Content marketing is a growing advertising industry and is projected to become more of a priority in 2021. In fact, according to research from The Branded Content Project and Borrell Associates, 2021 is expected to be a breakout year for the use of content marketing by small and medium businesses. This will lead to a large opportunity for local media outlets to create new revenue streams by partnering with brands focusing on this type of advertising.
Content marketing, defined here as the practice of attaching a commercial brand to information, helps brands get their stories told.
In 2020, industries that were compelled to educate and inform the public have increased spending in this area between 5 and 9 percent. This includes mental health services, insurance medical doctors, colleges & universities, financial services and two of the biggest content marketing spenders: real estate agents and city, state and local governments.
Borrell found 16 key business categories to be the biggest content marketing spenders who spend between 45 and 66 percent of their total marketing budgets on content. Health and medical, financial institutions, universities, museums and child-care services top the list.
The top business categories that are increasing their spending are tied to the new phenomenon of people working from home like HVAC installation and repair, computer-related services, security, real estate, pest control and insurance - as well as health-related industries.
Digital platforms are the biggest magnet for content marketing - accounting for two-thirds of all spending. The next largest media categories are television and direct mail.
Media outlets should focus on these business categories and platforms to seize the large opportunity in content marketing.
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The Branded Content Project is designed through a strategic partnership between the Local Media Association, the Local Media Consortium, and the Facebook Journalism Project to help facilitate additional growth, engagement, and revenue success for more publishers of all shapes and sizes.