keep the brand on its toes is now more important than ever for brands to stay alive in today’s world.