As we begin the second quarter of 2023, it’s a good time to review marketing strategies and explore new ones for the remainder of the year. Here are 10 areas to consider.
10 essential strategies:
- Consumers are increasingly savvy and educated
- Be socially conscious
- Develop retention strategies
- Encourage user-generated content
- Engage reviews quickly
- Produce short-form video
- Look into influencers
- Manage your reputation
- Don’t forget mobile
- Real-time bidding
1. Consumers are increasingly savvy and educated
Audiences are becoming savvier decision makers. They want to gain deeper insight into products and services they buy – even those with a smaller price tag.
Placing emphasis on educating folks on why your product or service meets their requirements should be incorporated into your marketing strategy. A cogent message and clear call to action will also lead to lower cost per acquisition when utilized properly.
2. Be socially conscious
Socially conscious processes and/or products is a pivotal area of brand importance for younger generations. If younger people are your core target audience, I highly suggest incorporating sustainability within your marketing message.
3. Develop retention strategies
Solid retention strategies should be implemented and automated, where possible. Retention is key to keeping those hard earned and costly customers you acquired. Maintaining top-of-the-mind awareness and keeping your customers engaged is more important than ever. Be sure to utilize retargeting, email and text messaging for this.
However, the times of simply throwing out static ads with impression and frequency focus and setting up automated “Hey, we are still here”-style emails are a thing of the past.
Prioritize engaging and interesting content within this part of your overall strategy. It should be streamlined.
4. Encourage user-generated content
User-generated content on social media channels can also provide engagement, broader visibility, and reach, and keep your brand at the forefront during longer buying cycles. The content creates a community and feeling of authenticity around your brand. It’s not only beneficial to other consumers, but also gives you valuable insight into your audience: who they are, what’s important to them, the value, and benefits you offer.
5. Engage reviews quickly
Be sure to have a fast response to your customers, as well. Whether it is an online engagement or customer service question, marketing has gone beyond simple advertising and needs to be considered in many more parts of your business.
Each interaction with a consumer should be considered an opportunity and buyers want fast, clear, and engaging responses. Plenty of affordable and efficient techniques now exist in instant chat bots and plugins through your website. Products such as tideo offer free plans to start with scalability based on increase in usage, which should lead to an increase in revenue.
6. Produce short-form video
Short videos on TikTok, YouTube, Facebook and Instagram are growing at an incredible pace. Online video has been trending in the upward direction for many years and now brief 15-30 second videos are what more than half of consumers flock to.
Videos are what most users are engaging with. Infographic source: https://financesonline.com/video-marketing-trends/
7. Look into influencers
When utilizing video, influencer marketing has been booming.
Influencer marketing consists of paying a highly followed social media personality to promote your product or service via their social media channels. It is forecasted to provide a 630% return on investment (ROI) in 2023. Meaning for every $1 spent, you can anticipate about $6.30 in new revenue. YouTube and TikTok are the main channels used for this strategy. However, with Facebook Reels and platforms developing short video channels, influencer marketing will continue to expand this year.
8. Manage your reputation
More than 90% of people purchasing things online look at reviews of previous customers to, once again, educate themselves on the brand they are considering buying from. This means reputation management is key for businesses. Make sure all of your ratings and reviews are being responded to, and also that you are listed and present in the available reviewing areas (e.g. Google, Facebook, Yelp, etc).
9. Don’t forget mobile
Rounding out the must-have marketing strategies includes text message/push notification and geo-targeting mobile strategies. Mobile makes up for over 80% of online traffic now, depending on audience, and therefore utilizing the potential advertising space, which is constantly attached to your customers is a no-brainer. And these strategies tend to be comparable to email marketing campaigns in cost. Utilizing location-based triggers and customized calls to action will prove to provide a fantastic ROI.
10. Real-time bidding
While these strategies are yet to be popularized, they are something you should begin to educate yourself on to stay ahead.
Utilizing real-time bidding alongside demand-side platforms allows for immediate and real-time digital advertising bidding. Think semantic strategies in a stock exchange-style setting of digital marketing. Within milliseconds, advertisers can show ads, no matter the platform, to end users buying right now. Best usage for this is e-commerce, however, this strategy can be used for retail or retention and upselling, as well.
Improve your marketing strategy for the rest of the year. Contact us now to see how eleventy can help.