Many companies start each year convinced that they have a viable digital marketing strategy in place. But already in the course of the first months, the deficits and inefficiencies in their planning become visible. Missing content, poor resource allocation, rigid structures and too long reaction times mean that some companies cannot withstand the pressure to quickly achieve a high level of digitalisation. The result: customers cannot be served via their preferred platforms and communication channels.
At the other end of the spectrum, companies that have already established best practices for inbound marketing can focus on customer retention and continue to generate revenue by being agile, responsive and attuned to their target audience. In the EU, for example, retail sales via mail order or online increased by 30 per cent in April 2020. Companies with solid digital marketing strategies were able to fully benefit from this.
So, as we look towards the new year, it's essential to reflect on the lessons we've learnt so far and develop marketing strategies that will help us grow and strengthen our market position in 2024.
3 lessons for the development of a marketing strategy 2024
Customers demanded accountability
If a company's claim conveys a message like "We care" or "Always there when you need us", customers will now test the truth of these promising statements more intensively than ever before. 49 per cent of customers will not follow a brand if they receive a poor quality product or experience poor customer service. Companies that failed to show empathy for the difficult situation as during the Corona pandemic and to offer adequate customer care lost a lot of support from their buyers in 2020/21. The first lesson can be derived from this:
Lesson 1
Inbound marketing is built on your company's core values, so if there's any misalignment between the message you send out through your advertising or content, customers will quickly pick up on the inauthenticity and choose to spend their money elsewhere. So, be sure to say what you mean and mean what you say.
Stelle also sicher, dass du sagst, was du meinst, und meinst, was du sagst.
From 2020, content became a priority
In the past, many businesses have delayed or limited their content output, pushing the activity aside as a "nice to have" rather than a critical task in their digital marketing strategy. For companies that had a solid back-catalogue of existing content, however, the effort really paid off. They were able to keep generating and nurturing leads who had become increasingly reliant on the internet for information.
Lesson 2
Short, digestible content for social media are a big favourite, as are videos, webinars and interviews with industry experts. The use of original research and refreshing old content by taking a new, more creative angle also help businesses to gain larger audiences and reengage customers on topics that may have been perceived as stale.
Personalisation was a key differentiator
Digital marketing helps businesses gather real-time data that enables them to respond to their environment much faster than competitors. Analysing interaction history, preferences and previous engagement with campaigns allows marketers to deliver personalised relevant content to their prospective buyers. This helps to foster positive brand relationships and provide real value to individuals. At a time when many companies were addressing generic, repetitive messages to customers, inbound marketers were already focused on creating hyper-personalised experiences that made researching and buying easier and more convenient. Lesson learned:
Lesson 3
Digital marketing allows for high levels of personalisation. From the lead nurture stage where emails, adverts and content are sent to segmented audiences to deliver real value, to building adaptable product offerings that are truly customised for the individual; these initiatives helped businesses to excel and generate revenue like in 2020/21.
Your digital marketing strategy should include the integration of specialised tools such as HubSpot to collect and track essential data that will help you to make fact-based decisions. Having immediate access to audience insights will enable you to continuously improve your campaigns and send targeted messages that engage your customers and drive conversions.
Why you need to develop your digital marketing strategy in 2024
Your marketing strategy is the plan you make to reach the very specific goals of your business. When formulating this strategy, you'll consider your current market position, assess your strengths and weaknesses and create the steps to enhance what you're already doing well, while cutting out the things that are costing you money without bringing in any return on investment (ROI). A set-and-forget approach doesn't work here. In the digital landscape where the market is subject to significant fluctuations (as we have seen in 2020/21), committing to continuous improvement, reevaluating your goals, and adopting the technology to help you stay informed and responsive to your market's needs is critical for business growth.
2024 will usher in a new age of marketing where automation will also play a key role. This will help your business to collect data and send customised messages to customers, regardless of location or time zone. The content you create will have to be highly engaging and relevant to your audiences so that you can continue to stay at the forefront of your industry or you can finally climb it. Unique and customer-centric experiences will help you to attract buyers, but what will ultimately seal the deal is excellent customer service, authenticity and attention to detail.
Are you ready to start developing your marketing strategy for 2024? The BEE.team is here to offer the latest insights and tried and tested formulas to help you enhance your marketing efforts. Arrange a call with one of our experts for further details.
