Businesses spend considerable amounts on their online marketing strategies. It is crucial to create solid marketing plans to stay relevant in this market.
Ever since humankind started doing fiscal transactions in return for goods and services, marketing has been the backbone of all the strategies ever used by every single company to have ever set foot in the arena of competitive business. Not everything is set in stone, but this unwritten law of business is like a perpetual motion machine—it keeps rotating forever and ever. Yet it changes forms, and in the age of the internet, conventional marketing has turned into “digital marketing.”
The digital marketing-advertising business has been skyrocketing for the past 10 years. As per Yahoo, the global market size for the aforementioned sector has reached a dazzling level of 531 billion dollars! You think that’s all? Hold on tight. It is estimated that the digital marketing/advertising sector will reach new staggering heights by 2030—that is, 1.5 trillion dollars to put it in numbers.
A survey conducted by 97 Switch revealed that most businesses allocated 26 to 50 percent of their advertising budgets to digital marketing. The survey also pointed out that 41% of businesses spend more than 500,000 dollars for this purpose year in and year out. In other words, for all businesses—regardless of how big their target audience is—it is a must to invest in digital marketing to survive in this cutthroat competition.
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Trends keep evolving and pave the way for businesses to bring new ideas to life. 2024 has seen widespread use of artificial intelligence in quite a lot of sectors, and marketing is not an exception. Personalization and influencer-oriented marketing are also among those strategies.
Trend |
Key Points |
Artificial Intelligence |
AI-based marketing has revolutionized data analysis and the predictability of consumer behaviors. It enables businesses to reach their audience much faster. Large-scale companies may annually pay over 100,000 dollars for AI-based marketing tools. |
Hyper-personalization |
This feature is being utilized to offer tailored and personalized recommendations to customers. Some personalization platforms may cost more than 200,000 dollars. |
Influencers |
Establishing collaborations with popular influencers addressing a large number of followers, is another hot topic in the world of marketing. Some influencers may charge up to 50,000 dollars for a single social media post! |
Voice Search Optimization |
Smart assistants (e.g. Alexa, Siri) are also being used for online shopping. This requires the use of certain SEO strategies, and businesses may spend up to 10,000 dollars a month to this end. |
Sustainability |
Creating sustainable digital marketing strategies will also be of utmost importance for businesses. |
The future will see even crazier ideas and trends, AR and VR included, since some companies spend a fortune on developing more effective plans for consolidating their competitive edge. The only thing they need is the willingness to take that extra step.