Advertising has a history going back thousands of years. In fact, the origins of advertising go back to ancient times or even earlier, to the Stone Age! From rock carvings and papyri to radio and TV to the latest addition to online advertising, The Advertising Journey was the most metamorphic.
The history and evolution of advertising didn’t happen overnight. Advertising media have changed dramatically over millennia, but advertising has a history of smart customization and is still adapting. After computers to cell phones, advertising had different means of communication. With these media, the way we think, approach, and attitudes towards advertising has also changed. Decades ago it was based on the product.
Let’s look at the Journey of Advertisement Industry
What Things have triggered this drastic evolution of the Advertisement Industry?
Internet
The Internet has severely affected the effectiveness of traditional advertising media and opened up exciting new ways for marketers to reach consumers. You can strategically place online banner ads on websites that target specific consumer groups instead of the media. Publish online videos with the help of Youtube and other social media platforms
It turns out that social media is a valuable resource for small businesses and marketers. Social media not only enables advertisers to attract consumers to participate in research and testing but also provides a powerful and free distribution system. Spreading interesting and memorable advertisements on social networks will have a ripple effect, in which individual viewers can freely distribute advertising information to millions of viewers without incurring any cost to advertisers.
Technology
Modern technology is expanding the possibilities for advertisers to conduct market research and testing in advertising development. A large amount of consumer data can be accessed on the Internet, and a computer can be used to analyze the results of comments and opinions in real-time. Virtual focus groups can bring people from opposite directions together. Watch ads and provide feedback around the world, and influencers can conduct online surveys so that viewers can see how the ads are provided and request feedback.
With the help of modern technology, advertisers can produce more effective advertisements for television, Instagram, Facebook, YouTube, and other platforms. Using modern video editing equipment, ads can be made with “wow”, which will encourage the viewers. Improvements in animation technology allow advertisers to create lifelike effects for settings, characters, and actions that were impossible 40 years ago. Special effects also enable advertisements to take full advantage of the market appeal of popular movies and TV shows, so it seems that product appeal is the only factor that distinguishes advertisements from movies or shows. Many powerful tools allow advertisers to create visual messages that are more relevant to specific consumer groups.
Trends that are changing the advertising industry
Marketing clouds prevail
Marketing clouds are an essential element for the advertising process because they control the creation and management of marketing relationships and manage campaigns with customers. It will become standard to integrate solutions for customer journey management, email, mobile, social, web personalization, advertising, content handling, and analytics
Artificial Intelligence is essential
Artificial intelligence is ubiquitous in advertising. AI supports decision-making and analyzes consumer behavior. Running a campaign contains a lot of optimization of data about how consumers interact with ads. To the greatest extent, artificial intelligence understands consumers better than they understand themselves.
Programmatic will become universal
Programmatic is the standard for digital advertising. The processes related to the buying and selling of advertising space and the dynamic placement of digital ads are fully automated and transactions are carried out in real-time. Programmatic is an essential part of targeted advertising, human negotiations and manual insertion orders are disappearing from the digital advertising space.
The context is king.
Digital advertising is mainly context-sensitive. Ads are selected and placed by automated systems based on increasingly detailed user-profiles and displayed content. The rise of mobile advertising and location-based advertising is fueling this trend.
War for ad talent continues
The advancing digitization of advertising with new market participants, changing job profiles and a shift in power within the industry is triggering a massive war for talent. Employers compete for experts with rare and specialized skills. Experts and creative minds are huge today and will continue to be high.
TV loses its dominance
As large digital platform companies achieve similar coverage through video-on-demand, social media, or messaging functions, traditional post-print linear TVs are also declining.
Conclusion
The future of the advertising is largely influenced by the strategic steps of all parties (Media companies, agencies, advertisers, consumers, and digital Platform companies). The decisions they make today will have a huge impact on future advertising practices, market structure, and technical standards. Creativity remains a crucial factor. Data and artificial intelligence are by no means going to completely replace the human imagination.
Author:
Mamta Balwani, an MBA graduate is associated with J.Hirani as a Consultant. Extrovert by nature, she is always open for new challenges. Her conscientious and straight forward attitude has helped her in achieving every project she takes in her hand. She has worked with industries such as Forex, Energy & Power, Apparels, Education, and COVIID – 19 safety products.
About J.hirani: J.hirani is a Strategic Transformation team which works as a growth partner for different organisations in various industries by providing services like Agile transformation, Scenario mapping, Strategic alignment, Balance scorecard, Digital transformation, Incubating new ventures, Operation excellence and Aligning human capital.
©J.hirani, The future of Advertising, May 2021. All rights reserved
