With new technologies and social media platforms, the global market shifts and changes. These trends keep marketing people on their toes, because marketing needs to monitor each of these changes and respond to them quickly.
Companies are always looking to up their game and outplay their competitors when it comes to brand recognition, conversions, engagement and, ultimately, ROI.
As consumers, we have every changing-preferences and brand loyalty. Our values and behaviours can change. This makes it even more complex to predict the future and how we, as consumers, will respond to marketing messages.
To help you conquer and put your brand head and shoulders above the competition, statistics and trends can provide an invaluable look at the future, so you can get straight to implementing these into your strategy for 2023. We’ve condensed the biggest upcoming marketing trends that will help you get ahead of the game.
1. Video Marketing Will Continue to Soar
Video marketing has been one of the biggest focus areas for marketing in the past few years, and this is not going to change any time soon. Audiences find video content more dynamic and engaging. According to Lemonlight, 98% of marketers will include video marketing into their marketing strategies.
Be it a video meant to entertain or one meant to educate, video marketing experts know that you can pack a lot of content and value even into a short video.
- Video platforms are some of the biggest players in the world of social media. Tiktok reached the milestone of 1 billion users last year, with a mind-boggling growth of 740 million new users in 2021. With its continued growth, it is expected to hold this rate.
- People will continue to watch videos on mute, which makes subtitles and captions essential for all video marketing efforts. At this point, this prevalence is sometimes estimated at 90%.
- YouTube has around 2.1 billion users worldwide, and approximately 500 hours of content gets uploaded to the platform every minute.
- YouTube Shorts have surpassed the 15 billion mark when it comes to daily views.
- While pre-made videos have been a well-known marketing tool for a while, another one has been emerging recently. According to Statista, just in 2020, viewers worldwide spent a whopping 482.5 billion hours watching live streams. This number is only likely to grow, as platforms such as Twitch gain more popularity.
- Whether it’s esports, which so far this year has accrued an audience of 532 million viewers, or celebrity streams on Instagram and fandom platforms such as Vlive, live streams are quickly becoming one of the most effective channels for online marketing in 2024, as well.
2. Influencers Will Reign Supreme
In the age of the internet, the online experience is all about curation. The amount of content available is simply overwhelming. That is why so many users follow influencers and celebrities they like and trust.
From big name brand ambassadors to Insta and YouTube influencers, nowadays it takes name recognition to sell a product or service. Celebrities have been known to bump sales of products even when a mention is organic and not planned.
Take for example the members of the pop superstar group BTS who have been known to sell out products as random as a kombucha drink and fabric softener worldwide, simply by using or mentioning them in one of their lives.
Influencer marketing works, and brands are going to continue to capitalize on that reach.
- For comparison this trend from 2022 is continuing into 2024. Over 60% of consumers trust recommendations from an influencer, whereas only 38 percent trust branded content.
- It’s not just the big stars who bring in the conversions. The so-called nano-influencers – those with a following under 10000 actually have the highest engagement rate – 5%. This means that brands will be searching for influencers highly specialized for their niche and targeting their small but loyal following.
- 68% of questioned marketers plan to increase their influencer marketing spend in 2022 according to Influence Marketing Hub. This number is predicted to grow in 2024.
- The same source claims that more than 75% of brand marketers make a budget for influencer marketing in 2022. They are expected to do the same for 2024.
3. Brands Will Pursue an Optimal User Experience
With so many brands at the top of their marketing game, there is no room left for marketing efforts that are not completely thought out and all-encompassing.
The key is to offer the audience a cohesive experience, with a consistent voice and messaging. The campaigns will span across all platforms and be optimized for the best possible user experience.
- According to Amazon, over a trillion dollars gets lost due to bad customer experience.
This means that brands will go out of their way to optimize all of their content for multiple platforms and devices.
But optimization is not the only aspect of a good user experience. Brands will make an effort to create content that is engaging and dynamic. This means that there will be a rise in interactive content, such as calculators, quizzes and games.
- Another important new tool is augmented and virtual reality. As of now, virtual reality is an 8.1 billion dollar market, with a growth of almost 32% in 2022 so far. Accordion to Global Industry Forecast (2022-2029), VR revenue is expected to grow by 15.5% from 2022 to 2029.
- The pandemic has made lasting changes in our online behaviour. 67% of consumers has stated that their online shopping has increased during the pandemic, and this is unlikely to change. That is why technologies such as VR which can simulate realistic experiences is one of the most promising marketing tools of the near future.
4. Brands Will Use AI to Predict Trends
Artificial Intelligence is expected to change the marketing game forever. One of the most important uses of AI is recognizing patterns and predicting trends, and when it comes to marketing, that is exactly what one needs to keep ahead of the competition and to anticipate the wants and needs of the consumers.
- Tidio reached some interesting conclusions when surveying marketers. Around 31% of them say AI is most helpful in understanding the customer.
- The same research shows that 28% of top-performing companies use AI for marketing, while only 12% of other companies do so.
- Whereas the projected value of AI use in marketing for 2022 is 20.8 billion dollars, this is supposed to rise more than five-fold, to 107.5 billion by 2028.
- Research conducted by Deloitte 64% of companies who have adopted AI technologies find that the use of AI gives them an edge over their competitors.
5. Brands Will Need to Show Accountability
Marketing is not just about selling a product or a service. It is also about selling values and a story. That is why the current trends show that brands will need to show a higher level of responsibility and accountability.
Simply put, consumers are holding brands to higher standards, demanding that they give back to the community, protect the environment, and have good representation.
- 77% of consumers believe that companies have a duty to make the world better somehow. In fact, around half of Americans believe that is more important for a company than to make money. This trend will stay relevant in 2024.
- When it comes to representation, an overwhelming 70% of Gen Z customers say they are more likely to trust a brand that promotes diversity and representation.
- But representation is not enough. People want action. Only 29% of Americans think that is enough. Actions speak louder than words, and the rest think that brands need to effect change in a more tangible way.
When it comes to marketing, trends change quickly, and it’s crucial to keep on top of them. Staying ahead of the trends and riding a wave early can be the key to success.
