Now that we are on the verge of entering a new decade, it’s a good time for startups and SMBs to reinvent their marketing strategies.
After all, the latest startup statistics show that the US alone has more than 30.2 million small businesses. Thus, the need to stay relevant and competitive is more pronounced now than ever before.
With that said, experts agree that a couple of patterns will dominate the world of consumer-facing industries in the days to come. Here are the top five marketing trends that can help small businesses grow sales and boost profits in 2020.
Slowly but surely, marketers and entrepreneurs are accepting the importance of data. The growth of big data repositories and AI technologies has a butterfly effect on all industries, retail included.
Due to the improvements in data-management infrastructure, SMBs can now leverage cutting-edge technologies. For instance, tailored marketing campaigns can provide owners with an opportunity to personalize content and adapt the offering to specific audiences.
A perfect example of this system would be the use of product recommendations and up-selling techniques. In 2020 and beyond, data-driven campaigns should raise these methods to a whole new level.
Even though the use of personal data remains a touchy subject, as much as 90% of US consumers consider content personalization “very” or “somewhat appealing.” So, the use of targeted campaigns is a no-brainer.
2. Social Media Outlets
The shift towards social media has benefited many SMBs and startups in the last couple of years. Social media marketing will remain a force to be reckoned with in 2020 as well.
Attention-grabbing and visually appealing campaigns can boost brand awareness. On the other hand, interaction through social media outlets can establish long-term relationships. As you know, loyalty is the key to success in the world of retail and e-commerce.
In a way, social media platforms are taking over the role of shopping windows. In other words, e-commerce websites are using social media sites to display their catalogs to targeted audiences. Even Snap — the parent company of Snapchat — has jumped on this bandwagon with its dynamic ads.
3. Video Content and Live Streaming
Speaking of social media, we should also mention the rise of live streaming content. After all, live videos provide viewers with an immersive and engaging experience. SMBs can use live videos on Instagram or Facebook to showcase products, stores, or to announce events and discounts.
In essence, video content will play a large role in the marketing aspects of consumer-centric industries in the days to come. What’s more, the rise of shoppable videos is important to note. By tagging posts with products, you can nudge customers in the right direction and help them make an instant purchasing decision.
4. Influencer Marketing
Even though the so-called shoppable videos remove the need for a middleman, consumers in 2020 will still ask for entertainment. For that reason, the age of influencer marketing is not yet behind us.
Even though endorsements are an ancient tactic, Internet stars can help SMBs attract new customers and expand reach.
The thing is, consumers will start to avoid your brand if you post generic content day after day — hence why guest appearances can break the monotony. Retail stores, in particular, should make an effort to combine shopping with entertainment.
5. Automation and Instant Customer Service
The final entry on our list might not be a marketing trend per se, but the automation of processes will continue to grow in 2020 as well. CRMs and other solutions will provide a streamlined and effective system, both for marketing and management. In a nutshell, marketers will have all the necessary metrics and insights ready at a simple press of a button.
Also, e-commerce sites and retail stores could expect the rise of chatbots and live desk software. Fast response is a must-have in this day and age. Chatbots are a cost-effective solution for SMBs, seeing how this type of service can reduce operational costs by 30%.
By adapting to the digital landscape, you will have the opportunity to gain sales that you would otherwise miss. You could be leaving money on the table if your retail store is not using the so-called hybrid model. In other words, online and brick-and-mortar stores must become two intertwined aspects of a single entity.
Of course, all of the trends listed above can become a part of an omnichannel approach to marketing. So, try to integrate these tactics if you want to grow sales and stay ahead of the competition.