Marketing is a continuously evolving landscape. The strategies that worked 10 years ago differ from the ones that work today. For small businesses, keeping up with the latest marketing trends is critical to ensuring long-term success. Those who do not continually adapt will quickly be left behind.
Too often, companies are stuck in the status quo, spending marketing dollars the same way year after year. If it has been a while since you last revamped your marketing strategy, today is the day to reconsider how you reach your target audience. Take a look at seven key statistics that will change how you market, along with practical tactics for improving your marketing strategy going forward.
1. Digital Ad Market Spending Is Projected to Reach $464.73 Billion by the End of This Year
In 2017, the value of the digital ad market was 226.6 billion U.S. dollars. Now, projections indicate that digital ad market spending will grow to $464.73 billion by the end of 2022.
The majority of this revenue is being created through social media, search, video, and email. In 2021, spending on search advertising alone amounted to 84.7 billion U.S. dollars. These numbers clearly indicate that what started as a novelty is now quickly becoming the norm. The growth of the digital ad market is outpacing the traditional marketing methods of old, and it’s not hard to imagine that the future will only continue to push brands to increase their digital reach.
What It Means for Your Business
With the value of the digital ad market growing at such a rapid rate, your business needs to prepare in two key ways:
- Start advertising online if you haven’t already. If you don’t have digital ad campaigns in place, now is the time to launch them. Your competition is already online and will quickly capture your customers if you don’t join the game. For most businesses, a good place to start is to run Google Ads and social media ads.
- Optimize your ad strategy. As the digital ad market grows, the number of companies competing for the same customer segment will also grow. The result is that the cost of marketing to these segments will increase. Rather than watching your ad budgets go through the ceiling, take the time to optimize your ad campaigns to perform better with less spend. Learn more about 6 Key Areas You Might Be Wasting Your Local Marketing Spend.
2. Over 215 Million People Are Using Their Mobile Devices to Perform Online Searches
Back in 2015, around 157.6 million users turned to their mobile devices to perform online searches. By 2019, this figure grew to 215.8 million. These numbers reflect that people are spending more time on their mobile devices and subsequently are relying on these devices to aid them in their search for everything from a nearby pizza place to an electrician.
What It Means for Your Business
With younger generations showing an even stronger connection to their mobile devices, businesses should prepare today for a continued increase in mobile search in two key ways:
- Optimize your website for mobile devices. If your website isn’t already easy to view on a mobile device of any size, now is the time to invest in a revamp. Make sure the design of your website is simple to navigate, read, and interact with regardless of what type of device is being used.
- Create ads to target mobile viewers. Make sure that as you launch new ad campaigns, you are designing ads that will specifically target mobile viewers. For example, if you offer a discount coupon for services, make sure that mobile users can easily save that coupon to their mobile wallet.
3. Google Holds Over 60% of Search Engine Share
Google has long been leading the way in the world of online search, and the numbers indicate that Google is here to stay. As of January 2022, Google sites ranked number one among the most-visited multi-platform web properties in the United States. Additionally, Google sites had over 270 million unique visitors, with a market share of 61.4% of the leading U.S. search engine providers.
It’s important to remember that Google not only holds the largest share of the search engine market, but also owns YouTube, a platform that generated $28.8 billion in revenue in 2021. Currently, more than 2.5 billion people access YouTube every single month.
What It Means for Your Business
As Google continues to eat away at the bulk of the search market, you should focus on two key strategies:
- Use the power of Google Ads to your advantage. When you run an optimized ad campaign through Google, you have an incredible opportunity to reach large segments of your target audience. Learn more about how to use Google to your advantage with our In-Depth Guide to Google Display Ads.
- Invest in organic search. When someone in your area is searching for your company’s services, it’s likely they are using Google to do so. For this reason, you should ensure that your company ranks on the first page of organic search. Investing in search engine optimization (SEO) is key for long-term success. If you need help getting started, review our Back to the Basics: Understanding SEO guide.
4. Nearly 70% of Americans Are on Facebook
Time and again, businesses ignore the power of social media. As of 2021, 69% of Americans use Facebook. Additionally, around 71% of Americans use Instagram. While social networks started as a place for friends and family to connect, they are now a powerful marketing tool for brands. Regardless of your business, there is a strong likelihood that your customers are using social media to search for companies in the area.
What It Means for Your Business
Facebook and Instagram — both owned by the parent company Meta — continue to retain many users across the U.S. As such, your brand should respond in two key ways:
- Build a social media presence. Beyond simply creating a brand page on Facebook and Instagram (which you should do if you haven’t already), you should also take the time to build a presence on these social media channels. Post to your page, add videos, and interact with customers to help boost your organic reach.
- Invest in social media ads. Along with creating a robust presence on social media, it’s also worth investing in targeted ad campaigns. This is a great way to expand your digital reach beyond Google.
5. Video Now Accounts for $41.66 Billion of the Advertising Budget in the U.S. Alone
In 2020, digital video took place among the top three channels with the largest shares of advertising budgets in the U.S. with a value of $41.66 billion. Across the board, the number of people consuming videos online has continued to increase steadily. From streaming services to user-generated content platforms such as YouTube, people are turning to video for entertainment and to research products and services and find answers to their questions.
What It Means for Your Business
Video will continue to play an important role in helping differentiate your business from others. Use these two tips to help launch your brand’s video strategy:
- Learn how to create videos. Regardless of your business type, video is a powerful tool for reaching your customers. The key is to produce quality videos that match your audience’s needs. Get started with our Step-by-Step Guide for Producing Quality Marketing Videos for Your Small Business.
- Use videos to reach customers throughout their journey. Once you have a strategy in place for how you will create videos, take the time to outline how you will use these videos to reach your customers throughout the buying journey. For example, an HVAC company might use a video to answer questions customers have during the research stage of their buying journey.
6. 73% of Marketers View Blogs as the Most Successful Type of Content for Building Awareness
During the awareness stage of the buyer’s journey, the goal is to reach your customers with helpful information that answers questions they might have. One of the best ways to do so is through the use of a blog with 73% of marketers stating that blog posts are the most effective form of content for reaching customers during the awareness stage.
What It Means for Your Business
A blog is a powerful tool for reaching potential customers as they begin researching their options. Make sure you take the following key actions:
- Start a blog. If your website doesn’t have a blog, launch one today. This is a great method for reaching customers while simultaneously improving your website’s organic rankings.
- Answer common questions. If you aren’t sure where to start in creating content for your blog, begin with a series of articles that answer common customer questions. You can glean this list from your customer service or sales team, or from your own insights.
7. In 2020, 73% of American Consumers Made a Brand Switch
The pandemic eroded customer loyalty at a rapid rate. According to McKinsey’s research, around 73% of American consumers changed their brand preferences during 2020. Brand loyalty was already in decline, with new digital buying behaviors only quickening the pace. As customers are provided with more options at their fingertips, they are less likely to stick to one brand.
What It Means for Your Business
With customer loyalty waning, you should respond in two key ways:
- Guard yourself against customer loss. Building long-term loyalty is a must in a market where customers are increasingly likely to make a brand switch. Consider launching a brand loyalty program to help retain existing customers.
- Snag your competition’s customers. The silver lining to a lack of customer loyalty is that you can sway your competitor’s customers to switch to your business. Use strategic ad campaigns to reach these audiences with compelling offers.
Get Ahead of the Trends With J&L Marketing
When it comes to digital marketing, sitting still is not an option. The world of marketing is constantly shifting and changing. At J&L Marketing, our entire business is dedicated to understanding key trends and ensuring that our clients are always ahead of the curve. If you are interested in revamping your marketing strategy to meet the demands of today and prepare for the changes of tomorrow, talk to our team. We will be happy to provide you with a consultation and discuss how you can improve your strategy to increase your leads.
