Modern digital marketing strategy is anything but static. As technology continues to advance, so too must your marketing strategies if you are going to compete and thrive. In 2020, learning how to leverage various technologies to respond to changing consumer behaviors and preferences will be critical to staying ahead of the competition. Here are 7 highly-effective strategies to implement to reach your marketing goals in the new year.
1) Use Insights-Driven Marketing
There are a vast number of tools available to marketers to track, analyze, report on, and automate marketing efforts based on real data from customers and target audiences. Gone are the days of blindly guessing and testing advertising, hoping for good results. In the era of big data, AI, and machine learning technologies, marketers can understand what their audiences want, how they shop, what messaging appeals to them, and where to find them, unlike ever before—all with real-time information!
A study by McKinsey found that “intensive users of customer analytics are 23 times more likely to outperform their competitors in terms of new customer acquisition than non-intensive users, and nine times more likely to surpass them in customer loyalty.” This is likely why 41% of survey respondents said that data analysis is the most desired skill for new hires in 2020.
2) Employ Chatbots & Conversational Marketing
As technology develops and big companies like Amazon provide more real-time, 24-hour support to consumers, the general shopper’s expectations have changed dramatically. Consumers expect immediate service, with 42% of people expecting a response within 5 seconds and 36% expecting a reply within 5 minutes. To meet rising demands, companies are starting to exchange inbound phone support, call centers, and other human services for AI / Machine Learning chatbots. Unlike humans, these bots can provide quick communication with potential customers 24/7—answering questions, helping to find website content, and even upselling—all while saving costs!
3) Build Trust and Transparency
Trust is a crucial component of any brand and should be a priority for every digital marketing strategy in 2020. In every interaction with your audience, focus on building trust, and emphasize transparency. As mistrust for technology companies and concerns over private data usage continue to rise, it’s never been more critical for brands to build open and honest relationships with their audiences. Companies producing transparent and easy-to-digest information are likely to retain 94% of their customers.
4) Focus on Customer Retention
Existing customers contribute massive value by becoming repeat customers, leaving helpful reviews that boost buyer confidence, and bringing in new customers through their referral networks. In addition to the fact that new customers cost 5 times more to acquire than it costs to keep an existing customer, repeat customers also spend 300% more money and tend to purchase more expensive products with confidence.
While customer retention has always been a valuable part of marketing efforts, the importance of healthy, long-term customer relationships continues to grow. Luckily, greater access to customer data also makes it far easier than ever before for marketers to understand their customers and provide offerings that will entice them to become loyal patrons and 5-star references. Happy customers are essential to creating a healthy referral program. These programs are vital to every modern digital marketing strategy since consumers are more likely to make purchases based on recommendations from friends, family members, influencers, or other forms of social proof.
5) Continue Working with Influencers
The influencer marketing industry is expected to hit $10 billion by 2020, in large part because of the massive impact that social media has on today’s consumers—with 74% of people trusting the information on social media to make purchasing decisions. So long as 86% of women continue to use social media for purchasing advice and 49% of all consumers depend on influencer recommendations to make purchases, this will continue to be a major focus for digital marketing teams.
Influencer campaigns also help to circumvent ad-blocking technology, which has become a serious issue for brands. 40% of customers use ad-blockers on laptops and 15% on mobile. As ad aversion continues to rise and ad-blockers become more popular, partnerships and creative approaches to marketing will help to overcome these new hurdles.
If you’re not working with influencers, you may be missing out on a huge opportunity to gain credibility, broaden your reach, and acquire new customers. Though the cost of influencer campaigns continues to increase, brands are still gaining strong ROI from these marketing activities, earning an average of $6.50 for every dollar spent. If you don’t have influencers as part of your digital marketing strategy, it’s time to update your approach in 2020.
6) Optimize for Voice Search
Voice is one of the biggest online marketing trends for 2020. Over ¼ of all US adults own a smart speaker, and 31% of smartphone users around the globe use voice-activated search. This demand for voice technology is only predicted to grow, with analysts estimating that 50% of all searches will be conducted by voice in 2020.
So, how does this affect your digital marketing strategy? Primarily, it means optimizing your website content and SEO strategy by considering how people search by voice. The most critical change to make is to include long-tail keywords in your plan. When a consumer types a search, they will often shorten a query to just “instant pot recipe,” for example. However, when they use their voice, they tend to ask a complete question like, “what is an easy instant pot breakfast recipe?” That change should be reflected in your keyword choices to compete for those search results.
7) Leverage AI Technologies to Boost ROI
Automation and AI are trends that will continue to grow and evolve as technology advances. For now, one of the key technologies to focus on is the AI-driven ad-serving tool. These tools provide a single platform for all of your advertising efforts and use AI technology to continually optimize your advertising efforts based on real-time data.
Key features, like retargeting campaigns, leverage data to personalize campaigns for individual ad viewers in a way that boosts CTR and conversions. Smart bidding features work even when your team can’t to automatically allocate your budget based on ad performance. 24/7 campaign optimization results in massive value to your company through cost savings and a significant boost in ROI. Technologies like AdRoll enable you to get the most for every dollar spent with minimal effort and resources, making this technology a must-have in 2020.
Digital marketing strategy is continually evolving to meet consumer demand and the new requirements placed upon marketers by updated algorithms, new social media channels, new consumer technologies, and the like. Though it can sometimes feel nearly impossible to keep up with all of the changes and best practices, these 7 high-performance strategies will help you get a jumpstart in 2020.
