Why Innovation Matters to Big Brands in the Media Industry
From viral content to weird and wacky campaigns, innovation plays an important role in changing the way media outlets communicate and grab consumers attention.
Innovation helps organisations conceive previously unimagined strategic options – and with technology rapidly developing, big brands such as Facebook, Amazon and Google are all competing to be at the forefront of this change.
PwC predicts that by 2021, the media industry will be worth £72 billion – so it’s clear to see why big names want to dominate the sector.
Whether it’s research & development, operations or marketing campaigns, innovation is important for growth, ensuring organisations are one step ahead of the competition. Furthermore, it allows organisations to widen their target audience and potential success.
The Fight Amongst Major Players
According to a recent article on Campaign, Google outstrips many other platforms on mobile advertising. There are major players in digital ads, but why is one performing better?
Google’s success is mainly down to its ability to adapt and respond to the different types of answers that people are seeking when they search. Its innovative approach has its uses when relating to different products such as Maps, Gmail and Youtube, as these all collect data to enhance Google AdWords.
Other contenders, such as Amazon, have also invested in product search. However, according to Enders Analysis, they are far from owning the search funnel, as they are currently struggling with specific search queries.
It’s clear that innovation is needed to keep up in the media industry, as it is important for businesses to attract consumers and stay ahead of the competition. It also attracts big names to join organisations and develop a digital strategy.
There are many organisations who have failed to innovate and so have not been able to keep up with ever changing consumer demand. For example, Kodak’s business of film photography missed the opportunities of digital cameras – which eventually led to them going bankrupt.
Staying ahead of the curve is important to the future success of any organisation and could ultimately lead to the downfall of an organisation that does not manage to keep up – particularly in the technology, media and telecommunications sectors.
Here at Communicate, we have a dedicated technology, media and telecommunications (TMT) team to help with your financial recruitment needs.