Because of how quickly the epidemic has expedited digital transformation, it is now even more crucial for brands to stay current. Businesses who are unable to adjust to this new reality run the risk of falling behind since customers’ interactions with brands and the way they consume information have fundamentally changed.
The marketing and communication strategies of brands must be realigned, reinvented, and innovated if they are to remain competitive in today’s quickly changing ecology. This entails adopting new platforms and technology, building a strong online presence, and connecting with customers in fresh and creative ways.
Let’s discuss about some new trends and cutting-edge tactics that could help revitalise the sector.
Scaled personalization
A McKinsey survey found that 71% of consumers expect customization from brands and are disappointed when it isn’t delivered. Today, firms spend more than half of their marketing resources on personalization. To achieve this, it is vital to create customised adverts that resonate with certain clients using data analytics and machine learning algorithms. Perhaps a good example is how firms like Netflix and Amazon utilise AI to customise show recommendations for their viewers. Customers can easily see what they want, which creates a unique user experience.
Voice Search Enhancement
By 2024, Statista estimates that there will be 8.4 billion digital voice assistants, more than there are people on the planet today. This demonstrates unequivocally that in order to ensure that their businesses are discoverable on platforms like Amazon Alexa and Google Assistant, digital marketers must concentrate on optimising content for voice search.
Intelligent chatbots
Although chatbots have been around for a while, future developments in artificial intelligence will allow them to become more intelligent and intuitive. (AI). According to a Grand View Research estimate, the market for chatbots would be worth $10.08 billion by 2026. Leading companies like HDFC, Jio, Tata, Disney Hotstar, OYO, OLA, HP, and KFC are now using chatbots to provide personalised customer service and assistance, allowing them to interact with customers around-the-clock.
Virtual Reality (VR) and Augmented Reality (AR) (VR)
With immersive experiences that engage and please clients, augmented reality (AR) and virtual reality (VR) technologies have the potential to revolutionise the digital marketing environment.
A Statista analysis found that the global AR/VR market was valued at 18.8 billion dollars in 2020 and was projected to reach 72.8 billion dollars by 2024. Between 2020 and 2024, this suggests a compound annual growth rate (CAGR) of 46.6%. In order to effectively use AR and VR in their marketing campaigns, whether it is through interactive product presentations or virtual brand experiences, digital marketers will need to investigate this option.
Social Trading
A new trend called “social commerce” combines social media and online shopping and allows users to do their shopping within social media platforms. Grand View Research estimates that the global social commerce market was worth USD 727.63 billion in 2022 and is projected to increase at a CAGR of 31.6% from 2023 to 2030. Digital marketers must therefore leverage social commerce platforms like Facebook and Instagram to drive sales and engagement. Collaborating with influencers who have a large following on social media platforms like Instagram or TikTok could help the brand reach a wider audience and drive sales.
Online marketing
By building virtual shops, events, and experiences, brands may establish a presence in the metaverse. With the aid of augmented reality and virtual reality, businesses can give their clients an immersive experience that transcends conventional marketing strategies. Customers can connect with brands in novel and creative ways in the metaverse, giving them important information about the behaviour of their target market. Nike and Gucci, two global leaders in the consumer goods sector, have already strengthened their positions in the metaverse market.
Advertising on Multiple Screens
Marketers can no longer rely on conventional advertising techniques with the rise of mobile devices and other screens. Instead, they must design campaigns that are responsive to different screen sizes. Marketers may better understand how clients use various devices and develop campaigns that are suited to their needs by evaluating multiscreen statistics.
In conclusion, businesses are using more creative techniques to reach their target audiences because it is anticipated that digital marketing in India will continue to expand quickly in the years to come. To stay current and competitive in 2023 on this front, digital marketers must use the aforementioned new techniques.
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