Why you will want to pay attention to video advertising and more
As technology changes, the way consumers interact with and discover products and services changes as well. In today’s competitive marketplace, it is important to stay up to date with the evolving field of marketing and understand what will define the future. As an expert, you must be ready to change with the times and aim to set trends. During a successful career it can be helpful to find ways to enhance the way you engage with developments in business strategy. School is a productive environment to try out innovative approaches and expand your business network. This is the reason why many business professionals go back to school to make advancements and exciting leaps in their careers. For those studying business, these are the marketing statistics that will be integral to understanding the advertising landscape over the next 12 months.
While conversion rates are not a new way of understanding digital marketing, they continue to be significant. As a professional with an MBA in Marketing it will be important to understand just how important this figure is to businesses. According to a survey done by Hook Agency, 70% of businesses were dissatisfied with their conversion rate in 2019. This indicates that it is an area in which marketers can work to improve.
The majority of companies surveyed also expressed the assertion that the look of businesses’ websites should be redesigned every two or three years. This instinct fits with other findings by Hook. The majority of internet users will only recommend a business if the site works well on mobile, which requires attention to changing phone standards. Further, consumers said that the way a website looks will contribute to how credible they believe a business to be.
It goes without saying that digital marketing these days is front and centre for almost anyone trained in MBA courses. Marketers in 2020 will spend $605 billion USD on digital global marketing. This is a 4.2% increase from 2019 and indicates that more money will go to digital advertising than traditional media outlets. A huge part of this is due to the importance of social media platforms and smartphones. Animoto claims 58% of consumers will check a social media page for a brand before visiting the company’s website. While Facebook continues to dominate as marketers’ top choice for 2020, Animoto reports that YouTube replaced Facebook in 2019 as the platform that most affected consumer’s behaviours. Finally, mobile advertising is predicted to make up 30% of the global advertising spend, suggesting that marketers need to pay attention to small screens.
Video advertising is increasingly becoming an important skills area for marketers. One source claims that 84% of marketers consider skills in video creation to be important for new hires to have.
One indicator of the importance of video is YouTube. This company claims to have 1 billion users, which is a whopping one third of all internet users worldwide. Video also ranked first with respect to how consumers discovered new brands from which they made purchases in 2019. This is true in the social media landscape as well where one in four consumers bought something after viewing a company’s Instagram story. In general, video is a positive and effective way to engage users and improve sales.
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