By Esther Cohen
How will marketing change in the coming decade? What will the agency of the future look like in 2030? Find some answers in this thought piece.
2020. It just rolls off the tongue. Two decades into the new millennia. Three decades into the digital revolution.
So much has changed in these decades. Even the most clairvoyant among us wouldn’t have been able to predict our smartphone-fueled present in the year 2000. Nor could they have predicted the changing nature of the brand, or the transformation of the agency.
As we step into another decade, it’s time to take stock again. The last 20 years have brought widespread technological and social changes.
What do the next 10 years hold in store? And more importantly, what can your agency do to keep up?
For answers, read on.
How Marketing is Changing
The relevance of any agency depends on its ability to keep pace with (and even predict) changes in marketing.
And at no time has marketing changed faster than in the last 20 years.
But if the last 20 years were about disruption, the next promise to be about consolidation. As an agency marketer, you have to look out for the following:
1. Digital is dominant
Brands have spent a good part of this millennia dancing between traditional and digital marketing. Like an errant Tarzan, they’ve tried to grab onto the digital branch without letting go of the traditional trunk.
But in 2020, it’s fair to say that digital will be the channel that truly matters in the next two decades.
The next wave of consumers – Gen Z and beyond – will be digital natives, not digital immigrants like millennials. They’ll have no memory of a time of newspapers and landlines and feature phones. The digital, to them, will be as comforting and common as Sunday morning cartoons and Seinfeld reruns were for the millennial generation and older.
We can see this change already. According to eMarketer, 2019 is the first year that digital marketing will overtake traditional in ad spending. The gulf will be so wide by 2023 that it will be twice the total traditional ad spend.
Extrapolate this to 2040 – does this future look like it will have room for print and TV ads?
2. Technology is omnipresent but fragmented
As technology has become omnipresent, it has also become cheaper. And as it has become cheaper, it has also become more fragmented.
Nothing illustrates this better than the MarTech boom of the last 10 years. As ChiefMartec’s exhaustive graphs show, this field has bloomed from a handful of players in 2011 to over 7,000 companies offering a range of tools.
This has been great for marketing organizations, of course. Technology, such as advanced automation and analytics, which was once available only to Fortune 500 companies, has now been commoditized.
But this cheap availability also means that your marketing ops are more fragmented than ever. Everything from communication to data is distributed across multiple systems, few of which talk to each other.
As the decade progresses, this fragmentation will become even more acute, even …read more
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