2020 was the year of firsts, lasts, and everything in between. From a complete transition onto digital social platforms to the rise and fall of new forms of connecting with people, a year of such change is bound to adapt and produce innovation along the way. No longer can in-person meetings, ads on the subway, or campaign events grasp the same audience as before. However, looking at the problem through rose-colored glasses brings to light the marketing trends evolving today that are changing the industry for the better.
Latané Conant, Chief Market Officer at 6sense, notes the shift for both consumers and companies to use more intimate and personal events in order to market brands. Say goodbye to generic panels and fleeting advertisements, the rise of online streaming platforms has allowed for consumers to connect with one another in an unprecedented way, thus curating this need for personalization and face-to-face interaction that did not characterize marketing tactics before, “The era of anchoring marketing around a big, industry event is coming to a close. We've all seen the annual conference go virtual due to the impact of COVID-19. But I expect hosts to find that their audience's appetite for the singular virtual gathering will wane, as well” says Adam Masur from Credly. More than ever before, people are interested in getting connected, attending virtual events, and becoming part of communities that better characterize in-person life: companies are starting to capitalize on this and devolve their marketing tactics onto a more personal level to create a stronger bond with their brand to increase revenues.
Awareness for Zoom exploded due to reliance on digital channels in the age of COVID-19, and new social platforms like TikTok that connects people virtually gained even more traction and popularity than ever before. TikTok’s addictive video streaming application, with algorithm-based personalization, was the #1 most downloaded mobile app in 2020, with over 1 billion users internationally. Companies had already begun to shift towards heavy use of social media marketing through the use of Instagram marketplaces, curated advertisements, and brand influencers; however, TikTok has brought this level of brand engagement to a whole new level by creating a more authentic marketing experience that mirrors the level of intimate connection needed in a face-to-face deficient world. While other platforms, like Instagram, cater towards user-retention, TikTok’s focus on virality allows for companies to essentially create free user acquisition methods to grow a company and brand like never before, “TikTok has allowed for brands to connect with users on a level impossible in advertisements and other social media sites, which is pushing companies to focus all their attention on using this as their main advertising platform for 2021,” says Jaimie Lee, founder of Flox app. More and more, companies turn to this platform to reach their users and advertise their brands, making TikTok a cost-efficient and viral way of marketing to different audiences without the trouble of curated paid advertisements on other platforms.
With a move to marketing trends that value authenticity, accessibility, and speed, the RFP process has become a concept of the past. While RFP’s have been the central way of kickstarting brand deals, the time-consuming process is becoming outdated as marketing tactics accelerate and evolve to meet the changing needs of the audience it is catering to. The turnover period between different brand marketing events continues to shorten, thus limiting the number of brand deals and partnerships created within these advertising events because of the slow-moving pace of the traditional RFP process. While some are looking towards pre-planned sponsorship concepts or simply narrowing down brand deals within the year, the audience shift towards platforms like Zoom and TikTok coupled with difficulties in planning deals has led to a subsequent shift away from RFP’s for 2021.
While each of these marketing trends have evolved in a way that has been more successful and effective, the decline of RFP’s has left a space within the marketing and brand industry for something innovative: Brandverge’s mission has been to fill this void for companies and enable them to ditch RFPs since 2018. With the platform’s on-demand and customizable program choices, brands and agencies are able to plan in half the time, leaving space to experiment with new trends within the advertising world for 2021.
The world of brand marketing is changing, and we should change with it too. Reach out for a free demo of Brandverge today and see how a life without RFPs is a life open to new opportunities (and maybe a couple of new TikTok dances along the way).