Marketing is the cornerstone of every successful startup today. However, marketing strategies change so fast nowadays that some businesses tend to get left behind. Getting left behind in marketing trends can spell disaster for your company, especially if the next marketing campaign is due in a few months.
Developing a marketing strategy in a few months can’t be done unless you have the necessary knowledge. This article will explore future marketing trends and hypothesize the right marketing strategy for startups on a budget. We will first start by discussing the appropriate budget limit for any marketing strategy you have in mind.
If you’re a company that deals with other businesses like a manufacturer (B2B), it’s good to dedicate at least 2% to 5% of your annual revenue to marketing. If you’re a company that deals directly to consumers (B2C) like a dropshipper or an online store, you’re going to need to spend more. A good amount is about 5% to 10% of your annual revenue.
The main reason for the differences in spending is the size of your potential target market. There are fewer businesses than consumers, which means that you don’t need to put as much effort to drive companies to work with you. Exposure is also remarkably more straightforward since you’re only aiming to penetrate the business world. So if you compare it to potentially billions of consumers worldwide, B2B businesses should spend less than B2Cs.
However, startups rely so much on their budgeting, and it’s okay to spend only 1% of your annual revenue, given that you know the current trends. Next year, it’s expected that digital marketing will still be at the top of every company’s marketing strategy.
Digital Is Still King
By the end of next year, digital marketing is still the top-notch marketing strategy worldwide. You’re going to see all sorts of experts suggest going for SEO for your WordPress website or maybe go full-on social media marketing with advertisements for your next marketing campaign. Digital marketing is never going to be a bad option. It’s cheap, and it’s only getting more affordable each day. This marketing strategy is also effective.
Regardless of what you invest in, may it be SEO or online advertisements, it will still create decent returns no matter what. So if you’re planning to get some exposure, you’ll never fail by investing in digital marketing platforms.
Virtual and Augmented Reality
Virtual and augmented reality are a $160 billion market, and it’s expected to gain more traction in the coming years because more companies are investing in the tech for marketing. You should consider doing this as well if you want to create the most immersive campaign next year.
When it comes to immersive ads or creating that virtual connection during the pandemic, no other platform comes close to VR and AR tech. Almost all ads and apps created from such tech have immersed consumers, and when consumers are immersed with a particular product, they are likely to purchase it.
However, the main problem here is that VR and AR marketing strategies don’t come cheap. If you’re a startup company, stay clear of this trend unless you have millions to spend on marketing.
Faster Growth on Influencer Marketing
A lot of companies think that influencer marketing is primarily controlled by the growing number of influencers annually. However, this isn’t entirely the case. Influencer marketing is controlled primarily by AI that governs each influencer platform.
As AIs from different influencer sites such as TikTok, YouTube, and Facebook become smarter each day, influencer marketing becomes ever more potent. People are more likely to discover influencers that have the same interest as them, and these people are most likely to purchase the products that the influencer promotes in their content.
The growth of AI will drive the growth of influencer marketing, and it won’t hurt for your company to at least have a couple of influencers under its payroll.
Responsibility and Sustainability
Lastly, what better marketing strategy is there than one that tackles the topic of global warming and climate change? Becoming a sustainable and responsible company is free marketing for most. Not only that, you give the world a chance to breathe as well.
Thousands of big companies have decided to turn a new leaf and have invested billions of dollars in sustainability. They are shedding their old ways to protect the future. If you’re a startup, then it’s in your best interest to be sustainable. This is good for the environment and your marketing strategies in the future.
Now that you know the trends next year, it’s up to you how you will apply them. But a hybrid of digital marketing and influencer marketing is always a cheap and effective start. After that, it’s all about applying your creativity into action.