Last week, New York City hosted its 10th annual Advertising Week. The weeklong event included the latest products and services offered by marketing agencies, open-forum discussions on marketing strategies and trends, not to mention it featured familiar brand characters such as Star-Kist Co.’s Charlie the Tuna and Kellogg’s Fruit Loops Toucan Sam riding on a double-decker bust through Times Squares to promote the event. As reported by The Wall Street Journal, roughly 90,000 advertising and marketing professionals were expected to participate in gathering that began on Monday and concluded on Friday.
This year, one of the main focuses of the event was on digital marketing, including its products, solutions, tools, and technologies. In just a short time, digital marketing has evolved from simply creating a company website, to a rapidly-changing and extremely targeted marketing channel. Digital marketing has become a fundamental method to sell goods and services; it has become a necessary component of almost all marketing campaigns. According to the research firm eMarketer, digital marketing continues to have a larger role in the advertising industry and is expected to grow nearly 14% in the U.S. this year to $42.26 billion.
One of the fast growing and somewhat controversial tactics and products in the digit marketing landscape is data collection and customer analytics. Now, more than ever, advertisers and marketers rely on “big data” to analyze the consumer’s purchasing trends and their online activities to lead ad-buying decisions. Some marketers have taken a step further and have started to pay attention to what people are saying about products and services on Twitter and other social media platforms. Large to small digital marketing agencies are developing products and tools to collect this vital data for their clients. For example, on Tuesday, RadiumOne Inc., an online-ad firm that targets consumers based on what they share on social media, hosted a panel to discuss how marketers are, as stated by Eric Bader, RadiumOne’s chief marketing officer, "Applying and finding golden nuggets in the data that helps them solve business problems." Acxiom Corp. showcased a new product that will allow marketers and ad firms to use more data in the media-buying and planning process in online and offline media.
This year’s Advertising Week provided great insight on the ever growing digital marketing landscape, specifically on data analytics and the impact it has made in the marketing world. With the placement of an ad on Facebook or the development of an App, digital marketing allows marketers to target customers they could have only dreamed about in the past, truly creating a world without borders. Selecting the right digital marketing company has never been more crucial for businesses today. Companies must consider numerous factors, such as strategic fit, agency competence, delivery, quality performance and digital capabilities. Furthermore, it is now important that the digital marketing agency understands the company’s values, objectives, and goals, thus targeting the right audience with the correct message. From a small digital marketing start-up to a global marketing communications corporation, connecting your business with the right digital marketing agency could be the most strategic decision your company makes.
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