6 Marketing Trends Every Business Needs to Know to Survive
Michael Schudson, author of Advertising: The Uneasy Persuasion, said “Advertising generally works to reinforce consumer trends rather than to initiate them.” Marketing trends have changed dramatically over the years. Keeping up with them can be a full-time job.
Staying on top of the current marketing trends is essential for any business to survive in the modern environment. Companies that do not monitor these trends could find themselves being left in the past, missing the newest technology and a bigger part of the market share in their industry.
Many companies have folded in the last few years because the business could not boost revenue and attract a sufficient number of new customers. This is often due to a lack of knowledge or effort on the part of the owner to identify the latest marketing trends and take advantage of the opportunities that available.
1. The Digital Wallet is one of the Latest Marketing Trends
When it comes to current marketing trends, the digital wallet is very popular. While the initial expectations for this technology were not met, the development is still going strong and digital wallet applications are growing in scope and popularity. Using an electronic system to track purchases, interests, and other customer data is easy and convenient.
They are smartphone apps that hold your payment and loyalty card information.
2. Cost Versus Environmental Impact
In the past marketing trends showed an emphasis on environmentally friendly products and practices regardless of cost, but that has changed. Today companies and marketing experts attempt to strike a balance between being green and being cost effective. This helps to achieve the desired goals while staying in budget and impacting the environment as little as possible.
3. Social Media Marketing is On the Rise
One of the current marketing trends that is not surprising is that the use of social media applications for marketing purposes is on the rise. It costs little or no money to create a social media page and use it to market your products and services unless a professional is hired, and even then, the cost is small compared to the benefits.
Companies need to look at the content they put out and ask themselves, “Is this shareable?”
Source: Scott Gerber on Mashable.com
4. Consumers are Getting Mobile
Mobility is one of the latest marketing trends as consumers move away from the traditional PC and go mobile. The development of smart phones and other products that act as a PC on the go has changed the way consumers are marketed to, and any company that does not take advantage of these changes is losing ground.
5. QR Codes – the Future or the Past
Marketing trends today show that QR codes will play a big role in advertising in the future. This is especially true as PCs are used less and the use of mobile computing devices continue to increase. A QR code directs the individual to a website or location where further information or special offers are provided.
These codes are specially designed so that they can be scanned and read by machines like smart phones and digital cameras.
Source: Las Vegas Color Graphics
Using QR codes is not just slapping a code on your marketing collateral. Few companies use them effectively. Yoobi, a Temaki Sushi restaurant in London, used QR codes to their advantage. Before they were even opened they used WR codes on the boards around the restaurant. They invited people to “go fishing.” Each person would get a different message.
Thinking out of the box like Yoobi will make a big difference in your use of QR codes.
6. Reputation Management is Critical Today
One fact that marketing trends show is that reputation management has become essential for many companies. Online reviews, editorials, and other opinions and personal views can help or hurt a business. Many companies hire a reputation management expert or firm to help manage their brand and company reputation.
Competitors can place fake bad reviews, and some companies have been caught hiring individuals who are not customers to place positive company reviews online in order to boost the brand reputation and company image. Reputation is everything in the business world and owners want to make sure their image is impeccable online and offline.
What other marketing trends do business owners and marketers need to be aware of?