Our eye on the market discovered these trends developing through the first three quarters of the year.
In the rapidly changing world of digital marketing it is hard to stay ahead of the next big development. Thankfully, quick action to adjust to the changing market can be nearly as effective as creating the trends yourself. Knowing already that hindsight is 20-20, let’s take a look back on the year we’ve had so far and see what trends have developed and are likely here to stay.
Continued cornering of “niche” content:
While “cornering” your audience has always been the goal of marketing, the era of digital marketing has added an increased stress on developing niches within your audience. As algorithms continue to be fine tuned, audiences will continue to fine-tune themselves via engagement with this highly curated content.
This relatively new trend is growing more and more apparent as market analysts continue to see the growth of dedicated communities within market segments. These communities grow around a common niche, fulfilled by marketing efforts which are centered around common ideas and socially-minded language. The refining of your business’s mission statement and consistent brand voice can help you develop such a community within the niche you’re likely to be developing already.
Increased utilization of Chatbots:
No matter what news media you consume, you have likely already seen the discourse surrounding Chatbots and their AI backbone. Despite the looming implications for academia, text-generating AI is an incredible development for businesses – Especially smaller businesses who do not have the manpower to devote to being available to customers 24/7. The advent of chatbots allows businesses to be accessible to their audience around the clock, meaning that connecting with your niche is easier than ever.
Chatbots can also function as a highly effective means of data collection which can further refine your marketing efforts. Functioning like a human customer representative, having a chatbot set up to handle questions and concerns from your consumers or prospective clients can streamline your conversion efforts by providing personal attention to every individual.
Influencers are here to stay:
To the chagrin of some, the efforts of influencer marketing are still ringing strong over the digital marketplace. The difference through 2023 is the further specialization of the content which influencers generate and engage with. Much like first-hand marketing material released by a business, the niche-ifacation of influencers has been growing stronger over time. The days of mega influencers landing brand deals from all over the economy are slowly fading in favor of so-called “micro influencers” whose audiences may be smaller, but are more likely to engage with the content and by proxy your business. This market specialization has made the utilization of influencers more accessible to smaller businesses, as their budget needs to hire an influencing team can be more realistically met.
The general trend we have seen in the digital marketplace is the dire need to specialize to stay relevant, but an equal increase in ease to specialize your market presence. As always, marketing takes effort to be successful, and no matter what strategy in which you invest, consumer data will be key to ensuring that those efforts are successful.
At M1 Data & Analytics, we not only gather data for your business, but report it and help you understand it. Utilizing tools like SmartpiXL, we aim to have your marketing efforts aimed forwards, not backwards. For more information about M1 and how we help you succeed, please contact us or take a look at our suite of services.
