The media landscape is constantly evolving, and businesses and marketers need to keep up with these changes to stay relevant and competitive. In a recent report, the Institute of Practitioners in Advertising (IPA) highlights some key trends and insights that will shape the commercial media landscape in 2023.
Here are some of the key takeaways from the report:
- Traditional media is losing ground to digital media: The report predicts that by 2023, traditional media such as TV, radio, and print will account for only 38% of total media consumption, while digital media will account for 62%. This shift has significant implications for businesses and advertisers, who will need to adjust their marketing strategies accordingly.
- New media platforms are emerging: The report highlights the emergence of new media platforms such as TikTok and Clubhouse, which are gaining popularity among younger audiences. These platforms offer new opportunities for businesses and advertisers to reach their target audiences in new and engaging ways.
- Data and analytics are critical for success: The report emphasizes the importance of data and analytics in the media landscape, and how businesses and advertisers need to use this information to inform their marketing strategies. By leveraging data and analytics, businesses can gain a better understanding of their target audiences and create more effective marketing campaigns.
- Challenges facing businesses in the media landscape: The report also highlights some of the challenges facing businesses in the media landscape, such as the increasing fragmentation of media channels and the need to navigate complex media ecosystems. Businesses will need to be agile and adaptable to navigate these challenges and stay ahead of the curve.
So, what does this all mean for businesses and marketers? The report offers some key recommendations:
- Embrace digital media: With traditional media losing ground to digital media, businesses and marketers need to shift their focus and invest more in digital channels. This means developing new skills and capabilities to create engaging content that resonates with audiences across different digital platforms.
- Experiment with new media platforms: As new media platforms emerge, businesses and marketers need to be open to experimenting with these platforms and exploring new ways to engage with audiences. This means being creative and innovative, and not being afraid to take risks.
- Use data and analytics to inform marketing strategies: Data and analytics are critical for success in the media landscape, and businesses and marketers need to leverage this information to create more effective marketing campaigns. This means investing in the right tools and technologies to gather and analyze data, and using this information to inform decision-making.
In conclusion, the commercial media landscape is constantly evolving, and businesses and marketers need to be prepared to adapt to these changes to stay ahead of the curve. By embracing digital media, experimenting with new platforms, and using data and analytics to inform marketing strategies, businesses can create more effective campaigns and drive better ROI in the years ahead.
If you want to understand more, you can read the report here