Marketing is a field that evolves constantly. As technology advances and consumer desires and behaviors change, it’s essential for businesses to keep up and try to stay ahead of the curve. New trends come and go. If your company isn’t capitalizing on innovative techniques and tactics that optimize reach and raise brand awareness, it’s time to take action. In this guide, we’ll explore some key marketing trends to unlock business potential in 2023.
Next-level video marketing
Video marketing is not a new trend but it has become more advanced. Video is an increasingly popular content form and it offers an array of benefits for companies and brands across all industries. Video actively encourages engagement and it is shared more than 1,200 times more than text and images. Using video clips can also provide depth and dynamism to content and help people to digest and retain information, see products in all their glory and get a better insight into the brand behind the advert or promotion.
Investing in video content is beneficial but there’s a difference between basic marketing videos and next-level content. The quality of the content you create and share can impact the way prospective buyers perceive your brand and the customer’s decision-making process. A slick, professional video will perform better than something that looks amateur. To elevate your video content, use the best equipment you can afford, plan the filming process meticulously and learn how to record a professional voice over. Use actors and video production services if your budget allows. Spend time editing clips and polishing them to produce something that will resonate with your target audience and show your business in the best possible light.
As well as devoting time, effort, money and energy to creating video content, it’s also essential to think about where you’re going to share your videos and how you are going to use them. Start every campaign by outlining the key objective and identifying the target customer. Use platforms and channels that are popular among the chosen demographic. Once your content is ready to post, encourage your followers, customers and clients to share it and get others involved. Use analytics to monitor reactions and analyze interactions, traffic flow and lead conversions. It’s also beneficial to ask customers for feedback to get an idea of the content types and themes they like and gather suggestions for future campaigns or posts.
We are in the middle of a cost of living crisis. Across several countries, prices are rising faster than wages and this is making it increasingly difficult to balance the books. Customers are spending more time trying to find the best deals and they are trying to spend less. To capitalize on changing trends, businesses have to be able to react and read the room. At a time when many people are tightening their belts, brands can make a difference to their sales figures and reputations by helping their clients and customers. Promoting value for money is key during difficult economic times.
During the pandemic, several companies hit the headlines due to the positive effects they had on local communities or national or regional customer bases as a whole. Now, businesses can help out by letting their customers know that they’re going the extra mile to keep prices as low as possible and provide targeted offers that reduce financial stress or make items more affordable.
Low prices can be an attractive ploy, particularly when customers are trying to cut back, but value for money is a trump card. People want to feel like they’re getting the best deal and they’re getting more for their money. Try to add value wherever possible to attract new customers and keep hold of loyal clients. Now is the time to double down on rewards and incentives for repeat customers and encourage sales and orders by offering more. New customers that switch to your brand are likely to stay with you if they are impressed with your products and services even when the economic situation improves. Studies show that repeat customers spend up to 67% more than new clients. Building a loyal customer base can help you to boost ROI and enhance your brand reputation.
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Championing brand values
In years gone by, marketing strategies focused on promoting discounts and deals and using sales tactics and the lure of a bargain to entice customers and secure sales. Today, many consumers, particularly those from younger age groups, want more than great offers. Customers are motivated by brand values and identities, as well as the quality of products and the strength and impact of a marketing campaign. Over 80% of people now prefer to buy from brands that align with their values and most customers will spend more on products and services if a brand champions values that resonate with them.
In recent years, sustainability has emerged as a key motivator for consumers, but this is not the only thing that matters to shoppers today. Consumers are looking for businesses that support and look after their employees, give back to local communities, donate to charities and champion ethical practices. People want to engage with brands that believe in diversity, equality and inclusivity and they search for companies that have a proven track record based on integrity, reliability and trustworthiness.
As a business owner, it’s increasingly important to outline your company values and make sure that your actions back up your words. Talk to customers and prospective clients about the company culture and the initiatives you back, be open about corporate social responsibility and encourage your customers and employees to get involved. Ask for ideas for new schemes to support or charities to partner with or donate to and communicate with your staff and customers. Use social media posts and videos, emails and blogs to tell people about the brand. Marketing is not just about products and services. It should also be about encouraging people to connect with your business.
Embracing innovative technologies
Technology is evolving all the time offering new opportunities for marketers to engage with customers and brands and utilize new techniques to advertise their products and services. Innovative technologies like AI and AR provide different options for marketing teams and the opportunity to create new features and dimensions for apps, websites and stores. It’s now possible to walk into a furniture store and use an app to see what a sofa would look like in your living room, or visit an online boutique and try on a statement piece of jewelry. Modernizing your approach to marketing can help to increase sales and target new customers, but crucially, it can also minimize the risk of falling behind competitors.
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Personalization has long been used to make customers feel special and encourage them to buy but it has moved on in recent years. Collecting and analyzing data enables marketers to take personalization to a different level today. Data provides access to information and insights that can be used to optimize the user experience and generate higher-quality leads. A study by PwC suggests that over 80% of consumers would be happy to share more data if it improved the customer experience.
There are multiple ways in which brands can utilize insights to shape campaigns and implement features that elevate customer experience. Examples include customized recommendations based on previous purchases, size recommendations, ideas for future orders, discounts and reductions on products the customer likes or buys regularly, targeted promotions and personalized customer rewards.
Adding personal touches is an effective way to encourage and reward loyalty and improve customer retention rates.
Interactive content has become increasingly commonplace. It offers new ways to collect information, engage with customers and get to know them and it also provides a fun, interesting experience for clients and social media followers. Using quizzes, online polls, interactive infographics and calculators, marketers and content creators can add elements to posts, guides and articles to make them unique and more engaging and provide a better experience for the viewer or reader. There are also opportunities to develop this concept further and add a fun element, such as a competition or tournament between followers or customers. This can help to raise brand awareness, create a community and establish strong connections between brands and their customers. Embracing different ways to market products and services can help to set your business apart and make the brand more memorable.
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Marketing is a field that never sleeps. As technology evolves and consumer behaviors change, businesses have to be able to adapt and adjust to embrace new trends and give customers what they want. Tapping into emerging trends, forming strong relationships with customers and taking the time to learn about them can help your company to boost sales and customer retention rates, raise brand awareness and blaze a trail. It’s beneficial to use analytics and market research to predict trends and to try to ensure that your business is flexible and agile. In 2023, it’s crucial to recognize the importance of customer engagement and company values and reputation. It’s also hugely beneficial to invest time and effort in providing a unique, enjoyable user experience and creating next-level marketing campaigns that impact the target customer and recognize their requirements and preferences.