2015 just hit and we all know what that means—with the New Year comes new resolutions. But take a quick second and think back. What has been said to do, and what was actually accomplished are sometimes, two very different situations. While most people make strides to get to the gym more often, stay away from the junk food, and get more sleep (yeah, like that really happens), let’s try to throw a new one into the mix. Work toward a goal you can actually stick with and has tangible benefits for you and the business. Some of the best commitments for a business to make at the beginning of a new year are to reevaluate the marketing efforts of the previous year. This will allow you to explore new trends and see how any can be incorporated into your business model.
After all, who better than you know what is needed to succeed past your marketing efforts in 2014, right?
2014 has seen some great advancement in the marketing, technology and the payment industry so-much-so, most are working its way to becoming the norm for 2015 and the years ahead. Because these 3 industries feed into one another, they play an essential role in the development and success of any business. It is important to understand where they are going and how to leverage the trends from each industry that are related to you.
How well you take note of emerging trends, especially in marketing can mean the difference between gaining leads, driving traffic and increasing sales or struggling to catch attention of passersby with a sign holder on the corner. Not the ideal situation for a business trying to capture repeat customers and build lasting relationships.
So what are these trends people talk about and what should you be paying attention too when there are so many out there?
Well for now, let’s just focus on the ones that truly universal.
Attract, engage and retain
Marketing in a digital world
One cannot deny that we are truly living in a digital world. Whether we realize it or not, almost everything we come into contact with from how we listen to music, buy our clothes, order our food and even connect with friends are now completely intertwined with a digital aspect. People of all ages use some form of technology to communicate or accomplish a goal in either their personal or professional life. Learning how to market in a digital world has become the key to the longevity of a business in today’s market. Here are some main points you should consider:
- Creating digital strategies that can reach multiple groups with a common area of interest
- Welcome the need and expectation consumers have for real-time results
- Maintain the digital services needed
- Keep your target audience in mind
Cultural Growth and minorities as the mainstream
“So what determines whether culture matters? A key factor is the extent to which you draw upon cultural versus personal knowledge when making purchasing decisions.” –Alice LaPlante
It’s everywhere and everyone. It’s you, me, our values, languages, customs, how we were raised and everything else in between. It’s our culture and it plays a major role in how we go throughout our daily lives and has the ability to influence our decisions to purchase. Why is this an important, emerging trend to watch out for? Simply put—cultural influences have the power to sway decisions and define trends.
Let’s talk examples—The Hispanic community has always represented a huge part of the US population and gained tremendous purchasing power over the past 10 years. Forbes.com has estimated that by the end of 2015, Hispanics the in the US will reach $1.5 trillion in purchasing (which exceeds both Anglo Americans and African Americans combined in this category) and will continue to represent one of the largest consumer base for long-term ROI.
A recent press release from Alexandre Hohgen, the Vice President of Facebook Latin America, released some interesting data and growing trends he noticed from 2013 that will continue to grow through 2015. Hohgen states:
- More than 23 million Hispanics produce content on a constant basis with Facebook each month
- Hispanic adults make up 68% of the users
- With a span reaching over 30 days, Hispanics have checked-in and followed 7.6 million times to local businesses which driving their marketing forces.
The trend—be aware of what’s happening now.
Embrace nuances and take note of growing cultural trends. Retailers, brands and merchants should integrate and embrace the personality and characteristics of the growing cultures. Building an authentic relationship with a growing audience is as easy as shares and links on web pages and social sites. This provides a two way street—one to open dialogue with the untapped consumer and two, keeps you in the loop to view change and growth.
Mobility is the new normal and shopping with a digital wallet
We are the generation of movers and shakers; we are always on the go, looking for the latest & greatest—we want fast and good. We have become spoiled by the advancements in technology over the past few years and that’s not entirely a bad thing. What that means for us as consumers is as we buy into these products, it pushes brands and retailers to produce new merchandise and a simpler way to pay. Just look at Apple and Google.
The two companies that set the benchmark higher than ever in the world of technological developments has done it again and this time, has invaded the world of payments—according to Forrester, the mobile payment industry is set to reach over $90 billion by the end of 2017 and it looks like they are set to take over in a big way. In 2011 Google set it sites on the payment industry, looking to capitalize on an open market. Google was looking to streamline payments for their customers by simplifying ways to make online purchases. In mid-2011, they proceeded with the launch of the Google Wallet.
Following the success of the Wallet, Apple looked for similar ways to spin the idea and put it to use for their loyal iCustomers and so came Apple Pay. Born from the benchmark of Google Wallet, Apple Pay is designed for iOS users. Apple Pay allows for users to load payment info into the application and use a one-touch payment method at partnered retailers.
The trend—this is the new way to pay!
There has been much talk and question of if retailers would grasp the concept and if POS vendors would hop on board; it looks like they are. At the beginning of this year, Square announced it will be partnering with the both Google and Apple to create a platform that will inevitably accept both. Jump on the payment bandwagon.
Word-of-mouth-The importance of consumer generated content
Yelp! Google reviews, Facebook posts and Twitter feeds. Everywhere you look, you see comments, content and shared personal expressions of (more bad then good most of the time; we’re all guilty of those posts) someone’s experiences in a business or a service. Word-of-mouth and personal referrals have always been some of the quickest ways of marketing; now it seems that the speed has reached an all-time high with the merger of social sites.
Social sites like Facebook, Google+ and Yelp! Have rapidly gained popularity, not just for friends to communicate and send pictures, but to either boast or criticize about a recent experience with anything. This is not new however—this form for “word-of-mouth” communication has been around since people started discovering that the web could be used in such a way.
The Trend—no surprise here, this will continue to be the one-stop-shop for cheers and jeers
No matter what new platform, social site or phone app, the general public will continue to find a way to make their voice heard to those who will listen. More than 58% of all users of Facebook are of the “adult age”. This means that more than half of the users are not just teens looking to post “rants and raves” because the barista at Starbucks used whole milk instead of half-and-half; the consumers who applaud or disagree, give a 1 star or 5 likes, are more well versed in customer service and have parallel stories they can compare to.
It’s for you not me-The quest for personalization
Organic interactions and segmented marketing; while mobility and social networking sites have become the cultural norm and the “be all, end all” answer for marketers looking to penetrate a larger audience, it is in fact not always the best answer depending on who you are trying to reach. What do they say—don’t bite off more than you can chew? This can be the case for the brand or merchant that relies solely on the notion that using the “free” marketing aspect of sites (Facebook, Google+, YouTube, Pinterest and Reddit) is the best way to capture their audience.
Google Adwords and Adroll are two of many paid services to get business out in front of their customers
The Trend for 2015—Paid Amplification
Forrester predicts that organic interactions, meaning actual connections from business to audience, have decreased by 1% over the past year. This is in-part due to the “blanket effect” Facebook has. In 2015, more social sites have understood this trend and are simultaneously pushing for business to utilize their paid platforms to increase web traffic and connect to the target audience—nothing like a missed connection right.
This year is the year to truly start a new, not just personally but with your business as well. When you are able to pinpoint certain trends, understand change and connect with your target audience, you are able to build those lasting relationships that keep you relevant in a world obsessed change.