Marketing has evolved tremendously over the decades. Earlier, the system was production-centered. Later, it went through phases and evolved into relationship-based marketing. Modern marketing ultimately refers to the concept of business development. It again narrows down to business development through persuasive relationships. Science and technology have changed the way people live. This further affected the way they do business, sell, and purchase.
Through print, television, and social media, marketing has changed over the past decades from the simple act of informing customers to influencing people to become potential customers. It comes as no surprise that the evolution of marketing and advertising has directly affected the evolution of marketing agencies. There are two main factors that have affected the evolution of marketing agencies.
What Do Customers Want?
This refers to the customer’s needs in the business environment. The demands of consumers have changed over the years. What they wanted in the past is irrelevant to what they demand today. If a business fails to keep up with its customers, then its marketing efforts will fail. So customer needs are one factor that directly affected the evolution of marketing agencies.
Marketing Technologies
In the beginning, print advertising was the only communication medium for marketers. Today, the world of digital marketing technology offers a vast variety of opportunities to brands and businesses. Everything is possible for marketing agencies, from email marketing to influencer marketing. Marketing technology is another strong aspect in the evolution of marketing. It teaches marketing agencies what to do and what not to do.
What Should Be the Business Objectives of Marketing Agencies?
Good marketing campaigns aim to facilitate impactful messages that create result-oriented calls to action. The success of any marketing agency depends upon their ability to develop relevant business objectives. They should be able to act as business managers in order to understand the client’s requirements effectively. Before setting up the strategies, the account department must understand the client’s demands. The agency must also possess working knowledge in the area of interest. The executive team primarily measures success on the basis of sales. There are also other aspects of marketing that should be valued.
- The customer acquisition rate
- Profit margins
- Investor interest
- “Strategic product development”
- Distribution and technology partner agreements
The Future of Marketing Agencies
The world of marketing is evolving at an exponential rate. The digitalisation of the business environment has forced marketing to evolve and adapt accordingly. Social media has further pushed this, and now brands are engaging with consumers in a very human way. At the same time, the role of marketing agencies remains the same: they help brands increase their sales and loyalty. One of the major challenges for agencies is going to be the innovation and implementation of big ideas. A person who uses various modes of communication is a different consumer in each medium. Consumers are not the same when they are using smartphones as they are on any other device or television. Agencies should be able to come up with creative solutions for a better call to action for marketing messages. Also, with the advancement of technology and connectedness, marketing agencies will be challenged to prove their results.