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The evolution of advertising agencies in an ever-changing industry

  • Written by: News Co


The world of advertising and marketing is forever evolving. In order to be successful, you must adapt to the changes in the industry and continue to make focused efforts towards your growth. Advertising agency is often creating new and innovative ideas in order to stay competitive and offer unique, and successful outcomes for their clients. With the development of technology, this provides advertising agencies with endless opportunities to reach out to clients. Continue reading to learn more about advertising methods which have achieved great success for marketers.

CO-BRANDING

This is a technique in which marketing efforts by two or more brands are combined and a new customer product is built. Apple and Nike are an example of co-branding and have been working together since the early 2000’s. During the process of co-branding, companies work in synchronization to elevate consumer interest into a newly created product. This creates a robust promotion effort and provides marketers with a highly successful method of advertising.

QR CODES

QR codes are a modern method of marketing and are often referred to as quick response codes. Digital action is initiated when a QR code is scanned using a QR reader which can be done using a smart phone device. This is an interactive tool as the consumer can gauge supplementary information regarding the product. When a QR code is scanned using a smartphone it leads to several actions like making a phone call or opening of a site or even sending a message. This modern form of advertising works exceptionally well for marketers, especially within this digital age.

CONTENT MARKETING

Content marketing generates awareness about a product in a storytelling form. It encompasses blogs, advertorials, or any type of content which is published on a site for promotional reasons. This method of advertising is currently favored by advertising companies due to the rise of social media. Written content is often distributed across social media platforms which enables it to be shared and has the potential to go viral. Most brands are now incorporating content marketing into their advertising strategy as a result of its effectiveness.

ONLINE ADVERTISING

In terms of advertising, the internet can be utilised as a tool to generate brand awareness and promote a product or a service. The internet has a significant level of reach and advertising companies have access to a number of tools to assist their clients. Advertisers make use of tools like Google AdWords to expand the reach of a brand. Google lets small business owners build online ads using keywords to reach out to their target clients. Some of the popular marketing efforts that can be used to push revenues are search engine optimisation (SEO), website banner ads, display ads, and social media ads. Online advertising should be incorporated into all advertising strategies, considering the significance the digital world has on society today.

PRINT ADVERTISING

Print advertising is still very much alive and a successful method of inciting brand awareness. Print advertising is often considered as high quality and builds credibility for the brand. It can include anything from newspapers to magazines, providing brands with the option to tailor a campaign suited to their budget. Print advertising has a greater success rate amongst its readers as print readers generally have bigger attention spans and are likely to digest the entire article, unlike online readers who often skim read through articles. Print advertising is a traditional form of advertising and still effective today.

TV ADVERTISING

TV advertising influences a significant number of consumers to purchase goods and services. One of the greatest benefits of TV advertising is its ability to reach mass audiences within a single ad spot. By showcasing an ad on TV, this builds trust with a consumer and proves to be a highly effective form of advertising.

Working Hours Around the World: Does Working Overtime Boost Economy Performance?

  • Written by: Lucy Desai


We’ve all likely stayed later at work when we’ve been super busy or had to catch up on work, however sadly, in recent years, long working days and taking work home has become the norm for many employees. Not only is this causing employees to miss out on enjoying the pleasures of life and spending quality time with family and friends, but it might also not be worth the hassle.

On average, in South Africa, employees work some of the longest work weeks at around 2,209 hours a year. 18.1% of workers worked very long work weeks of 50 hours or more, which is significantly more than the Organisation for Economic Co-operation and Development’s (OECD) average of 13%.

Last year, Microsoft trialled a four-day work week, resulting in a 40% boost in productivity, suggesting that perhaps it isn’t necessary for employees to be putting their life and soul into their job when the same amount of work can be done in a considerably shorter amount of time. Productivity can be enhanced through industry software, such as accounting software for small businesses, which can help financial and accounting professionals to evolve business productivity. Some businesses may discover that the path to increasing productivity isn’t working hard but working smart.

Here, we’ll look at working hours around the world, looking at whether working overtime boosts economy performance. Are longer working hours worth it in certain countries?


South Africa and Mexico have the longest working weeks

From the data, as mentioned before, South Africa’s working week is the longest at 2,209 hours a year. Considering the overtime workers are putting in, their economy is worth $349.4 billion, the 10th smallest of the countries analysed. South Africans have been hailed as some of the hardest working across the world, with research reporting they are three times more likely to work a 60-hour work week than their American counterparts, despite labour laws forbidding being asked to work over 45 hours a week. However, South Africa’s economy has experienced an upward trend over the last ten years — is this boost from the hard-working nation, and would it be significantly worse off without overtime?

Mexico works the second longest working week (2,148) with 28.7% working 50 hours or more; third came Costa Rica (2,121) however data wasn’t available for the percentage of employees working 50 hours or more. Fourth was Korea (1,993) at 25.2%, and fifth was Russia (1,972) with 0.1%.

Mexico’s economy is worth $1.27 trillion, Costa Rica $57.06 billion, Korea $1.63 trillion, and Russia $1.64 trillion. Although Costa Rica’s GDP is relatively small in comparison to other countries, it is a small but stable country which wouldn’t generate trillions of dollars. In June of 2018, South Koreans were forced to cut down on the hours they were working to introduce a better work-life balance and help boost the falling birth rate. With so many more Koreans previously working 50 hours or more a week than other countries, the GDP doesn’t outrank many others.


The country that works the least: Germany

Germany works the fewest hours per week at 1,362 a year, with 4.3% of the population working 50 hours or more. Considering a significantly lower work week than other countries, Germany’s economy is the third largest at $3.86 trillion. At the start of 2018, millions of Germans won the right to reduce their work week to 28-hours to help them achieve a good work life balance and spend more time with their loved ones and doing things they enjoy. It seems that countries don’t need to work long hours to get more work done — Germany has been recognised as one of the most productive countries with a booming economy despite a cut in hours, striking the ideal work life balance while being 27% more productive than the UK.

The second country to work the fewest hours was Denmark (1,392) with 2.3% working 50 hours or more. Third was Norway (1,416) with 2.9%, fourth was Netherlands (1,433) at 0.4%, and fifth was Iceland (1,469) at a higher 15.1%.

Iceland has the smallest economy at $23.91 billion, followed by Finland at $251.9 billion, Denmark at $324.9 billion, and the Netherlands at $902.36 billion. A 2017 report found that Norway is one of the most productive countries despite having one of the shortest working weeks.

Lead researcher of Expert Market, Adelle Kehoe, said: “Our data has shown, both this year and last year when we first ran the study, that there is a definite correlation between a shorter working week and productivity.

“Countries that have shorter working weeks in general are more productive, whereas countries which have a culture of presenteeism, and long desk hours actually get less out of their teams.”

There’s more to life than work — hopefully more countries will realise that long hours doesn’t necessarily mean productivity.

Country

Hours worked per year

Employees working very long hours

GDP

Iceland

1,469

15.1%

$23.91 billion

Latvia

1,699

1.3%

$30.26 billion

Costa Rica

2,121

 N/A

$57.06 billion

Luxembourg

1,506

3.8%

$62.4 billion

Slovak Republic

1,698

4.1%

$95.77 billion

Hungary

1,741

3.0%

$139.1 billion

New Zealand

1,756

15.1%

$205.9 billion

Finland

1,555

3.8%

$251.9 billion

Denmark

1,392

2.3%

$324.9 billion

South Africa

2,209

18.1%

$349.4 billion

Norway

1,416

2.9%

$398.8 billion

Belgium

1,545

4.8%

$492.7 billion

Poland

1,792

6.0%

$524.5 billion

Sweden

1,474

1.1%

$538 billion

Switzerland

1,561

0.4%

$715.36 billion

Turkey

1,832

32.6%

$743.71 billion

Netherlands

1,433

0.4%

$902.36 billion

Mexico

2,148

28.7%

$1.27 trillion

Australia

1,665

13.0%

$1.38 trillion

Spain

1,701

4.0%

$1.4 trillion

Korea

1,993

25.2%

$1.63 trillion

Russia

1,972

0.1%

$1.64 trillion

Canada

1,708

3.7%

$1.73 trillion

Italy

1,722

4.1%

$1.99 trillion

France

1,520

7.7%

$2.71 trillion

United Kingdom

1,538

12.2%

$2.74 trillion

Germany

1,362

4.3%

$3.86 trillion

Japan

1,680

17.9%

$5.15 trillion

United States

1,786

11.1%

$20.58 trillion

Bio:

Lucy Desai is a content writer at QuickBooks, a global company offering the world's leading accountancy software.

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