According to a new report by the IPA (Institute of Practitioners in Advertising) advertising agencies will have to reinvent themselves if they are to survive the advertising landscape of the future.
The Future of Advertising and Agencies: A 10 Year Perspective, which looks at the future shape of the advertising industry and marketing services sector, predicts that as non-traditional areas of marketing communications activity grow, agencies must exploit these emerging trends or risk ‘shrinking’ their business.
As traditional advertising faces the threat of spiralling down the slippery slope into ineffective oblivion, it will become vital for agencies as well as those working within the marketing services sector to focus on the consumer. After all, it seems that it is increasingly the buyer who is speeding into the driving seat.
The IPA report says it will become harder to reach tomorrow’s consumers. So getting the right brand message across will be crucial. And, in order to do that, it’s imperative that you value your prospects…
Now there’s a bright idea:know thy reader like the back of your hand. Your target market is king (and queen). If you want to carry out an effective marketing campaign, you really do have to carry out substantial customer analysis and market research. It’s what I spend the most time on with my client projects.
Ultimately, the report is all about adaptability and reinvention being key to the future success of the creative sector. (You only have to look at the likes of Madonna, Paul Simon and, lately, Microsoft to see the efficacy of reinvention.)
More info: http://www.ipa.co.uk
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