06Jun

Belt-tightening at ad agencies is forcing chief marketing officers to be more resourceful, relying on in-house expertise to handle tough challenges they previously would have hired outside help to address.

Market research firm Forrester estimates that media spending will be off 23% as a result of the COVID-19 closures and the slow business rebound economists predict. To offset the dramatic reduction in revenue, ad agencies have already begun to shed staff.

As dire as that analysis may be, Forrester says “those pressures will force marketers and their agencies to be more innovative, speeding up a shift toward digital media channels that have become even more vital in reaching homebound consumers.”

It also means CMOs will be have a larger, seasoned pool of creative talent, media buyers, schedulers and others to lean on. As reported by Marketing Dive, Forrester’s analysis predicts the ad agency layoffs, which could reach 15%, will “spur a migration to in-house and gig economy alternatives.”

That could fuel a hiring push for marketing and creatives professionals in the coming months, as some of the savings from moving work in-house is used to improve headcount.

Since the Great Recession of the last decade, agency work has slowly been moving in-house. Marketing Dive reported on a survey by the Association of National Advertisers that found 78% of marketers working with an in-house agency. The last time the survey was conducted in 2013, that percentage was 58%.

Photo by Al ghazali on Unsplash

[bdp_post_carousel]

author avatar
Green Key
Jun 6, 2023

Influencer is the Hottest New Marketing Career (Sample)

When the pandemic hit and Americans hunkered down, spending on essentials and entertainment, but on little else, brands naturally cut their marketing budgets.

One area that survived was social media influencers. After dipping slightly at the outset of the quarantine, social influencer spending quickly returned to pre-COVID levels. Meanwhile, other advertising, including digital, continued to decline so much that 7-in-10 CMOs have seen an average 19% cut in their marketing budgets.

From an almost accidental niche specialty, influencer marketing has become a big part of digital marketing. Spending on social influence was estimated to hit $9.7 billion this year.

Marketers report that for every $1 they spend on social influence they earn an average media value of $5.78. No surprise then that influencer jobs have become one of the hottest new marketing careers. By virtue of the relationship they’ve established with their audience, social media influencers can introduce their followers to a new brand, or boost an established brand’s sales simply by posting about them.

Until recently, influencers didn’t see what for many began as a hobby as a career. They wrote blogs, posted videos and images to YouTube and Instagram channels and otherwise produced content about what most interested them. As they gained followers, they gained influence and companies noticed.

Kylie Jenner, with 164 million Instagram followers, can drive huge sales for her cosmetics line and for other products she promotes. So effective is her influence that companies pay her hundreds of thousands, even up to a million to post about their products.

[bdp_post_carousel]

author avatar
Green Key

What to Leave Off Your Resume

There are plenty of ways for your resume to stand out, but you do not want to stand out for the wrong reasons and miss a fantastic job opportunity.