From changing algorithms to emerging technology tools, the new decade will witness more innovations in terms of how companies approach marketing strategies and conduct businesses.
The marketing and consumer landscapes are evolving in the new-age digital era. Along with robust marketing strategies, CMOs will need to keep an eye on several other factors, including marketing automation, internal communications, and others.
- Marketing automation to become deeper
The marketing automation will see further advancement by 2021. As per a report from Emailmonday, over 51% of companies are using marketing automation already, while close to 60% of companies are planning to adopt it in the coming years. The marketing automation software market is projected to evolve at 8.55%, unlocking a market capitalization of $6.4 billion by 2024. The market is seeing a shift from marketing professionals to marketing technologists. Coding and analyzing data have become critical for a company’s growth. It will be important for companies to find ways to use new software and increase its value.
- Pushing chatbots
Marketers need to focus on the increase in the utilization of chatbots on company sites and allot dedicated budgeting for the same. B2B companies need to look for ways to digitally connect with customers during the consideration phase. B2B companies can answer a handful of small questions and insert some smart branding at an early stage and connect with potential clients on a more personal level.
- Automation will go a step further
According to a Forrester report, a majority of organizations have automated at least 20% of what the service desk has traditionally done. In 2020, the automation market will see a shift from point solutions to comprehensive offerings that will fix integration challenges. Automation helps in improving database quality, enhancing campaign management, and measuring performance more accurately. As Forrester predicts, 80% of enterprises will recognize the threat of automation islands and determine they are not sustainable. Companies will set up automation strike teams and adopt a new organizational approach with new roles that would be a mixture of traditional IT and domain experts.
- Evolving internal communications
There will be an increase in the value of employees as brand advocates. Internal communications will play a significant role in getting employees on board. Communicators will need to be more productive in creating an internal communications strategy. They need to focus on personalization in the company. The majority of employers need to use new technology to bridge the gap between the remote staff and separate office locations regarding corporate news and events. To adopt and implement these new technologies, employers will need a strong communications plan
- Cater to millennials and Gen Z
First and foremost, it is essential not to ignore millennials and Gen Z. Marketers need to sell an experience to millennials, and not just a product. Focus further on videos as its consumption by the audience from this demographic will only multiply going forward. As compared to Gen X, Gen Z is spending 60% more on the fitness studio industry. In addition to engaging with customers, companies need to rethink some of their major influencer campaigns and highlight their efforts and dedication to user privacy. Organizations need to tailor their experience towards this younger demographic to garner more followers from their peers.
- More demand for real human experiences
Real human connection and experiences will take a front seat in the coming years. Experts believe that automation and canned personalization will gradually become less persuading. Consumers in the form of millennials, Gen Z, as well as audiences at large will demand real experiences that can connect them to their marketplaces and draw them toward brands.
- Increase in content production
The demand for fresher and relatable content will intensify even further in 2020. Tech companies are creating dedicated teams for producing wholesome content that has the capacity to give a tough competition to well-established publishers. Relatively smaller companies will find it difficult to sustain the market against the powerful content teams that have edge owing to network effects.
- Using UX for marketing ROI
One of the major trends witnessed by the marketing industry in the next decade will be the rise in the use of UX to develop marketing ROI.
- Personalized customer journey marketing
An integrated and personalized journey will be a critical trend to watch out for in 2020. Adobe and Salesforce will continue to make acquisitions and mergers to further strengthen their platforms with the capabilities of real-time journey marketing. With the growing unification of these platforms, brands will be able to deliver personalized and engaging messaging that offers user intent.