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5 Ways to Measure Brand Awareness

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Building brand awareness is the foundation of your marketing efforts – sharing your name in the community, and earning trust, can influence consumers’ decision-making and purchases. Following are ways to help measure brand awareness.


1. Branded Search Volume
Monitor the number of searches about your business:

  • The more people who search for your name or variations of it, the more people become aware of your business.
  • Use tools for both organic search results and paid search campaigns.

2. Website Traffic
Measure direct and new traffic to provide insight into your brand’s reach:

  • Direct traffic refers to users who type your website’s URL into their browser.
  • New traffic cites users who visit your site for the first time.

3. Brand Mentions
Chances are good that people are talking about you on the internet:

  • Monitor brand-mentions on social media and online publications.
  • Set up alerts to get notified every time there are new results for your branded search term.

4. Social-Media Engagement
Social media works along with “word-of-mouth”:

  • Understand how well your brand is performing across social-media platforms.
  • Measure reach, impressions, mentions, followers, saves, and engagement, using native analytics¹ or social listening tools² on every social platform.

5. Customer Feedback
Satisfied customers are more likely to recommend you to others:

  • Good reviews indicate that your business is leaving a positive impression on your customers.
  • Less positive reviews highlight opportunities for improvement.

Understand how visible your brand is to your potential customers – from your website to social media to your customer’s entire purchase journey – and your efforts should transform into better customer engagement and increased revenue.

 

¹Native analytics: built into the back end of social platforms to provide insights on your following and engagement, and the performance of your content. (prnewsonline.com)

²Social listening tools: software that allows users to monitor, track, and analyze social media conversations. (brand24.com)

Source: Young Entrepreneur Council@YEC; Solomon Thimothy, president of OneIMS

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Building Brand Awareness and Loyalty

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Branding is the ability to distinguish your products/services within a target market and brand equity is the total value of a brand based on associations and expectations.

Following are key elements that help determine brand equity:

1. Brand Awareness is critical and falls into two categories:

  • Recognition: refers to consumers remembering past exposure to your brand.
  • Recall: is about what product/service comes to mind when a category is discussed.

2. Brand Loyalty measures how loyal a consumer is to a brand:

  • Cultivate strong relationships by providing exceptional customer service and high quality products/services.
  • Offer loyalty rewards and incentives to encourage repeat purchases and referrals.

3. Perceived Quality is the value consumers equate with a brand … perception is everything:

  • Differentiate yourself from competitors – specialization and/or exclusivity can lead to a higher perceived quality.
  • Share your brand story to build trust and establish an emotional connection; consider how your product/service addresses customer needs.

4. Actual Associations is anything with which a consumer might associate a brand:

  • Use a logo, specific color, tagline, etc., to encourage consumers to think about your business.
  • Ensure consistency across all marketing materials, such as websites, social media profiles, etc., creating a cohesive visual identity.

Brand equity is an invaluable resource that sets your product/service apart and keeps your customers loyal. Understanding this equity can help generate insights to help narrow down a target market and determine a brand’s need for growth or repositioning.

Source: Entrepreneur.com, reported by Erica Dushley Saraway, Entrepreneur Leadership Network Contributor/VP Marketing & Sales

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Ten Tips for Growing Your Business

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Be sure to do your research, create a solid marketing plan and stay focused so your business can continue to grow.

While there’s no surefire formula for instant success, you can boost your company’s growth with a marketing strategy.  Following are tips from small business start-up founders on how to help grow your business.

 1) Focus on established revenue sources:

  • Maximize your current customer base: implement a loyalty program, try out marketing strategies based on customers’ purchase histories, etc.

 2) Be adaptable:

  • Switch direction in response to changes in the market — test different approaches and find out what works best.

 3) Focus on customer experience:

  • Provide superior customer service — when you exceed customers’ expectations, they are likely to tell their friends, family and colleagues about your business.

 4) Always think ahead:

  • Planning your next step – in anticipation of all possible scenarios – is the best way to stay grounded and secure as your business evolves.

 5) Develop a social media strategy:

  • Use social media to drive traffic to your website where customers can learn about you and buy your products/services; post content that’s interesting and relevant to your audience.

 6) Research your competitors:

  • Ask yourself who your competitors are, what they’re doing (that you’re not doing) and how you can differentiate your business from theirs.

 7) Maintain your website:

  • A web presence is essential: include your location, hours, an “about us” page, product/service pages, frequently asked questions (FAQs), a blog and contact information.

 8) Optimize your site for SEO¹:

  • Focus on Search Engine Optimization so customers can easily find you online.

  9) Create relevant content:

  • Provide quality digital content on your site, such as videos, customer testimonials, blog posts and demos, that make it easy for customers to find the correct answers to their questions.

  10) Get listed in online directories:

  • Include your business in as many relevant directories as possible; create listings for your business on specific directories that focus on your industry.

Running a business takes time, effort and perseverance. Be sure to do your research, create a solid marketing plan and stay focused so your business can continue to grow.

*SEO (Search Engine Optimization) is the science of improving a website to increase its visibility when people search for products or services.  (techtarget,com)

Source:  businessweekdaily.com, reported by Sean Peek, Shannon Gausepohl; forbes.com, reported by Kathy Haan, Adam Ramirez, Kelly Mail

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Brand Positioning Is Important For Your Business

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Brand positioning is more of a daily commitment than a one-time event, and the results are well worth the effort.

To build a strong brand, focus on how your customers see you and why you’re different from other businesses. Brand positioning is a process of sharing your product/service and establishing it as something worth thinking about.

Here are reasons why and tips on how to position your business:

Why Brand Positioning is Important
Being proactive on positioning helps make an impact on how your target audience sees you:

  • It allows you to differentiate your brand:

    Positioning your brand creates clarity around who you serve and explains what sets your products/services apart, capturing the attention of those interested enough to take action.

  • It helps you justify your pricing strategy:

    Brand positioning emphasizes the factors behind a pricing strategy, high or low, making it become reasonable in the eyes of consumers.

  • It makes your brand more creative:

    Businesses that offer similar products/services differ based on their positioning: a creative, innovative strategy, combined with strong execution, will leave customers coming back.

How to Position Your Brand
Be strategic about positioning and make sure your business appeals to the right audience:

  • Be unique and relevant:

    Emphasize the features that distinguish you from competitors. Identify what matters most to your clients and position your brand around it.

  • Be consistent:

    Find a general direction for your brand with a strategy that helps build your brand over time — think about what you want your business to represent five plus years from now.

  • Be credible:

    To establish trust, make sure that everything you say about your company is believable, will connect with customers on an emotional level and is important to your clients.

It’s not enough to just have a great product or service. Businesses need an engaging customer experience across all channels for their advantage to stand out and be noticed by consumers. Brand positioning is more of a daily commitment than a one-time event, and the results are well worth the effort.

Source: Forbes, reported by Samuel Thimothy, VP-OneIMS.com and co-founder of Clickx.io.

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The Latest Google Updates for Businesses

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You may have noticed Google My Business (GMB) changed its name to Google Business Profile (GBP). Many local businesses manage their business information through this listing, as it provides easy access for new or existing customers to directly connect with small businesses. But what does this change mean for you?

Here at Growth Spark Media, our team of professionals has been monitoring the recent changes Google made. While we have adapted your business listings to these changes already, we’d like to summarize the changes and how it could affect your business:

NEW CHANGES FOR BUSINESSES:

  1. Claim & Manage GBP Directly in “Google Search & Maps”:
    • Google now allows businesses to claim and verify a listing through Search or Maps.
    • This makes it easier to gain access to the most integral information for your business.
  1. Managing Multiple Locations through “Business Profile Manager”:
    • Google is tailoring their Profile Manager to help both small and larger businesses manage their listings in one place.
    • This makes it easier for GSM to take care of your business information and adapt as your business grows.

NEW FEATURES FOR BUSINESSES:

  1. Call History Tracker:
    • You can now manage your calls from Search or Maps through your Google Business Profile and stay engaged with customers.
    • The feature allows you to manage all your calls in one place, respond to missed calls and have a short message alerting you to the fact that a customer is calling directly from your GBP.
  1. Customer Messaging:
    • Customers can message you directly so you can answer questions, tell your story and attract new customers.
    • Enabling the Chat feature through your GBP will allow customers to contact you at any time, driving further customer engagement.

WHY DOES THIS MATTER FOR YOU?

Google Business Profiles are the first thing a customer or potential customer will see when searching for you on Google. They look to the information listed there as a trusted source, and often times use it as a guideline when choosing when and how they will reach out to you. This update helps to bridge the gap between you and your online customers.

Growth Spark Media recognizes how important these updates are for you and your business. We’re here to make sure you stay informed. If you have any questions about this update, or would like to work directly on one of these new features offered, please don’t hesitate to reach out to your GSM representative!

Source:  SearchEngineLand, reported by Barry Schwartz

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Out-Of-Home Ad Forecast Sees Sharp Gain Through 2025

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Both U.S. and global Out-of-Home (OOH) ad growth are expected to rise at a fast pace through 2025, fueled mostly by Digital-Out-of-Home (DOOH).

Global Out-of-Home Ad Growth:

  • Out-of-Home’s compound annual growth rate (CAGR)* between 2021 and 2025 is expected to be 7.3%, fueled mostly by Digital Out-of-Home’s 12.2% CAGR.

  • Digital Out-of-Home will account for 34.2% of all Out-of-Home ad spend in 2025.

U.S. Digital Out-of-Home Ad Growth:

  • DOOH (ex. billboard, DMV, elevator, gas station) in the U.S. will accelerate sharply in 2022 with an 8.9% CAGR through 2025.

  • In 2025, Digital Out-of-Home will have a 37.1% share of total Out-of-Home ad revenue in the U.S.

Consumer Exposure:

  • Global: Digital Out-of-Home exposure time will increase at a 7.3% CAGR in 2025, grabbing a 40.4% share of total consumer time spent with OOH media.

  • U.S.: Continuing an ongoing trend, total time spent with OOH among Americans expanded 0.5% to 2.86 hours weekly in 2020.

*The compound annual growth rate (CAGR) is the proportional growth rate from year to year, used to calculate growth over a time period.

Source:  Digiday, reported by Michael Burgi; PRWeb, reported by PQ Media’s Patrick Quinn (CEO/Founder) and Leo Kivijarv;  Media Daily News, reported by Joe Mandese

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How Digital Marketing Drives the Growth You Need for 2022

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Digital marketing is crucial for growing your business:  according to a recent study¹, companies are diversifying their spend across paid and owned media and customers are spending more time and resources on owned-media channels such as websites, mobile apps, and customer-service channels.
Digital marketing has the ability to drive an increase of 5 to 8 percent in revenues over 12 months by capturing more online traffic and engaging with consumers more effectively.
Here are several ways how digital marketing campaigns can help grow your business:
Wider reach:
  • Reach people without having to step outside of your physical bounds, with campaigns that can be set up easily and with a small budget to cover the cost of advertising.
  • Consumers can be geo-targeted, delivering content or advertisements based on their geographic location.²
Brand awareness:
  • Create an online presence that fuels your reputation and helps make your business easy to find via search results.
  • Build trust by updating social media pages with new products/services, posts about different business trends and ads that boast optimized content and design, which are engaging and attractive.
Cost-effectiveness:
  • Digital marketing can save money in the long run because it is relatively inexpensive compared to other forms of advertising.
  • Provide a new stream of income: for example, if your site does not have banner ads on the homepage or sidebar, place ad space in those places to drive traffic back to the part of your website where people are most likely going to make a purchase.
Better revenues:
  • An effective digital marketing results in high conversion rates and a high number of website visitors.
  • Turn those website visits into customers with an effective email marketing or social media strategy.
Improved ROI (Return On Investment):
  • The more traffic your website gets, the higher the chances that someone will make a purchase and invest in what your company has to offer.
  • Measure the results for the impact digital marketing has on your business – the key is to produce a continuous flow of traffic to your website.
Digital marketing is an effective way to reach new customers and also maintain the ones you already have. Whether you are a small business offering local goods and services, or looking for a way to reach consumers on a limited budget, digital marketing can help meet your business objectives.
Source:  Stefanini Group; ¹McKinsey & Company; ²wordstream.com

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Foolproof Ways to Improve Customer Loyalty

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Customer loyalty is a gauge of how devoted customers are to a business, and is the result of a consistently positive customer experience. Following are tips on how to effectively measure, increase and maintain customer loyalty.
Customer loyalty is important to all businesses — it costs more to acquire new customers than to retain existing ones.

1. Measuring Customer Loyalty
 Understand your current customer loyalty status:
  • Determine your repurchase rate: consumers who continue to buy your products/services.
  • Examine the likelihood that consumers will recommend your business to colleagues, friends and family.
  • Evaluate the number of customers who have purchased other products/services offered by your business.
  • Measure the percentage of customers retained over a given period.
2. Increasing Customer Loyalty
Employ these tried and tested strategies to increase loyalty:
  • Recognize and value regular customers and give them special attention.
  • Reward your customers — two-thirds say they enjoy a customer rewards program.
  • Always provide what the customer expects; respond to negative feedback
  • Go beyond transactional: three-quarters of consumers are more likely to purchase from a business that knows their name, purchase history and makes recommendations based on their preferences.
 3. Sustaining Customer Loyalty
Identify any changes in customer expectations and how they feel about your business:
  • Routine conversations and customer surveys can help pinpoint concerns before they become issues.
  • Take an objective view of your business as experienced by customers.
  • Keep tabs on competitors’ products/services, promotional campaigns, and development programs.
  • Manage the impact competitors may have on your customers.
Customer loyalty is important to all businesses — it costs more to acquire new customers than to retain existing ones.  As you build customer relationships, focus on strategies to increase and sustain loyalty.
Source:  CustomerThermometer, reported by Lindsay Willott

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Utilizing Social Media for Your Business

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Statistics are important to look at when planning your social media marketing strategy, and can be used to benchmark performances within your industry.  The following information can help businesses set expectations when entering the social media market.

Social media usage stats¹

Social media continues to grow in popularity, as people keep track of family, friends and brands:

  • Globally, over 3.6 billion people use social media.
  • This number is projected to increase to 4.4 billion in 2025.
  • The top networks ranked by active users are Facebook, YouTube, WhatsApp, Facebook Messenger.
  • Internet users spend an average of 144 minutes on social media per day.

Facebook stats²

Facebook continues to be vital, regularly adding new features for businesses to easily interact with their customer base:

  • Facebook is the most used social network with over 2.7 billion monthly active users in Q3 2020.
  • The all-industry median benchmark for Facebook engagement rate per post is 0.09%.
  • Facebook has 10 million active advertisers in Q3 2020 and mobile accounts for 92% of its total ad revenue.
  • Links are the most commonly used content type, claiming 44% of all brand posts.

Consumer behavior stats³

Consumer use of social media is growing:  50% increased their usage in the last six months:

  • Consumers follow businesses to learn about products/services (57%) and company news (47%).
  • After following, consumers continue to engage: 91% visit websites/apps, 89% make a purchase, 85% recommend a brand to family/friends.
  • Consumers preferred content includes: images (68%), videos (50%), text-based posts (30%).
  • The top reasons consumers unfollow are poor quality of product/support (49%), poor customer service (49%), irrelevant content (45%), too many ads (45%).

Social marketers juggle challenges in an ever-changing landscape. These can include identifying/reaching a target audience, measuring ROI, or supporting business goals³. Being aware of social media marketing statistics can help you decide where to put your advertising dollars and how to make the most of them.

Your team at Growth Spark Media is here to help you navigate the industry and offer support. If you’re interested in trying social media advertising, we encourage you to reach out to our experts!

 

Source:  Sproutsocial.com, written by Jenn Chen; ¹We are Social, Hootsuite; ²Facebook, Socialinsider; ³Sprout Social Index; ⁴11th Annual Content Marketing Survey: Content Marketing Institute/MarketingProfs

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5 Reasons Why Website Security is Important

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The importance of website security is increasing rapidly due to an increase in hacking activity.

About 30,000 to 50,000 websites get hacked every day and the numbers are growing daily. Online security is vital to protect your website and the data it holds. Growth Spark Media recognizes this and implements top-level security for your website’s protection. The following are five reasons why we do:

1. Hacked websites can target your customers:

  • Over half (56%) of internet traffic is from an automated source such as hacking tools, scrapers, spammers, impersonators and bots.
  • Malicious software (malware) infects websites, gathers data and hijacks computer resources.
  • If not protected, hackers can infect your website visitors with malware.

2. The number of hacked sites rises rapidly:

  • Attacks occur every 39 seconds on average; non-secure usernames/passwords give attackers more chance for success.
  • Hacked websites are used to retarget your site visitors so security is important to keep your customers safe.
  • Attacks do not always turn into hacks: those targeted at protected websites aren’t successful.

3. Potential loss of revenue and reputation:

  • More than 80% of hacked sites have been removed from search results¹.
  • Search engines warn and restrict consumers from entering some websites (ex. sites without SSL², which are marked as insecure, etc.).
  • Hacked websites may cause consumers to lose trust and not visit your site again, leading to loss of reputation and/or revenue.

4. Website clean-up is more expensive than protection.

  • Malware is often hidden from the original files/database and attackers work hard to ensure that their backdoors³ are not easily removed.
  • It is recommended that a professional clean your hacked website, which can be expensive.
  • Around 84% of websites contain vulnerabilities⁴ so manual clean-ups are preferred.

5. Websites get blacklisted.

  • Blacklisted websites – those containing something harmful — are expelled by search engines, losing almost 95% of organic traffic.
  • Google quarantines at least 10,000 suspicious websites each day, warning users to stay away.
  • To become relisted, a site clean-up is required.

The importance of website security is increasing rapidly. You can rest easy knowing that the team here at Growth Spark Media uses the latest security software to protect your website, your business, and your customers. For more information regarding your website security, we encourage you to reach out to your GSM representative directly.

²SSL (Secure Sockets Layer) is a secure protocol developed for sending information securely over the internet (techterms.com)

³A backdoor attack uses a specific type of malware so hackers can avoid normal authentication procedures to gain access to a target system (techslang.com)

Source: Agnes Talalaev from patchstack, ¹Search Engine Journal; ⁴research by Acunetix

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Prepping for Google Page Experience

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It’s important to plan ahead and implement best practices to prepare for Google Page Experiences’ metrics.
Google will be adding a Page Experience metric to its ranking factors, which will measure a site’s overall responsiveness and reward pages that offer a better user experience. 
While quality of content remains the most essential aspect from an SEO* perspective, this metric will affect ranking results, so it’s important to be well informed.  Following is how to prepare, with steps we continue to provide at Growth Spark Media to ensure the most optimal results in Google search.
1) Get an excellent web hosting service
  • Ensure your site is fast and responsive – performance is already a key ranking factor.
  • Analyze your site’s responsiveness with a website performance monitoring tool.
  • Check out sites that gather and share performance data on web hosting providers.
2) Keep your page’s size light
  • Avoid overstuffing web pages with visual content that slows down your site.
  • Optimize images and make them weigh less by using image compressor tools.
  • If your page is content-heavy, spread the largest items to multiple pages within your site.
3) Optimize your site for mobile
  • Google only wants to display mobile-friendly sites: there are an estimated 3.5 billion smartphone users, growing to 3.8 billion**.
  • Ensure that your site adjusts to small screens – it’s what users expect when accessing info on smartphones.
  • Test if your site is mobile-responsive.
4) Install security measures
  • Weed out any deceptive content, such as spyware, social engineering scams, false information, etc.
  • Scan your website to see if any issues pop up.
  • Add a firewall (network security device) to protect your site from malware and other hacking attempts.
5) HTTPS
  • Google prefers sites with a Secure Sockets Layer (SSL) certificate in the website’s URL — http://https://— the latter is SSL secured.
  • The SSL certificate encrypts any data that travels between users and servers.
  • A “not secure warning” is mainly due to the site missing an SSL certificate.
6) Tone down or remove large pop-up banners
  • Google aims to penalize sites that aggressively keep users from quickly accessing content.
  • Avoid giant banners and pop-ups that cover the screen, are difficult to dismiss or keep popping up.
  • Disclaimers, cookie info, age policies, login dialogs and reasonably sized banners are exceptions.
It’s important to plan ahead and implement best practices to prepare for Google Page Experiences’ metrics. Through testing your site’s performance, security, and mobile friendliness, Growth Spark Media continues to be on top of these strategies and will tweak or add to your site based on the results.

*SEO (Search Engine Optimization):  the practice of improving your online visibility in organic search results to increase the quantity and quality of your website traffic (webfx.com)
Source:  Searchenginewatch.com, Gert Svaiko; **Research from Statista

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How to Analyze, Redesign, Rebuild Brands

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To earn consumer trust, it’s important that businesses review and evaluate their brand design, perception and values.  Following are three steps to help stay creatively connected with consumers:

1) Re-evaluate your foundation:
  • Identify the brand story, images and logos associated with your business.
  • Ensure your message is positive, sensitive and meaningful.
  • Pinpoint areas of growth to create an identity that promotes authenticity, transparency and a personal connection with consumers.
2) Anticipate the meaning of symbols:
  • Symbol design helps foster relationships and perception with your audience, conveying different meanings and emotional responses.
  • It’s critical to anticipate what a symbol might mean to others — establish a logo that aligns with your audience and its values.
  • Aligning symbols with cultural context will help your logo and brand remain timeless and impactful.
3) Leverage the power of color:
  • Colors are quick and powerful tools that communicate what your product/service is and how it is perceived.
  • The way colors mix, match and contrast influences consumers’ emotional responses, perception and trust.
  • Color makes up to 90% of a consumer’s initial assessment and ultimate judgment for a brand* — choose colors that align with your identity, values, industry and what you want your audience to feel.
Businesses should consistently evaluate how they are perceived and take steps for any improvements.  Brands can create positive changes by focusing on core values, colors and logo design.

 

Source:  MediaPost-The Marketing Insider, reported by Beth Doane;
*Studies by CCICOLOR – Institute for Color Research.

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Five Point Checklist for Planning Your Digital Marketing Strategy

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As the year ends, it’s time for businesses to plan their marketing initiatives. Following is a checklist to help ensure your business is ready for the new year.

1) Look Back to Get Ahead
Review your progress during the past year for insight into which tactics to repeat or eliminate.  Ask yourself:
  • What steps did you take to adjust to any obstacles?
  • Where did you do well or miss the mark?
  • What are the short and long-term effects of any challenges for your industry?
  • Is there anything that needs to be done differently or adjusted moving forward?
2) Center Your Plan on Key Areas of Growth
Focus on areas with the most potential for growth, starting with these questions:
  • Which parts of your business or campaigns generated the highest revenue?
  • Do your customers have needs that haven’t been met?
  • Are there changes in the marketplace that you need to adapt to?
  • Have you conducted Search Engine Optimization (SEO)¹, social media and content audits to know where you stand?
3) Set S.M.A.R.T Goals
Set clear, reachable goals to measure your success using the S.M.A.R.T. method, which represents these five attributes:
  • Specific: Help narrow your goals with the five “W” questions:
    • What do I want to accomplish?
    • Why is this goal important?
    • Who is involved?
    • Where is it located?
    • Which resources are needed?
  • Measurable: Have something to measure against to monitor your progress toward achieving your objectives.
  • Attainable: Keep your goals realistic, with the resources and budget necessary to reach your desired results.
  • Relevant: Assure your plan supports accomplishing other business objectives.
  • Timely: Keep to a schedule that is realistic and flexible, adjusting along the way as needed.
4) Strategize a Game Plan
Strategize a game plan for obtaining your goals with the following tactics:
  • Search Engine Marketing (SEM)² and Optimization (SEO)
  • Online Directories (ex. Google My Business, Yelp, etc.)
  • Social Media
  • Content Marketing
  • Email Marketing
5) Analyze and Track Progress
Set up a way to quantify and track your progress, either by using a third-party or by implementing each of your channel’s reporting features.  Having good data keeps you accountable and provides a way to check your progress along the way.
By marking off each section on this list, you will be well on your way to implementing a robust digital marketing strategy.

SEO¹:  Optimizing your website for the purpose of getting free traffic from search engines.

²SEM:  Increasing visibility in search engines either by getting paid traffic through PPC (pay-per-click) advertising, when advertisers pay a cost per click, or through SEO.  — reliablesoft.net

Source:  Vivial.net

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U.S. Media Advertising Outlook Through 2024

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PwC’s Entertainment & Media Outlook Report contains projections for U.S. advertising growth through 2024.  Following are highlights for major media:

Digital Out-of-Home Advertising
Digital Out-of-Home (ex. billboard, DMV, elevator, gas station) remains strong with a +7.7% compound annual growth rate (CAGR)¹ through 2024.
Out-of-home has the strongest forecast of traditional media with a +2.8% CAGR, buoyed almost entirely by digital out-of-home’s growth.
Online Advertising
Online is expected to have a +4.1% CAGR, below forecasts of past years.
Mobile online will grow faster at a +6.2% CAGR, with wired forecast to decline at -1.5%.
Radio Advertising
Radio is expected to remain flat with a CAGR of +0.6%.
Online radio will be the fastest-growing segment with a +7.1% CAGR.
Television Advertising
TV continues to grow slowly at a +0.4% CAGR, despite a rise in TV viewing.
Online TV is also growing slowly at a +3.9% CAGR, below forecasts of past years.
Cinema Advertising
Cinema advertising revenue will decline with a CAGR of -2.2%.
Cinema box office takings will not fare any better.
Magazine Advertising
Consumer magazines remain pessimistic with a -4.2% CAGR; digital’s +2.9% is not enough to offset print’s -11.1%.
Trade magazines -0.7% CAGR expects digital’s +4.4% to make up for print’s -7.0%.
Newspaper Advertising
Newspapers continue to decline with a -6.3% CAGR.
Digital’s CAGR of +1.9% is not growing quickly enough to offset print’s -12.4%.

¹The compound annual growth rate (CAGR) is the proportional growth rate from year to year for a business, used to calculate growth over a time period.

Source:  PwC’s Entertainment & Media Outlook, reported by Marketingcharts.com

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The Importance of Investing in Ongoing Marketing

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“Because the purpose of business is to create a customer, the business enterprise has two… basic functions: marketing and innovation.  It is the whole business seen from the point of view of its final result… from the customer’s point of view.” — Peter Drucker, leading expert on management theory 


Successful businesses never stop marketing.  Marketing is the regular, sustained nourishment that gets your business where you want it and keeps it there. Following are four reasons why thriving businesses engage in vigorous, ongoing marketing efforts:

ONGOING MARKETING:

  1. Protects your reputation:
  • Your business is always improving, yet people’s perceptions tend to remain fixed and may be out of sync.
  • It takes time to define/shape your reputation and you need to be doing it continuously, keeping customers up to date.
  1. Shapes your customer base:
  • As your business evolves, target different audiences: your focus may change only slightly or it may expand to a new customer base.
  • Constantly evaluate your target and adjust your messaging, visuals, and strategy accordingly.
  1. Gives you many options:
  • Having “just enough” business isn’t enough; with active marketing, there should be more demand than you can meet.
  • This allows you to properly select your customers, focusing on the most profitable ones, and have a waiting list ready for slower times.
  1. Secures your business’s future:
  • Marketing creates and strengthens business.
  • Don’t leave your future up to chance — plant seeds now that will harvest next season.

Viability – lots of work, happy customers, a busy staff – is a key milestone in the life of a business.  This is the beginning, not the end, of your journey and marketing will be your constant companion every step of the way.

Source:  Posted by James Archer, crowdfavorite.com

 

 

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