Every year, the advertising industry evolves in new and unexpected ways. Fortunately, it’s possible to keep up with the latest trends by following the hundreds of studies continually published around marketing best practices. From consumer insights to bold predictions regarding the industry’s future, well-researched studies help to shape the marketing strategies of some of the world’s most powerful brands.
Below, we’ve compiled 10 of the most fascinating marketing facts from authoritative industry studies to help your business stay ahead of the competition. From influencer marketing statistics to the rise of online video, each is poised to alter the advertising landscape in coming years.
1. 82% Of Consumer Internet Traffic Will Be Video By 2021
In a whitepaper published by Cisco, video is predicted to greatly outperform all other online mediums in the coming years. Brands are preparing for the shift, with U.S. online video ad spend projected to hit $17 billion by 2020. To keep up with the trend, marketers must plan to increase investment in digital video.
Many have suggested that 2017 may be the year cable TV died. During the first quarter of the year, the U.S. cable industry lost 410,000 subscribers. In comparison, one of the web’s most popular streaming services, Netflix, added 8.3 million subscribers during 2017’s final quarter. Online video, especially on social channels, looks to be increasingly central to marketing success.
2. Influencer Marketing Is A $1B Industry On Instagram
With Instagram approaching 1 billion users, more and more brands are dedicating ad dollars to the platform. Parallel to this, search interest for “influencer marketing” has multiplied over 198x since 2013. A recent study by Mediakix found that this surge in interest has resulted in a $1 billion influencer marketing industry on Instagram, which continues to grow.
3. The Average Consumer Attention Span Is 8 Seconds
According to Time, the average attention span of a goldfish is one second longer than a consumer’s. From a metrics standpoint, a user is 106% more likely to bounce on mobile when the load speed is six seconds. Marketers should optimize web pages for speed and make blog content attention-grabbing to increase time spent on page.
4. Millennials Are Projected To Account For Nearly 1/3rd Of All U.S. Retail Sales By 2020
There are 92 million Millennials in the U.S. today whose spending reaches a staggering $600 billion each year. This group of 21-36-year-olds has officially surpassed the baby boomers in population and is the country’s largest living generation.
Millennials are well known for their rejection of traditional advertising and quick adoption of new technologies. Brands should consider adjusting their targeting to reach Millennials through social media and influencer marketing.
5. 75% Of Total Marketing Budget Will Go To Digital Marketing
Salesforce research found that marketing executives will spend three-fourths of their total marketing budget on digital over traditional channels in 2021. In 2011, marketers spent about 62% of their total marketing budget on digital channels, meaning digital marketing spending will grow 21% within a 10-year period. This increase in digital ad spend reflects just how much the advertising industry has changed. Brands are reducing spend on traditional channels as digital continues to dominate.
6. Google and Facebook Earn More Than The World’s Traditional Media Outlets
The ad duopoly (Facebook and Google) tops over $117B in ad revenue, more than every newspaper, magazine, and radio network in the world combined, Inc. reported. The way consumers access news is much different with the rise of search and social media and the numbers reflect this behavior. Case in point, over one-third of Millennials and Gen Zers access news through social media platforms.
7. Content With Relevant Images Gets 94% More Views
Content marketing strategy is an ascending priority for many advertisers. Today’s consumers are attracted to images, so marketers must integrate visuals with written content. Consumer preference for image-rich content also relates the previously mentioned rise of online video. Marketers will continue to increase investment in design resources to create compelling imagery and source quality photos.
8. 76% Of Marketers Cited ROI Measurement As Top Challenge for Influencer Marketing
As brand’s investment in influencer marketing grows, tracking key performance indicators (KPIs) like return on investment (ROI) matters more. In a recent survey, 76% of marketers said that determining ROI for was their top challenge for influencer marketing campaigns. The second biggest challenge was the ever-changing nature of social network algorithms.
There are many techniques that brands can use to track KPIs such as total audience, likes, comments, use of hashtag, and brand reach. Mediakix’s influencer marketing ROI guide provides a detailed overview of how to understand relevant metrics, best practices for tracking, and how to evaluate results.
9. YouTube Has A Higher Engagement and Lower Bounce Rate Than Twitter And Facebook
In a study measuring the post-click engagement of referral traffic from the most dominant social media channels, YouTube is the undisputed winner. Visitors from YouTube spend more time viewing content than visitors from Twitter, Facebook, or any other prominent social channels. Links shared via YouTube annotations and video descriptions truly complement the video content, compelling users to click then dive deeper into the topic. YouTube’s 1.5 billion users account for one-third of all people on the internet. In a world where marketers compete for attention, choosing the right platforms and engaging viewers is vital.
10. 4X As Many Consumers Would Rather Watch A Video Than Read To Learn About A Product
In a survey by Animoto, four out of five consumers said a video showing how a product or service works was important. Additionally, the survey found that 4X as many consumers prefer a video on a product to an article. These facts further support the notion that brands should already be increasing the output of video content.