Kotler defined marketing as “the science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit.” Marketing is a science, ever evolving and encompassing even the tiniest of details, to deliver value to the customers. But, the million dollar question is how do you deliver value?
The answer has evolved over the years. The journey of modern marketing and advertising, which began in 1835 with the setting up of the first billboard, has now come to the next major upheaval, the era of digital marketing.
The Growth of Digital Marketing
Red Crow Marketing Inc. estimates you come across 4,000-10,000 advertisements daily. Now that is a lot!
From the time you open your eyes in the morning till you close them in the evening, you see a variety of advertisements. These include but are not limited to the labels on your products, tags on your clothes, and the advertisements you see while scrolling through social media. The online marketing industry was estimated at US$531 billion in 2022. And it is showing no signs of stopping due to the ever-increasing number of internet and social media users all across the globe.
Meta made $115 billion alone from running advertisements in 2021. Imagine the marketing budgets of various companies which are in the race to promote their products online. Digital marketing is the present and the future. With the number of internet users increasing day by day, it is essential to have a digital marketing plan and strategy in place. A comprehensive marketing plan which takes into account all the latest trends and relevant places for marketing the product or service.
It is natural to have cut-throat competition in the field of digital marketing. A small start-up to a multi-billion dollar conglomerate is fighting on the same turf. So, what is the secret ingredient for success in the arena of digital marketing? What can make a company tower over others while they are still circling the fixes and workings of the digital marketing industry? The answer is simple and in plain sight, TRENDS.
Top 6 Game-Changing Trends in Digital Marketing
Influencer Marketing
Virat Kohli, a star Indian cricketer, has 252 million followers on Instagram, making him a mega influencer. Any product advertised by the cricketer will reach a minimum of 252 million people. A lot more than the reach of any traditional marketing technique.
Today, companies rope in social media celebrities or influencers to showcase their product online or/ and post reviews about them. The reach increases exponentially for the products, crossing geographic and demographic boundaries.
Influencer marketing is here to stay in a big way. Today, Instagram alone boasts 64 million influencers, thereby giving marketing chances to various companies. The amount spent on an influencer is just a fraction of the profit the companies earn in the long run by building a loyal customer base with help from the influencers.
However, with influencer marketing taking center stage in digital marketing, negative marketing has also become a real threat. Influencers openly speak up about bad services or products on their channels and accounts. This affects the brand value of the products and has brought many companies to their knees.
Branded or Personalised Marketing
How do you feel when a seller is able to guess your needs correctly and present the best solution? You feel so satisfied that you immediately buy that product. This is personalized marketing.
Companies and marketers who offer solution-based marketing can attract many buyers compared to marketers making generic advertisements if we consider the example of sanitary pads. The male population is not enthusiastic about watching these advertisements, but on the other hand, the female population will be interested in it. If that advertisement is coupled with information about periods or some women-centric health tips, it will make a more profound impact. Thereby even motivating the females to buy the said product.
Only recently companies have learned about the power of branded marketing and it is gaining a lot of traction in the digital marketing sphere.
Multi-Channel Marketing
Gone are the days when a single billboard was enough to attract customers to a product. In the year 2023, you need to have a marketing strategy that includes all the channels of digital marketing coupled with traditional marketing practices.
A well-balanced and sought-out marketing plan would include advertising on all social media platforms, including Facebook, Instagram, YouTube, etc., and the search engine Google. In today’s time, one has to think about making an impact on all the different platforms but in a way that best suits the audience of that channel. The demographic dictates that youths are more active on Instagram and TikTok, whereas the middle-aged population is on Facebook and Twitter. So, moving with only one type of campaigning will not work in favor of the product. A marketing plan should be formulated in such a way as to satisfy the needs of diverse people on different platforms. A holistic, multi-channel approach is what takes a business to the next level.
Mobile Optimisation
The human race is growing at an exponential rate and so are mobile users. Today the world has 5.48 billion mobile users and there is no stopping this growth. Smartphones have become the biggest display boards for products and the medium to reach billions of people.
You and the person sitting beside you, your friends, and your family members all have a smartphone in their hand, or you might be reading this post on your phone. So, how can a marketer not use it for their benefit?
Websites and applications have to be mobile-optimized to reach the masses. Easy clickable features, visible purchase buttons, and many more such things can make a company stand apart from its competitors. Gone are the days when people would log into their laptops to make a purchase. Everyone wants everything on the go. By being mobile-optimized, marketers can open doors for people who are willing to make quick decisions.
Mobile optimization coupled with personalized branding is the in-factor. The more a company is in-sync with this trend, the more profits it can build.
Audio First Marketing
Digital marketing is all about getting the product’s voice out. TikTok has been a huge success not only because of its video element but also because of its voice feature. Words have a major impact on the psyche of an individual.
You may be engrossed in your work, but your ears are open to register a single word that resonates, and you register it. These are the kind of voice advertisements that create the most buzz. The ones that can make you register what they are talking about and make you feel the need.
In 2023, where everyone is on the go and has earphones constantly stuck to their ear. Marketers can easily get their word across by producing vocal ads. Podcast listeners are more inclined to remember and buy a product from the advertisement in between their favorite shows. Marketers who are able to make their brands heard are reaping the monetary benefits of it.
Youth Centric Marketing
The age of the average consumer is decreasing, with more countries in the developing race. Per capita GDP is increasing and spending power is increasing among youth. Marketers building campaigns targeting the youth and hopping on the bandwagon have reaped its benefits.
Today’s youth is more educated and in tune with its surroundings. Common garden variety advertisements don’t work on them. Hence, the companies adapted to working on marketing plans specifically for the youth are doing wonders. Campaigns built on climate change, deforestation, employment, and other general topics are gaining more traction. Once a youth builds an emotional connection with a socially beneficial marketing campaign, they are more interested in using the products or services. Hence, companies are building a loyal customer base among youths by working with them to fight social evil.
From time immemorial, marketing has been the most basic step of running a successful business, and in today’s fast-paced era, it is the most daunting task of all business processes. A well-formulated and time-relevant digital marketing strategy is a daunting task to accomplish. Incorporating the latest techniques and tricks in a marketing strategy is what gets a company into the big leagues.
Being able to embrace and encompass the trending strategies in the plans can tip the scales in favor. Excelling in the trending as well as all other marketing strategies makes a digital marketing company stand out. Compendious Med Works has mastered all the latest marketing trends for its clients. Companies advertise their products every day, but only a few succeed in the gamble, and those are the ones who follow money-making digital marketing strategies. Trends in digital marketing are ever-changing, and utilizing them most profitably is what matters and Compendious Med Works is excelling at.
