Krishen Iyer: Marketing Growth Continues to Amaze – How to Stay Ahead

Krishen Iyer, the founder of Managed Benefits Services, a comprehensive marketing and consulting service, continues to play a role in business success due to his knowledge of the marketing world itself. The recent release of information showing just how rapidly the marketing industry is growing highlights how important it is for organizations to invest not just heavily but wisely in marketing today.

Global marketing spend continues to grow

Annual global spending on marketing in all its forms has reached a new level. By 2025, it is expected to reach $4.7 trillion. This information comes from a Forrester report. In 2021, marketing spend was $3.6 trillion, driving more than $1.1 trillion in growth in just four years. That is an annual growth rate of 7%. This is well above the growth rate expected by many and well above the industry’s 5% growth from 2015 to 2019.

Who spends the money? About 53% of global spending came from American and Chinese companies. What’s even more impressive is that these same companies will be responsible for about 73% of all spending by 2025. That’s impressive, and it also provides clear indications of where the money is. should be spent in this industry.

Krishen Iyer – Who is spending this money?

When considering the biggest industries in this sector, it’s no surprise that software and IT services are at the top of the game. 2021. From 2021 to 2025, this sector is expected to account for up to 14% of this industry’s dollar growth. One of the main reasons for this is the ongoing pandemic which has pushed digital marketing to the highest level of importance in the whole industry.

Why is this focus important? “It’s important to see how much of an impact digital marketing spend has. There is no doubt that businesses need to focus their spending on digital platforms to help them compete in this industry. The pandemic may have fueled the industry’s shift to digital, but there’s not much evidence to suggest it’s going to drop in the coming years. In fact, reports indicate that companies will continue to invest here,” says Krishen Iyer.

What does this mean for marketing companies?

Marketing and advertising companies need to understand the vital importance of having a game plan when approaching digital marketing. However, it’s not just about taking action to invest in digital. The type of digital marketing applied to any situation can be a critical investment.

What will matter in the future? “In a digital world, there are different components to digital marketing that can make or break a company’s efforts. Staying on top of trends is an essential step in this process, but there are a few fundamentals that stand out at all customer connection points,” says Krishen Iyer.

Consumer engagement is essential

Consumer engagement is one of the main components of modern digital marketing. There are a few components that make it up. For example, it is important to meet consumers where they undoubtedly are. For example, having an omnichannel experience is essential. This means creating many touchpoints for consumers across different platforms. This includes social media, blogging, and email marketing. Help people find you easily.

More so, ensure that your message across all platforms and branding components remains the same. The consumer should be able to tell that the business is the same no matter what platform it connects to your brand. It’s easier than you think to create content and branding when you have a targeted plan across all platforms.

The next step is to meet consumers where they are the customer journey. For example, an early stage customer needs to know why they should buy this product or invest in this service. They need to see the benefits for them. A client later in the journey may need a different level of information to convince them to invest. Providing the right information at the right time in the right format really makes a big difference.

Build a strong brand

To create this omnichannel experience, you must first have a well-defined and clear brand. It’s not always easy to create today when a wide range of information comes to customers from different points of view. “Controlling the message about your company, product or service is not always easy. There is no doubt that it is important to invest time and work in this process,” says Krishen Iyer.

How do you create a brand image like this? Spend time focusing on writing your mission statement. Define what your brand has to offer the world that is different or better than competitors in some way. Determine what your brand is. This means considering things like your brand image, but also the wording you’ll use, the type of message you want to communicate, and the features of your products or services.

Create an all-encompassing brand that answers all the key questions, including who, what, where and how. Create target customer personas and determine the type of messaging you will use. The clearer and more developed your brand is, the more likely you are to promote it positively across all channels.

Krishen Iyer – Put Money Into Marketing

The reports continue to be impressive. Yet, as a business owner, it’s important to invest in marketing regularly. Some industries have seen a significant rebound or maintained their digital appeal during the pandemic. This includes online retail and healthcare, for example. However, other industries have struggled, including travel, real estate and financial services.

No matter what industry your business is in, step up your investment in marketing now. Even if you do well, the competition is heating up against most companies. Looking ahead to the next few years, it’s likely that marketing budgets will need to be bigger and more comprehensive to ensure companies stand out as the crowds hit the ground running.

More money isn’t the only thing to focus on. It is also important to develop the brand of your organization, the market where are your customers – whether via social media or email – and create targeted, personalized ads that reach the right people. Companies that dedicate the necessary time to this process are those that have the best chance of long-term success.

It’s a crowded market. The fact that the industry is growing is a good thing, but it means companies need to re-evaluate what they are investing in to ensure they are able to deliver the best level of results for your organization. You may be investing more, but are you investing in the kinds of digital marketing that will propel you above the competition?

This article does not necessarily reflect the views of the editors or management of EconoTimes