Marketing has changed markedly over the last few years, with new technologies and media resulting in an industry that is barely recognisable when compared to just a decade or so ago. This places a great deal of pressure on companies to keep up with marketing developments, many of which continue to enter uncharted territory today.
If you want to keep up with your competitors, entice customers to your brand, and grow your business, then effective marketing is crucial. To ensure that your business is adopting the latest techniques, the following advice could prove useful.
Data and analytics
Data is everywhere. It is being produced by our bank cards, our smartphones and practically every mouse click we make online. This data has many practical uses for businesses and marketing is no exception. Companies now have access to huge quantities of data about existing and potential customers, which makes targeting them with marketing materials much more straightforward.
What’s more, analytics programs are becoming more advanced than ever, enabling marketers to generate more detailed insights. Marketing analytics can tell businesses what consumers are searching for, the latest sales trends and the conversion rate of your marketing efforts. The latter, in particularly, is a great way of evaluating return on investment, or ROI, that you are getting from your marketing campaigns.
In addition, a new strand of analytics is emerging that threatens to further shake up the marketing world. Predictive analytics attempts to understand what is going to happen next, rather than just analysing what has already taken place. For businesses, this is hugely significant. If they can understand shopping patterns in advance, they can create bespoke campaigns that are backed up by data. As analytics software gets increasingly advanced, this predictive approach will be adopted by more and more companies.
Ads that are truly targeted
Online advertising may have taken something of a hit due to the rise of ad blocking software, but it remains a vital strand of digital marketing. In the past, businesses would simply have been happy to place an advert on any site that had lots of viewers, or one that is in some way related to their business. Today, however, there are more targeted methods that can be employed.
Real-Time Bidding, or RTB, is the modern approach taken to online ad placements. So, if your marketing manager looks puzzled and asks, “what is RTB?” at your next meeting, you know that it’s time to update your methods.
RTB involves brands purchasing targeted ad space based on data known about the internet user and the website where the ad is being hosted. The truly amazing feat is that this bidding occurs in a fraction of a second while the website is loading. Marketing is a lot faster than it used to be.
Product placement may have been around for a while, but digital technologies have adapted it for the present day. Enquire with YouTube content creators to see if you can include your company’s products in some of their videos.
As with many of the other approaches listed here, modern marketing is not about abandoning the tried and trusted methods of the past, but simply making sure they keep pace with changing social trends.