In the modern technological era, the business landscape has become fiercely competitive, prompting entrepreneurs to explore innovative strategies for business growth. Additionally, maintaining a strong connection with the audience and gaining deeper insights into the consumer market have become crucial objectives for businesses.
With the ever-evolving world of technology and digital advancements, marketing practices are continuously shifting and progressing – and for the better.
In 2016, the Australian digital market was valued at just AU$ 1.7 billion, but it has since witnessed remarkable growth, reaching approximately 16 billion in 2022. This rapid and significant expansion highlights the dynamic nature of the industry. Furthermore, the digital advertising sector has substantially contributed to the Australian GDP, amounting to $94 billion and representing 4 percent of the total.
Having said that, let’s delve into the latest marketing trends that are guaranteed to fuel the growth of your business, ensure its relevance in the dynamic industry, and captivate your audience
1) Search Engine Optimization
With the multitude of marketing options available, you might question the relevance of SEO and whether it has become obsolete or is it still a game changer. However, you couldn’t be more mistaken. As long as search engines continue to exist, SEO will flourish in the ever-evolving online landscape.
It is a long-term strategy to boost a business’s ranking on search engine pages through content and link building. It increases the amount of organic traffic on the page by making it more visible and prominent in searches.
According to a recent report, Australia’s digital advertising industry contributed $94 million to the national GDP and generated $55.5 billion in social value through consumer benefits during the 2021-2022 period.
You can either hire a professional digital marketing agency or a freelance SEO consultant such as P Singh to help optimize your website and content. And if you have the necessary skills and knowledge, you can also do it yourself. Keep in mind that SEO is a marathon, not a sprint. It is a timeless marketing strategy that enhances your business performance in the long run.
2) Influencer Marketing
Word-of-mouth becomes incredibly powerful when it comes from someone with a significant number of followers, especially on social media. Influencer marketing is a powerful marketing option for businesses to reach their target audience. In Australia, the influencer marketing strategy will increase by 12.41% between 2023-2027, resulting in an overall market volume of USD 730 million.
Although incredibly engaging and a great way to expand your business, influencers can be highly expensive, depending on their follower-engagement ratio. But since there are various types of influencers, most mid-range businesses opt for micro-influencers with followers between 5K – 100K followers. Micro-influencers typically possess a devoted and expanding audience base. Due to their accessibility, people heavily rely on their viewpoints and endorsements for guidance.
3) Short Video Marketing
Gone are the days when long marketing videos were popular, back when people would watch anything to stay connected. Nobody can sit through a 30-minute video about what you’re selling in today’s fast-paced world. It’s time to embrace brevity and captivate your audience with concise and compelling content.
Short-form video content is constantly rising and is in demand as it’s free to access, easy to consume, and share. Plus, they have a more prominent chance of getting viral.
Most businesses now use popular platforms such as TikTok, YouTube Shorts, and Instagram and Facebook reels to create short 15 – 60 second videos to demonstrate their product. It leaves a sense of curiosity for the user to see what you offer.
4) Interactive Content Marketing
Static content has lost its appeal thanks to the introduction of short videos and reels. Users now crave more immersive and engaging experiences. Interactive marketing is a strategy that includes elements like games, quizzes, forms, and augmented reality to keep the user engaged.
You can indulge your audience in an interactive experience by choosing the most compelling option. For example, people in the car business can suggest a multiple-choice questionnaire for users looking for a vehicle but are having trouble deciding.
Since interactive marketing means getting directly in touch with the end consumer, we recommend testing some ideas to find the right one.
5) Display Social Responsibility
Businesses that invest in being socially responsible are known to make the most out of their investment as most consumers are Millenials and Gen-Z, who are vocal about addressing their concerns in the modern market.
From racism to inequality at work, climate change, trans rights, and mental health concerns, we must address many social responsibilities. You can highlight a social issue in your mission statement to show a sense of responsibility and impact the buying decision of a particular person.
Being socially responsible does not mean you are bound to support all agendas. You can pick something that you support and wouldn’t mind getting behind. Make that a part of your marketing content, such as videos, social media posts, and website content. You can also participate in events regarding a socially responsible agenda to promote your product. And don’t forget to use relevant hashtags and tags for greater reach. The content should be engaging, visual-driven, and interactive.
Conclusion
Marketing is directly proportional to the success of your business. For a company to thrive in the market, it is essential to keep up with the trends and develop a strategy that keeps you engaged with the users.
Practices like SEO are still popular, while new methods like short videos, interactive marketing, and influencer marketing are taking over the traditional approach. While it is excellent to be digital, keep your business physically available by attending conferences, events, and seminars that are relevant to what you do. And lastly, be socially responsible and invest in campaigns that you can support. With the right strategies in place, 2023 is going to be a great year for your business!
