Marketing

As the 2020s began, more companies required the services of marketing consultants for help in developing marketing strategies, forecasting sales, and developing and pricing new products. In 2021, there were nearly 232,482 marketing consultant businesses in the United States, and by 2024, this number had grown to 365,000 businesses, as reported by the research group IBISWorld. This represented a 4 percent annual growth from 2019 to 2024, and steady growth is expected to continue through 2029. As the industry matures, growth will be somewhat slower compared to recent years. However, excellent opportunities will still exist, especially for consultants with a specialized focus.

The coronavirus pandemic presented the marketing industry with many challenges in early 2020, including mandatory business lockdowns and social distancing requirements. Many marketing companies responded to these challenges by having employees work remotely, reducing or postponing in-person activities, as well as reducing budgets. Consumer demand for digital content increased tremendously during the pandemic, with people spending more time at home using various devices for work, school, shopping, entertainment, and other activities. According to an article in Marketing Dive, a priority for marketers that has grown since the pandemic is to make personal connections with consumers in new ways. Other priorities that emerged in 2020 and have since continued in the marketing industry include having a more activist mindset in consumer-facing messages and having a more human-centric approach to marketing strategies. Consumers discovered the ease and convenience of online shopping during the pandemic, and this trend has since continued. Post pandemic, the popularity of online shopping remains strong and, as a result, major brand marketers will continue to invest heavily in e-commerce and direct-to-consumer strategies.

The market research industry brought in $34.7 billion in 2024, an increase over the $23 billion in revenue in 2019, according to an IBISWorld report. In 2024 alone, market research industry revenue grew by 3.6 percent over 2023. There were about 42,268 market research businesses, with 129,000 employees, in 2024. Growth in this industry has been strong and is expected to continue through 2029 thanks to healthy spending in areas such as research and development and Internet advertising. The increased use of social media is also expected to contribute to growth in this industry in the years to come, giving market researchers more ways to conduct their research.

Companies will continue to need marketing services as they look for ways to improve their corporate strategies and organizational designs. As a result, the outlook for the marketing industry is bright. The Department of Labor predicts 8 percent employment growth, which is faster than the average, for marketing managers through 2033. The Internet and social media have expanded the reach of marketing and advertising campaigns, and marketing and promotions managers who are digital savvy will have the best prospects for finding work.

Much faster than average employment growth is expected for market research analysts through 2033, with 74,900 new jobs added by then. Many industries now use data and market research to better understand their customers’ wants and needs, and to learn more about consumer behavior, such as through analysis of big data, which is large sets of information such as social media comments and online product reviews. This research helps companies to fine-tune their marketing strategies, which in turn helps them improve their products, services, relationship with customers, and sales. They may also use market research to determine store locations and product placement. Market research analysts who have a master’s degree in marketing, market research, statistics, or business administration will have the advantage in the job market.

Mobile devices have changed where marketers focus their attention. In November 2024, the Pew Research Center estimated that 98 percent of Americans owned a cell phone and 91 percent owned a smartphone (up from 35 percent in 2011). As more people get their entertainment and information from smartphones and tablets, marketers can target brands with more personalized messages for customers. This shift in marketing tactics is expected to continue in the years to come. Marketers also will focus on using social media to build relationships between customers and brands. Because of the shift from print to digital, marketers’ writing and editing skills will become more important than ever before.

One of the biggest challenges marketing professionals continue to experience is keeping up with technology trends, particularly with the tools they use to accomplish their jobs. For instance, new and improved business intelligence tools (software for spreadsheets, data mining, visual analytics, etc.) will be introduced and market researchers will be expected to be well versed in these tools. Customer relationship management (CRM) tools will also be improved and introduced in the coming years. Marketing companies use CRM tools to manage and analyze customer interactions and data, with the aim of retaining customers, driving more sales and interactions, and improving and building business relationships with customers.

Privacy is another issue that marketing companies will continue to tackle. People have become more aware and concerned about how their information is used, particularly when they are online. In its Global Entertainment & Media Outlook 2024-2028, PwC observed that companies will need to focus on delivering more personalized experiences to customers. This is being accomplished through the use of artificial intelligence and algorithms that try to make predictions and offer suggestions. Generative artificial intelligence is also expanding the marketing industry's capabilities. Generative AI is artificial intelligence that uses machine learning models to create new content such as text, audio, videos, and images.

According to the PwC report, "... market players face both risks and opportunities. Shifts in consumer preferences, and uncertainty around the continued impact of digital transformation and new and emerging technology, such as Generative AI, are inspiring a wave of business model reinvention. If market players are to gain their share of the growing revenue pools we identify, they will have to reimagine how their company creates, delivers, and captures value, leveraging the growth of advertising while also harnessing the powerful opportunity presented by AI." To effectively market to target audiences, companies will need to offer even more diverse products while continuing to "connect with consumers on the platforms where they spend more of their time."