The global Advertising
Market has been on a consistent rise over the
recent past, driven by a surge in marketing channels such as TV, radio,
billboards, Internet, newspapers, mobile phones, and social networking sites.
The primary use of advertising is to make customers aware of the presence of a
specific product or service in the market.
Advertising
can be on a domestic as well as global scale. A number of leading companies
have been promoting their products and services on an international level, the
benefits of which can be reaped on a domestic scale. Tourism is the perfect
example of this technique. For instance, the Malaysia tourism ministry
advertises in the Indian market to attract tourists and visitors.
Every
industry benefits from promoting and marketing their offerings, be it telecom,
automotive, manufacturing, agriculture, insurance, retail, tourism and
hospitality, or real estate. These activities can help them launch new products
and service; they can also help bring in new customers and retain existing
ones. It also helps create a specific image of the company and its brand.
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Advertising
costs money and companies as well as countries are willing to spend in order to
make the most of the several advantages it offers. The top spenders in the
global industry are U.S., China, Japan, Germany, and U.K. Companies are also
big spenders when it comes to marketing and promotions, not just to create a
positive image but to expand their customer base.
Television
is perhaps the most efficient and impactful medium of advertising, even though
it is reportedly one of the most expensive channels. Radio is also prominent
medium of promoting one’s products and services. Online advertising is the most
recent forms of marketing, which is soon becoming one of the most popular
channels as well. Social media marketing is an excellent example of online
advertising.
Spending on
digital adverts is anticipated to rise at a strong pace over the coming years,
further boosting the global market. Industry-wise, banking and financial
services are the most prominent end users of this form of marketing, with
e-commerce, telecommunications, and travel following suit. Rising expenditure
on social media, in addition to adverts on mobile phones via SMSs and in-app
ads, has also given this medium a significant boost. Ads on mobile are
considered to be creative, to the point, and clear. They are also known to
garner better monetization.
Mobile
advertisements have significantly contributed to the overall market in recent
years, primarily thanks to a sudden growth spurt in the mobile ad market in
China. At the pace this segment has been growing, it is expected to surpass
television as the most used and most impactful medium over the next three
years. With Internet users switching from desktops to mobile devices, online
advertisements are witnessing a similar switch.
However, it
has also been noted that companies relying solely or mostly on marketing
through mobile channels could be restricting their customer base as well as
their share in the industry. Research has shown that traditional modes of
promoting products and services, such as television ads, are still more
effective when it comes to recall. While mobile ads can surely aid brands in
achieving short-term performance, they are currently less effective in
generating long-term awareness among potential customers. Hence, brands should
invest in a balanced technique that optimally utilizes the advantages of
traditional as well as new methods of marketing.
Asia
Pacific has been a rather lucrative market, driven mainly by China, which is
known to be second-largest ad market in the world. India, one of the fastest
growing ad markets in Asia, is also a major contributor to APAC’s success in
this industry. Some of the most advertised industries in this region are
automobile, fast moving consumer goods (FMCG), and e-commerce. In countries
like India, even though traditional media such as television and print are
still quite popular, spending on digital advertising has been on a consistent
rise.
There are
certain risks every company faces while marketing its product or services.
Overspending on advertising can indirectly hike the price of the product.
Confusing, inappropriate, vague, or false advertisements can have an adverse
impact on existing or potential customers. Companies, therefore, spend a lot of
time and money on researching and understanding consumer needs, preferences,
and behavior patterns when it comes to choosing the most appropriate medium for
marketing. Creativity also plays a key role in this industry.
Some of the
major players in the advertising market are Ogilvy & Mather, IDEO, Fuel
Online, Leo Burnett, JWT, BBDO, Wieden + Kennedy, Forza Migliozzi, McCann, and
Razorfish.
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