With the introduction of ChatGPT in November 2022, questions surrounding the use of artificial intelligence (AI) have risen in every industry, including what might be the best ways to utilize these emerging technologies. For marketers, AI software can help generate ideas, develop strategies, and optimize campaigns to make our jobs a little easier. These benefits, however, do come with some drawbacks, making marketers cautiously optimistic.
In modern marketing strategy, a large focus is placed on acquiring new customers. In fact, a recent research survey showed that 72% of small businesses planned to use the majority of their marketing budget to try to attract new customers as opposed to marketing new benefits and products to their existing customers1. However, expanding a company’s customer base does not always equate to business growth. Recent studies have shown that building loyalty with existing customers is equally important, as existing customers tend to be more profitable.
One of the most powerful entities for a marketing department is data. For a business, having data on their customers and their prospective buying habits can impact how the business markets their products and services. Today, the constant advancements in technology have made it easier for companies to collect large amounts of data ranging from customer demographics to customer satisfaction.
The saying “out with the old and in with the new” no longer seems like a relevant turn of phrase as the past few years have seen a resurgence of repurposing old goods and bringing back old styles. For some consumers, secondhand goods are better than anything new. Everything from rare collectibles to couture gowns and one-of-a-kind purses are in high demand with apps like Depop, Thredup and, of course, local thrift stores fueling access to some of these items. These trends reflect generational preferences for sustainability, corporate social responsibility, and individuality that will be relevant to marketing strategy in 2023.
Influencers can be an integral part of marketing strategy, particularly for firms selling consumer products, but even B2B firms have successfully used influencer marketing to appeal to customers. When firms use influencers, they often showcase relevant product or service content through concise social media posts, videos, advertisements, or blogs. One of the best ways to inform customers about and promote products and services online is through a mix of influencer marketing and content marketing.
What is SEO marketing? Why is it important? With “67,000 users perform[ing] a Google search every second of everyday,” people have a heavy reliance on the internet for accessing information, communicating, and performing business transactions. Search engine optimization (SEO) is an essential digital marketing strategy for all businesses to increase revenues and gain the attention of customers. It allows businesses to optimize their websites for search engines like Google in order to improve their customers’ experience and their own bottom line.
Taco Bell’s latest advertisement campaign pokes fun at market leader and competitor McDonald’s. The ad features singer Doja Cat escaping from a clown school whose ice cream machines are broken. Sound familiar? Using comparative advertising, influencer and social media marketing, and rewards program incentives, Taco Bell’s recent ad campaign not so subtly asserts their superiority over the fast-food leader plagued by broken ice cream machines.
Fetch Rewards is a company that allows users to earn rewards back on their purchases from several companies, eliminating the need to participate in brand-specific rewards programs. In exchange for a partnership with Fetch Rewards, companies can gain access to certain user data. User data analytics allows companies to strategically target customers based on their purchasing habits and favorite rewards, among other usage metrics. Would you give up data on your spending preferences for appealing rewards and personalized advertisements from your favorite brands?
Virtual reality and augmented reality are poised to become the next phase of internet consumption. With companies like Nike and Roblox taking advantage of new forms of marketplaces, the possibilities for innovation in digital consumer experience are endless. Catering to the expectations and values of Millennials and Generation Z consumers will be key to the success of the virtual world, the metaverse. Nikeland on Roblox is a prime example of marketing personalized experiences to Gen Z consumers.
Wearable tech, such as smartwatches, Fitbits, and Oura rings, were already gaining traction as medical monitors even prior to the pandemic. When the pandemic bloomed across the globe, wearable tech as a medical monitor took on a new urgency. The US Navy wants to use wearable tech to monitor social distancing – and they’re not the only ones either; many companies have already launched systems incorporating wearable tech to aid with social distancing in the workplace.
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