Where is digital marketing headed in 2023 and how can small businesses win?
The continued competition in digital marketing leaves a lot of small businesses asking “How can I win in 2023 with the introduction of AI learning, algorithm changes, paid advertising costs, and even more platforms that audiences are spending time on?
First, let’s talk about some of the trends coming down the proverbial funnel in the next 12 to 24 months. Most notably:
Increased use of automation and artificial intelligence
As technology continues to advance, it's likely that more businesses will turn to automation and artificial intelligence to improve the efficiency and effectiveness of their digital marketing efforts. This could include the use of machine learning algorithms to optimize ad targeting, as well as the use of chatbots and other AI-powered tools to improve customer engagement.
Greater focus on personalization
Another potential trend in digital paid marketing is an increased focus on personalization. With the rise of data-driven marketing, businesses are becoming more adept at using customer data to tailor their marketing messages and offers to individual consumers. This could include the use of personalized emails, targeted ads, and other tailored content to improve the relevance and effectiveness of marketing efforts.
Continued growth of social media advertising
Social media platforms are expected to continue to be an important channel for digital marketing in the coming years. As more and more consumers spend time on social media, businesses are likely to increase their advertising budgets on these platforms in order to reach their target audiences. This could include the use of sponsored posts, influencer marketing, and other tactics to promote products and services on social media.
MetaMartini speaking at Digital Marketing Chamber of Commerce Event - Appleton, Wi 2021
What are key ways small business can stand out against big competition?
Great question. As budgets expand and digital marketing becomes more complex, here are five easy tips for you to compete against larger businesses online:
Focus on your unique value propositions
Small businesses often have a unique value proposition that sets them apart from larger competitors. This could include personalized customer service, specialized products or services, or a strong commitment to sustainability. By highlighting these unique selling points, small businesses can differentiate themselves and appeal to customers who are looking for something different from the larger, more established brands.
Utilize digital marketing tools
Small businesses can use a variety of digital marketing tools to help them compete against larger companies. This could include search engine optimization (SEO) to improve their website's visibility in search results, social media marketing to reach and engage with potential customers, and email marketing to nurture leads and build relationships with customers.
Leverage customer reviews and ratings
Customer reviews and ratings can be a powerful tool for small businesses to compete against larger companies. By encouraging customers to leave positive reviews and ratings on their website, social media pages, and review sites, small businesses can build trust and credibility with potential customers.
Offer competitive pricing
Small businesses often have more flexibility when it comes to pricing, as they are not subject to the same pressures as larger companies. This can allow small businesses to offer competitive pricing on their products and services, which can be appealing to cost-conscious consumers.
Invest in authentic customer service
Small businesses can differentiate themselves from larger competitors by offering excellent customer service. This could include providing personalized support, responding promptly to customer inquiries and complaints, and offering flexible return and exchange policies. By focusing on providing exceptional customer service, small businesses can build loyalty and trust with their customers.
Putting the elements of your business together in a single, cohesive strategy is what gives you the foundation to stand out. Executing that strategy is building the home on the foundation. Allowing your value propositions to expand into every element of your strategy are the items within the home. With the right vision, plan, and tactical execution, the home (aka business model) you build will stand out a mile away.
Should you need help in planning out what your business model looks like, send us an email! We create world-class creative strategies that blend innovation, imagination, and storytelling to grow lifelong customers that care about who you are. Our strategies are built with systems that inform, engage, and inspires communicating complex information through simplified design.