Digital Marketing Resolutions for the New Year For many businesses, 2023 has been a pretty tough year! Whilst the UK has avoided recession in strict economic terms, much of the year has felt like one. For those of us with long memories, I’d say this feels much tougher times than 2009. Interestingly, the stats show the opposite, perhaps skewed by big finance being hit in 2009, and SME businesses affected more this time! The word from economic forecasters is that things are expected to improve in 2024, although it’s often said that economic forecasters make fortune tellers look respectable and reliable! See the Office of Budget Responsibility forecasts for reference; just £30billion out on their latest forecast. So, what are the expected digital marketing trends for 2024, and what resolutions should you take from them? The natural reaction in recessions is to hunker down and try to muddle through. For some, that will work, but the statistics from previous recessions are clear, those that continue to promote their business, or even boost advertising spend, survive at a higher rate, recover faster, and grow market share quicker. You may not see the return immediately, but it will pay off in the medium longer term. What, then, should you be looking at for 2024? Retention and Reactivation Maintain a focus on maintaining existing relationships and re-engaging customers who have drifted away. Getting a repeat customer is, on average, five times cheaper than getting a new one, so engaging with your existing customer base should be the starting point. Email marketing is a key tool here, but social media adverts are a great and/or alternative. To make sure customers keep coming back, it’s vital to understand what customers want from you. Review your Buyer Personas (we just have) to understand who is buying from you and what motivates them to spend. Use those “wants and needs” to effectively hone your marketing messages. The growing role of AI in performance marketing The relevance of artificial intelligence (AI) in digital marketing is growing. According to McKinsey, generative AI’s impact on productivity could add trillions of dollars in value to the global economy. *See note re. economic forecasts! Now, I’ve written at length on using AI, where it’s great, and where it should be avoided (Google will penalise your rankings if they spot AI-generated content on your website). AI is fantastic for research, data, ideas and non-website content, such as email or social posts, especially if crafting well-written marketing messages isn’t your thing. Remember to check and amend everything, AI does write some bo***cks at times, and it doesn’t have your skills and experience, make sure you inject your personality into AI’s content. Avoid risk by using your marketing agency’s experience Yes, of course I’m going to say that, but with good reason. As we discussed earlier, the tendency in downturns is to play safe, turn to what works, and not experiment too much. And that’s fine if you still have a flow of customers, business is steady, and you are happy with where you are. But if you are losing customers, want to grow or have new products and services to bring to market, or have staff wage and retention pressures, you need to get your marketing message out. The good news is that your agency probably has dealt with a similar situation before, and they (hopefully we….) can bring experience to bare and help you promote yourself using tried and trusted techniques, that, whilst new to you, are being managed by a team that have already got the t-shirt! That wraps up 2023 and our sneak preview of 2024. To recap, focus on really understanding your customers, who they are, where they get information, and what their wants, needs and pain points are. Utilise AI to help you work faster and get experienced advice from people who are doing marketing every day, not some chap down the pub. Unless, of course, you see me in the pub over Christmas! Have a wonderful Christmas and a prosperous New Year. See how we can help See how we can help
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