The last decade has seen rapid transformation in the advertising industry. Media development, especially brisk advances in alternate social media, has altered the way both corporations and consumers treat advertisement. In varying forms, it has become one of the most essential components of the corporate economy.
There is nothing glamorous, rosy and fancy about this industry – advertising, in simple word is nothing more than just a plain ‘communication.’ Advertising has no boundaries, it is not confined to some specific sectors and businesses only; rather it can be attached to anything present in this world, including feelings and emotions. It is highly imaginative and exclusive amalgamation of public service and marketing strategies.
Despite innovations, its basic theme has remained consistent. It is a form of communication used to persuade audiences to take action with respect to products, ideas, or services. The desired result is to drive consumer behavior regarding commercial offerings. However, with time its intensity has increased. Specialised advertisement organisations have mushroomed and competition is intense. Companies tend to spend increasing amounts on marketing and advertisement strategies. Led by multinationals, the advertisement industry has become enormously complex and successfully impacts consumer behaviour to a large extent.
Over 25 years of my professional experience, I have experienced several trends and shifts in the industry from close proximity. I feel that the legacy of communication has unfolded over the past few decades, leaving unconventional prints in the history of advertising. With the high involvement of technology and advanced media, several new communication channels have exploded over time.
Regardless of the fluctuations of the market and advancements of communication channels, the significance of advertisement remains the same. It is a general belief that advertising during economic downturns is illogical, whereas in actual fact it provides impetus to a struggling economy.
Advertising plays a vital role in every country’s economy as it is practically the most effective tool for communicating with end consumers directly. It is the crucial element that initiates the economic cycle, resulting in the success for industry and therefore the economy. It creates awareness of brands, thus accelerating their sales. The sales bring profit to companies that result in the expansion of the whole industry. The expansion, ultimately, helps the economy to grow and jobs opportunities start flourishing, thus strengthening buying power of the consumers. The buying power then leads to overall sustainable economical growth.
In Pakistan, advertising is strongly affected as corporate companies are rapidly deducting budgets. It is believed that advertising is not one of the essential pillars of industry. This belief is partially due to lack of education and limited revenues whereas to my knowledge every company’s growth has a relationship of direct proportionality with advertising success.
In crisis lies opportunity, and Pakistan’s present predicament offers positive prospects to the advertisement industry as well as corporations. If companies employ this industry in the right manner, they can stimulate commercialism at a time when the economy is in severe need of the spending multiplier. Also, as the ad-industry expands, it will tap creative talent and provide employment opportunities, triggering activity that benefits the economy as a whole. As I see it, advertising is a dynamic and diverse profession where every day brings new creative challenges.
Talking specifically about the economy of Pakistan, at this stage it is not only necessary for corporate companies to increase investments in advertising, but it is also essential for them to start believing in what miracles the advertising can do.
The writer is Chief Executive, Velocity Marketing & Communications