More than ever before, marketers have to be on top of their game. That means staying ahead of new and emerging trends to keep up with market and audience demands. We’ve compiled a list of the top strategic marketing trends to watch in 2020.
The Consumer Experience Will Continue Rising in Importance
As consumers continue to grow more aware (and tired!) of traditional marketing tactics, their experience has surpassed price and product as the key brand differentiators. They are now focused on the experience a brand offers. This growing emphasis on consumer experience means that buyers are willing to pay more for a better and customized buying journey. Research shows that an overwhelming majority (86%) of consumers would pay more for a brand that offers them an engaging, quality experience.
Ignoring a more personalized user experience can lead to increased consumer frustration and an overall decrease in brand reputation. 92% of consumers are only willing to give two to three chances to a brand before they completely abandon it because of poor customer experience.
Brands need to invest in enhancing the level of consumer experience they offer if they expect to succeed in their objectives.
Purpose Driven Brands Will Remain Popular
Brands that exist for the sole purpose of maximizing their profits are not going to be successful in convincing customers to keep buying from them. Modern-day consumers want to buy from brands that resonate with the same values they stand for.
For instance, corporate social responsibility (CSR) has grown to be an important buying factor; according to a recent study, 65% of consumers want to buy from brands that promote sustainability.
Consumers feel strong emotional connections with and are proud to be associated with purpose-driven brands. That’s why 88% of consumers are willing to buy a new product when launched by a purpose-driven brand.
To connect with consumers, you must define and align your purpose with your target audiences’ values.
Enhanced Customer Service Will Become the Expectation
With companies becoming more customer-centric, they are expected to continue improving their services in the future as well. This includes improving customer response times, considering users prefer instant answers.
Nearly 78% of customers buy from companies that are quick to respond to their queries and concerns, and that are authentic in their approach. This not only shows that your brand is eager to help your customers but also helps build trust and loyalty.
Additionally, studies have found out that it costs five times more to acquire a new customer than it costs to keep an existing one. And so, tactics such as chatbot greetings on your website or social channels is an excellent opportunity to connect with your customers, engage with them, and keep them happy.
Creating a responsive, genuine customer experience through efficient customer service is a key approach to connecting with and keeping your consumers.
Artificial Intelligence Will Gain Momentum
A 2018 Salesforce Marketing Report predicted that 79% of marketers would prefer using AI by 2020.
AI-based software provides a competitive edge in many ways; it reduces costs, saves time, generates higher ROI, and personalizes the consumer experience.
Since AI can analyze vast amounts of data and find correlation amongst a diverse group of audiences, businesses can reach their target audience more effectively. Predictive analysis is another way marketers can benefit from AI. It helps make sense of past trends, such as the purchase history of your customers and enables you to design your future marketing strategy based on that data.
Building Communities Through Social Media Marketing
There are about 3.4 billion social media users around the world – that equals about 45% of the world’s population. Brands have a tremendous opportunity to engage with consumers and build real communities through social media.
Using influencers is one way to help your brand marketing. Statistics show that Instagram has the highest engagement rate with influencer profiles. Capitalizing on the popularity of micro-influencers, instead of celebrity endorsements, can help you gain a cost-effective and more genuine connection with consumers. Ready to put these trends into action? At C-Leveled, we help businesses create comprehensive strategic marketing plans that help guide better business decisions, and just plain better business. Let’s talk.