Marketing represents on average 5 to 15% of a company’s expenditure budget and can amount to a multi-million dollar business worldwide yearly. Marketing is concerned with communicating a product to customers.
New trends are already emerging that are challenging traditional marketing strategies. Social media advertising and digital marketing are now becoming the main focus for marketing strategies to reach a global audience.
Modern companies use a variety of cutting-edge, multi-faceted marketing tools which have adapted to the changing needs and environment of today’s customers using tailor-made methods geared towards the specific needs of the individual companies.
Read on to get to know the ongoing innovative changes happening throughout the entire marketing industry!
Why Is Marketing Changing?
In marketing, the aim is to convey to customers a product that meets their needs and expectations for the company to sell it.
Throughout the last century, the interests of the primary stakeholders of a business have grown and changed along with their tastes and ways of communication.
Below are the ways where there have been substantial changes in the types of marketing.
Constantly Changing Customer Choice The buyers of today do not want one-size fits all products. Instead, they want personalized products that are unique to their needs and demands. Consequently, the marketing strategies use a different approach where products can be customized according to the client’s preferences. Typically promotional campaigns are segmented for different categories of people and the campaign will only include items of that specific segment. Conventional marketing revolved around the concept of family with one commercial covering all segments of people.
Rise Of Digital Media Nearly everybody has access to the internet nowadays and emails have become one of the preferred methods of communication for a lot of individuals. We tend to check our emails quite frequently in one day. Email marketing has become one of the most common and preferred ways of marketing.
The Emergence Of Social Media Facebook, Instagram, Twitter, and others have emerged as unavoidable platforms in this decade. We undoubtedly spend a lot of time on social media each day. According to the website Review42, the average young adult from 16-24 year-olds spends around 3 hours on social media. Marketing tactics use your followed links and like to create a virtual advertising profile and send offers based on this profile. Marketing gurus contend that this is of great strategy.
How Is Marketing Going To Change?
The upcoming concrete changes in the marketing industry include influencers, extensive mailing lists, and websites in SEO optimization.
Use Of Influencers Aside from being one of the highest-paid jobs, influencers can increase product visibility and boost sales. According to MediaKix, the influencer marketing industry amounts to over $1 billion per year. Influencers use widespread photo shoot-outs to promote a brand. These pictures are watched by thousands of followers and establish a trend.
Use Of Extensive Mailing Lists A number of high-traffic sites request your email address to give you attractive discounts. Specialized companies usually analyze this data to craft personalized offers. These are then sent to your email address.
Websites With SEO Optimization A lot of people perform Google searches when looking for products. Using Search Engine Optimisation, marketing companies make sure that your company website contains keywords that are essential to make your website appear at the top of any search. A lot of start-up firms make extensive use of this method to increase their long-term visibility.
Use Of YouTube YouTube comes next to Google in terms of usage when browsing the internet. Consequently, marketing companies work with YouTube to create tailor-made ads based on the videos you have viewed.
Use Of Social Media Social Media has an immense drive in today’s society. A post can be shared hundreds of times and with each share, reaches hundreds of people at a time. Apps like Facebook, Twitter, Instagram, and Pinterest additionally offer paid-service advertisements to increase company visibility.
What Are The Future Trends In Marketing?
Marketing 2.0 will undoubtedly have a lot of changes in the coming years with new technological tools making their way.
These include AI approach, voice marketing, virtual reality, extensive use of data, and use of block-chain advertising.
AI Approach In the coming years, numerous sites will use bots with artificial intelligence to chat with customers and recommend tailor-made products. This method has been shown to retain customers and eventually increase turnover. According to Forbes, 75% of companies using AI chatbots retained an additional 10% of their customers.
Voice Marketing In addition to voice ads on the radio, it is foreseen that the popularity of podcasts will be matched by appropriate voice marketing tools. These will use the credentials used to access podcasts to create customized voice ads. It is estimated that this form of marketing may perhaps over-shadow screen advertisement.
Virtual Reality In the marketing world, new features are always being searched for maximum impact. Virtual Reality brings a blend of new experiences where the client can get personalized, immersive experiences. In the next four years, MarketsandMarkets estimate that the $8 billion Virtual Reality segment will weigh more than $54 billion.
Extensive Use Of Data The extensive collection of data by Facebook and Whatsapp will be a game-changer in the coming years. In the search for more and more personalized marketing strategies, this data will be analyzed and sold to campaigning companies. By combining personal data, location data, and environmental data, brands can target their customers with the right message at the right time on the appropriate device.
Does Marketing Have A Future?
Marketing does indeed have a great future ahead.
Never have we been more connected and never have we had so much personal data.
However, marketing companies will nevertheless have enormous opportunities to boost sales based on customized advertisements.
With the expanding market and new approaches to marketing, opportunities on new platforms will continue to emerge and require creative and flexible marketing experts to maximize new avenues.
They will require more qualified people for broader tasks but will still need specific tech skills to grow brand exposure.