Lately, we’ve been seeing a lot of articles detailing the spending forecasts of individual marketing sectors, and whether spending in each respective sector is expected to increase, decrease or stay the same in the next 5-10 years.
However, I just read a study from Forrester Research that put the predictions in a different light. It forecasted the total combined spending of all these different marketing sectors. Forrester calls it “Interactive Marketing”—the combination of search marketing, display advertising, mobile marketing, e-mail marketing and social media. It emphasizes the idea we have been focusing on – the importance of incorporating all elements into a business’ marketing mix, not just one.
The study predicts Interactive Marketing spend to reach nearly $77 billion by 2016—just as much as television ad spend is today. This is huge.
It’s been fun following the transformation of marketing in the past decade. Seeing the total interactive marketing spend shift from solely traditional channels to online channels, mobile channels, alongside traditional channels really legitimizes the growth that interactive media has gained in such a short amount of time.
It’s important to pay attention to these kinds of forecasts to see the direction marketing is heading in the future so businesses can plan their budgets accordingly. Marketers can no longer ignore the changing marketing budgets or eliminate a particular marketing tool right off the bat just because they’re hesitant to change the way they’ve always operated and delve into something new and unfamiliar.
Interactive Marketing has proven itself now. It isn’t just about the television and print ads anymore. Yes, they’re still going strong, but with the emerging importance of customer loyalty and new mobile and social technologies playing a huge role in marketing efforts today, we can see how integrating different media into a marketing mix can significantly contribute to a business’ success.