2021 has been dominated by a series of changes thanks to the raging coronavirus pandemic because it has touched every part of the globe. In the initial phase of the year, a massive shift in how consumers spend was realized because the pandemic caused uncertainty, and so people wanted to stock up the necessities.
Eduardo Sonoda says that shutdowns made people depend on digital services to work get entertainment, shop among other things. The respective changes have resulted in the emergence of other advertising trends as highlighted in the article by Eduardo Sonoda. The article herein illustrates the aspects triggering different marketing trends as well as how investments cope with them.
All the business sections such as finance or production can determine the marketing approaches as well as how it deals with the trends. For instance, a company with a restricted advertising budget might never leverage several platforms to access the targeted audience. Four external factors including economy, competition, sociocultural, and demographics affect the 2021 marketing trends.
Eduardo Sonoda retaliates that the economy determines advertising trends because it affects consumption. any economic cycle has four stages including, contraction, trough, peak, and expansion. All the stages, even though listed without the right order affect products, prices, and marketing campaigns.
Eduardo Sonoda also says that competitors with similar services or products can determine the marketing approaches and trends. Even though competition seems a massive business concern, it enables one to strategize accordingly to suit the marketing initiatives and come on top of the competitors.
Eduardo Sonoda also claimed that demographics influence the marketing approaches through gender, marital status, age, ethnicity, income, and race since they determine one’s spending behavior. Finally, Sonoda talked about sociocultural aspects because they facilitate better connection with clients and even motivate consumption. Therefore, the business succeeds.