Marketing Trends that Will Change Your Marketing Strategy

Courtesy- EngageBay

What are the Upcoming Marketing Trends for 2023 and How will  they Shape Your Marketing Strategy?

Video Marketing

Video Marketing is the next big thing, and its importance can be understood from the huge popularity of videos that are shared daily across various social media platforms. Creative videos are one of the best ways to attract your audience. According to Cisco, 82% of global internet traffic will come from video streaming or video downloads. Also, according to a survey by Google, YouTube reaches more 18–49-year Olds in an average week in comparison to all the other combined TV Networks. These statistics definitely establish the importance of Video Marketing as an important marketing tool in the year 2023. Video marketing is a creative way to reach a wider audience, and it also helps in creating market for a new product or service. The best platforms for video marketing are Facebook, YouTube and Instagram.

Providing an Excellent Customer Experience

Marketing revolves around the customer. Long-time back Philip Kotler said “It is no longer enough to satisfy your customers. You must delight them”. Marketing thus has aways focused on creating and implementing customer driven efforts which result in customer satisfaction and customer delight. According to a survey by PWC, 54% of U.S. customers say that customer experience at most companies needs improvement. This looks like a huge gap that needs to be covered quickly, as a customer-oriented approach in marketing is the main reason behind the success of any brand. All the marketing strategies being used by the company whether it is its content strategy or its social media strategy, should look at focusing on the fact ‘What is it that the customer wants?’ Organizations of today should focus more on the Pull Strategy to market their products or services. People with good customer experience with a brand are more likely to recommend the brand to their friends and relatives, as it builds brand recall for the brand.

Social Media Marketing

Your strategy for social media focuses on the content that you use for creating the brand image. Social Media Strategy is an important tool, as it can be used to create awareness as well as help in creating and maintaining the image of the brand. According to Oberlo, there are around 4.59 billion Social Media users in the year 2022. This number means that the total world population has 58% social media users, which is a huge audience to cater to while creating your marketing strategy. Facebook has immense popularity when it comes to social media platforms. It has 2.94 billion users worldwide, and this fact makes it self-explanatory that ‘why every organization is looking at targeting the wide network of ‘Facebook audience’ to create a niche for themselves in the competitive market. For social media marketing, content is the most important parameter to consider. What you post and also at what time you post it, is of prime importance in creating an effective social media strategy. Using a mix of right images, creative videos and creative tag lines helps you in setting a strong foothold in the social media marketing domain. Technology enabled platforms like Instagram Reels and Pinterest Boards have attracted a lot of attention in the recent times, and 71% of customers who have had an excellent experience with a brand on social media are more likely to recommend the brand to the people they know.

Metaverse and Virtual Events

Metaverse is the new reality. According to a study, the market size of the Metaverse is over $38.5 billion, and it also comes with a younger user base. Companies are using innovative technology platforms to enter the virtual world for marketing their products and services. Popular Metaverse Platforms like Roblox and Sandbox are being used by the retail giants like Adidas to enter the Metaverse Space for marketing their products or services. Innovative VR headsets like PSVR2 by Sony PlayStation have already changed the gaming industry, and companies are using gaming platforms and gadgets to create a virtual customer experience for marketing and showcasing their products. Virtual events have gained popularity, and marketing through these events is going to be the next big thing in technology. Creating quality video content for virtual events has gained popularity in the recent times, and platforms like YouTube Live and Twitter Live have provided an easy way for big organizations to use this marketing tool successfully.

Data Collection and Analysis

Data collection and analysis is being used to make more personalized content for the consumers. Almost 28% of marketers have stated that marketing data and analysis helps them to make more informed decisions. Also, the statistics reveal that 54% of companies that make use of data analysis make higher profits than average. The power of data analysis is not hidden from the top management. Data analysis helps a marketer to understand the ROI of his or her marketing spend, and also assists them in making more informed decisions for the future. Concepts like CTR, CPC or CPA allow a marketer to understand the direction in which the campaign is heading in terms of ROI (Return on Investment). Digital marketers make extensive use of platforms like Google Ads and Google Analytics to determine the performance of their campaigns. This helps them in creating more effective campaigns within the allotted budget. It also allows the marketer to understand user behaviour and interests by analyzing the insights gathered through their marketing campaigns. So, data analysis is an important feature of marketing today, and as it helps an organization to create effective campaigns that reach the right audience at the right time.

Influencer Marketing

Influencer marketing is gaining huge popularity in the marketing world. It is not similar to brand endorsements, where the big companies usually promote their brands with the help of known celebrities. Influencer marketing is much more than that, as it helps in promoting the brand through various social media platforms like Facebook, Twitter, Instagram, or Pinterest. These influencers are common people who have made a considerable influence on a large number of people on social media, and they definitely have a large fan following. 70% of teenagers trust an influencer more than they trust any known celebrity. These people are called influencers, as these people come with a knowledge and expertise in the field that they are advertising. Take the example of a food blogger who writes blogs on recipes and has a huge fan following. Any FMCG company with a new product launch in that domain would consider hiring that influencer for creating trust and loyalty among the consumers for their brand. The success of influencer marketing would depend on the fan following and the platform being used by the influencer.

Personalized Content

What happens when you open your Facebook page or log in to your Amazon account. Most of the users mostly see ads or products that are related to their past searches or their interests and behaviour. According to Accenture, 91% of the consumers have stated that they like to shop with brands that show more personalized recommendations and offers. Marketing thus now focuses on sending more personalized messages to the customer, as it improves brand image and brand recall. AI and Machine learning are the two tools that have made this a possibility.

So, the field of Marketing is changing very fast and brands that will adapt themselves faster to these changes will achieve success faster than the ones that will be left behind. Traditional marketing has evolved into a new phase of marketing with these technological innovations, and a marketer should consider these changes while creating a new Marketing Strategy. and