Digital Marketing Industry 2022: Where Does It Stand?
It is no longer about the survival of the fittest in the digital marketing industry but of the most innovative.
As a business owner or marketer present in this ‘advanced day and age,’ where modern consumerism prevails, going digital is not an ‘option’ but a need. Consumers today are smart, and there is no way to go around about it.
Hollow guarantees… century-old or worn-out advertorial promises… fluff and… well, more fake promises…
These are the stories of the past.
Any marketer or business owner thinking of ‘fooling’ the consumers is the fool themselves. Consumers are smart. They do their research, study the options, and get convinced only when what you’re telling them falls into their domain of understanding.
Traditional TVCs, billboards, or other conventional marketing means will not make the cut. If you’re still stuck in a dilemma that these are the best even today… your marketing strategy is doomed, even before implementation.
Let’s hit you up with some hard-core facts—a digital marketing industry overview because we’re among the savvy consumers and like to talk with… well, proofs.
- As per the “Global Digital Marketing Market Report and Forecast 2022-2027,” the digital marketing industry will grow at a CAGR of more than 9% within the next five years.
- Tech advancements within the electronics industry are directly contributing to the industry’s growth rate.
- The global digital marketing industry is expected to reach $786.2 billion by 2026.
- Digital search makes up 40.9% of global advertising and marketing.
- Between 2020 and 2021, there was an increase of 14% in digital marketing budget spending across businesses globally.
If these numbers don’t send you a long0due nudge, maybe this would.
More than 60% of your competitors (businesses worldwide) increased their digital marketing budgets this year. It’ll be sad to see your business drown with the other 40% of businesses that still believe traditional marketing will help maintain their position in the market.
Ready or not, here are the top marketing strategies doing wonders for all businesses that believe in continuously improving their marketing strategies.
It is All About Taking Control
Did you know that your audience is owned by Instagram, Twitter, Facebook, and other social media platforms? Almost all your potential consumers are avid social media users; honestly, you have zero control over them.
A smart approach to cater to this is to focus on zero or first-party data.
Make sure all your social platforms and website embeds data collection methods. But all these must prioritize privacy as this is what the consumers need.
You must think about creating campaigns that help gather first-party data, so you no longer have to rely on other platforms.
We’re talking about including email, social media, CRM tools, and newsletters in the game.
Don't Forget to Align Marketing Goals with Stock Capacity
Supply chain bottlenecks have a significantly negative impact on customer experience. The sooner you realize it, the better it is for your business.
With this in mind, you need to think ahead of the game. Make sure to develop marketing strategies that align with the stock capacity of your business.
You need to act smart and minimize waiting time for customers to provide them with the best, all the time.
Make sure your marketing campaigns include such an element.
Time to Get Social
eCommerce is all that the world is talking about, but the competition is fierce. Market saturation has turned online businesses into a not-so-smart option… only when the approach isn’t right.
Besides embracing eCommerce, you need to incorporate social commerce into your business. This is one of the most effective ways to shorten the distance between discovery and conversion.
Launching shops on social media platforms such as Instagram can help your business access a new stream of potential consumers. For many companies, this strategy has led to a 100% increase in revenue.
Be Clear, Concise, and Honest with Your Content
Let’s be honest.
Reading long guides that are also difficult to read is too much work, especially in this super-fast age. People have shorter attention spans and are most definitely not into reading long, wordy blogs or articles.
The key here is to keep your content clear, concise, and, most importantly, honest.
You’ll be surprised to see the wonders honesty can do for your business. Get your message across in content that is short but highly effective. Remember, no one wants to read a lot of flowery prose or fluff.
Prioritize simplicity over complexity… every time.
Show Off Those Brand Values
People are speaking up today. They need to be heard, they need to be seen, they need to be understood.
You, as a business owner, give them exactly that.
Every company is founded on a set of brand values, so it is time to build it over diversity, equity, and inclusivity. These are the three most crucial pain points of people today, and you need to try to base your marketing strategies on these.
Transparency and sustainability are what consumers today want to see. Create your brand message around them.
Remember, this is not an era where you need to search for consumers; it is the other way around. You need the consumers to find you.
What better way than to offer them exactly what they need?
Other elements that might help change the game for you are accessibility and gender neutrality. Curate your marketing strategies around these values to stay ahead of the game.
Coming back to an essential aspect of this discussion, innovation. Regardless of how many $$$ you spend on your marketing strategies, it is no good if they fail to encapsulate innovation. Modern consumers are all in for innovation.
Anything new, attractive, and practical, they need it.
This is what brings us to the answer to ‘what’s next?’
Cryptocurrency. NFTs. Blockchain. The Metaverse.
It is time you dive deep into these domains because it is the future.
Wait for our next blog; together, we can explore the many digital marketing possibilities that come with metaverse, crypt, NFTS, and blockchain technology.