The Marketing Predictions from the Economists

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Where there is money, there is advancement.  That is why I think economists are great people to talk to when it comes to predicting the direction of mass communication and marketing.  At this year’s World Economic Forum, reporter Steve King shared the four most important takeaways — and they all revolved around the future of the marketing industry. For the sake of this blog and holding your attention, I shortened it to two.  Since markets around the world are on the rise comparably from the past year, there was more focus on growth, development and prosperity.  As we know from every revolution in history, these are the key factors in creating a revolution.  So what’s our next revolution going to be? I think these two takeaways are key in developing an idea to this exact question.

  1. The idea that the digital world will replace the physical world in the near future is high improbable. The Chairman of Bain and Co. spoke about predicting the creation of hybrid models between the digital and physical world.  With primarily digital companies such as Amazon move into retail spaces, a trend is being created where the physical and digital worlds co-exist. This also flags the potential growth of 3D printing, as it becomes a more common resource among companies.  This supports Google’s predictions that these devices  will become increasingly present in society.
  2. There is a data challenge as the role of marketing switches to better address consumers.  Google, Yahoo, HP and Microsoft all agree that they consider data “the next big thing” for productivity and competition.  Just from watching the TedTalk on data’s use in journalism it is clear that the data is the largest prediction of people and society.  At the World Economic Forum, however, companies such as Accenture stood to highlight the shortage of skilled data analysts.  The data is there, but there is a lack of expertise and experience in the field.  Google may have the data, but until they have the people to work with it, how far can they really run with it?

In short, there are some disconnects between where the big economists think the world of marketing and communication is going and where Google and the Science Fiction fans think it is going.  Finding middle ground between the two, I think it’s safe to say that while we may not be so connected that we have no reason to leave our homes, the job market for digital innovation is expanding rapidly and our technologically connectedness will continue to increase at an alarming rate.

To read Steve King’s entire article click here.

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