The competition is fierce for businesses looking to increase conversion rates and retain customer loyalty. Today, consumers are more empowered than ever to demand an exceptional and in-the-moment experience when interacting with a company. The landscape of marketing will always be shifting, making it all that much more important to stay apprised on consumer behaviors and priorities so your business can leverage opportunities to ensure optimal success. So what will you need to do in the new decade to stay relevant with customers who can hit the exit key faster than you can blink? Check out these four hot marketing trends to learn how they may help broaden your marketing strategy.
In case you haven’t heard the news, Artificial Intelligence (AI) is transforming the consumer/business relationship. A simple definition of AI from Merriam-Webster is the capability of a machine to imitate intelligent human behavior. The spectrum of AI runs from robots performing a task that a human does to a computer analyzing data to determine a desired outcome without human interaction. As a marketing tool, the benefits of AI are growing every day. Its ability to rapidly and efficiently analyze data to target leads and perform tasks with little to no difficulty makes AI an incredible asset for any business looking to boost its marketing strategy.
Have you ever thought that if you had a crystal ball, you would know how to stay one step ahead of your customer? AI is that crystal ball – it can provide the insight you need to understand and anticipate what a customer is likely to do based on their needs, preferences and past behaviors. With the right AI application and programmatic advertising, online behavior can be analyzed to help marketing campaigns support sales goals. If you want to expand your customer base and increase revenue, it may be time to learn more about your target audience by augmenting your marketing strategy with artificial intelligence.
Personalization is often considered an extension of AI and its use in marketing has grown leaps and bounds from just placing a customer name in an email. Through AI applications, a business can personalize a customer’s experience to the point of such individualization that, quite frankly, it can be a bit creepy. But according to a study done by Accenture, 75% of consumers are more likely to buy from retailers that recognize their name, make a personal recommendation and know their purchase history.
Think about your own experiences with custom messages – Netflix recommending videos you might like to watch; Amazon suggesting a book you might want to read; Wayfair sending an ad featuring accessories that match the new sofa you purchased last week; or how about the email from the car dealer indicating that based on your current mileage, your vehicle is due for service.
Personalized ads, emails and web experiences are becoming more appealing to consumers and, as the creepiness recedes, it will be critical for a business to customize their customer interactions in order to remain profitable. The added touch of a special and personal experience will likely be the key to acquiring and retaining customers.
Do some quick research on the topic and you will find plenty of evidence that incorporating video as part of your marketing strategy is something your business should be pursuing. Here are a few interesting stats according to a Wyzowl report:
96% of people have watched an explainer video
68% of people would rather learn about a product or service by watching a short video
48% of people are more likely to share a video they enjoyed than other types of content
Video marketing is a way to boost brand awareness through videos that are designed for advertising, explaining a product or service, tutorials and testimonials. To get good results, a video should be memorable, informative, and/or entertaining. Here are a few more stats from SmallBizGenius to build the case to use video:
53% of consumers engage with a brand after viewing a video on social media
54% of consumers want to see more video content from a brand or business they support
Video marketing increases organic traffic from search engines by 157%
Watch this sample testimonial video:
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My name is Doug Zoraian and I own Family Laundry with my father. My dad started the business forty years ago and today we operate six laundromats throughout Bergen and Passaic County. I use Lakeland Bank lending services pretty often. I had recently moved and Lakeland Bank was there, really my branch was there and the bank was there to do things that I really don’t think any other bank would do. The people at Lakeland Bank really make banking simple.
Leveraging video as part of your marketing strategy may be a clear-cut way to increase conversions and build brand loyalty in 2020. It might be a challenge to get started, but whether it’s videos on Facebook, Instagram or YouTube – video is here to stay!
A business that intends to lead in their market should consider investing time to create or improve their content marketing in 2020. In general, traditional advertising promotes a product or service to as many consumers as possible. But the goal of a content marketing strategy is to create and distribute content that is valuable and relevant to the consumer. Consumers seem to have an insatiable appetite for information – especially when it comes to making a purchase. Content marketing costs 62% less than outbound marketing and can generate 3x as many leads, according to the Content Marketing Institute.
Offering content that resonates with your customer base is a great way to demonstrate your expertise and helps build trust and respect with your audience. You will have to determine the best content marketing strategy for what works best for your business, but the goal should be to utilize multiple forms of content so that they work in sync to raise brand awareness, increase leads, and drive consumers further into the marketing funnel. Here’s a quick list of ways to get started:
- Create an eNewsletter
- Start a blog
- Expand your social media channels
- Use Videos!
- Up the ante on emails – use them to share valuable information; not just to deploy your latest sales flyer
As more consumers use ad blockers and filters, businesses will find it increasingly difficult to place promotional ads in front of them thus underscoring the importance of including content marketing in your strategy. Regardless of the constant digital innovations, content marketing remains a dependable and effective way to engage both new and long-standing customers with your business.
Want to explore other ways you can drive business success? Check out our blog post on growing your small business.