I’m sure I’m not the first one to tell you: We’re in a recession.
The doom has advertisers hanging signs along the lines of “Will Work For Food” on their agency walls, and marketers continue to face facts and figures like these, from Forrester’s 2009 Global CMO Recession Survey: 71% of marketing budgets have been reduced this year, and more than half reported reductions greater than 20%.
Now here comes the curveball: I think this might be the best thing that has happened to our industry in decades. Yes, I said that. While I have empathy for those that have lost jobs and the extra pressure many of us are facing, it’s also forced us to innovate, reinvent ourselves, think more strategically, and, most importantly, bring a level of sophistication and maturity that, in my opinion, has been desperately missing from digital advertising throughout most of the industry.
There are five trends I believe are reshaping the face of marketing.