It is crucial for a business functioning in a booming industry to be mindful of the market trends and demands
The world has witnessed rapid digitisation in recent times which was only accelerated in the wake of the global pandemic. The paced growth and acceptance of all things digital can be attributed to their wide base of benefits that stretch to include increased efficiency and feasibility within reduced costs.
In this day of digitisation, one field that has gained immense prominence is digital marketing. The digital marketing industry has been on a high growth trajectory for the most part of the decade as highlighted in a report by Statista that stated that the Indian digital marketing industry has grown from valuing 47 billion INR in 2015 to a whopping 199 billion INR in 2020. The industry is expected to maintain the momentum and grow up to almost 539 billion INR by the end of 2024.
It is crucial for a business functioning in a booming industry to be mindful of the market trends and demands. This is because for a business to be able to efficiently accommodate the changing dynamics of the market, it has to recognise them beforehand and come up with a plan to confront the same. The ability to identify and exploit the market trends for own benefit before the competitors can allow an enterprise to get an edge over others in the market and can hence contribute significantly to the company’s profits.
Some trends that are gaining paced prominence in the digital marketing industry are discussed as follows-
The Growing Importance Of Content Quality-
Content is truly king in the present-day context. The content is displayed on various platforms under an organization's name is what a majority of potential customers interact with. Thus, the content retains significant importance when it comes to building a brand image and driving in customers. Crisp and engaging write-ups can not only hook a customer and bring them in to peruse your offerings but can also aid customer knowledge with regard to your industry. The quality of the content, therefore, plays a critical role in determining the extent of your digital advertising campaign's success. Digital marketers have taken note of the far-stretched importance of the content with regard to marketing in recent times and are, hence, investing extensively in enhancing the content quality of their campaigns.
Present times have seen a substantial transformation both in terms of consumer preferences and marketing tactics. This is because, with the advent of technology and robust globalization, the number of sellers trying to lure customers has increased significantly. In this scenario, for a digital marketing campaign to be a success, marketers have to go the extra mile to appeal to consumer tastes and preferences.
Hyperlocalization is a concept that is gaining rapid popularity in the marketing field lately. In simple terms, it involves marketing a product in a way that is in alignment with the native culture and norms of the target place. This method allows marketers to appeal to the consumers in an intimate and emotional manner and thereby increases the allure of their product. The Hyperlocalization trend is fast growing in most of the markets. This paced growth can be attributed to its several benefits to both customers as well as businesses.
Need For Efficiency-
Nowadays, consumers prefer efficient, quick, and affordable products and services. They want to get maximum value out of minimum input. Thus, there is a need for digital campaigns to be constructed in a way that communicates all relevant information in a short, crisp, and hooking manner. The Digital Marketing industry is fast picking up on this need and is working to make the advertisements not only more fun but also to communicate them in a way and place that appeals to the people. It is common to find digital marketers relying on tools such as memes and reels on social media to carry out successful campaigns. This is because these tools are widely accepted and enjoyed by the masses and thus carries larger chances of reaching more people successfully.
Technological Infusion And Advancements-
Automation and immersive technologies are the norms of the day. Naturally, the technological infestation is only expected to surge in the field of digital marketing in the future. People get attracted to interactive and immersive content. Since attracting people is the main goal of digital marketing, it can be said that immersive technologies such as AR/MR/VR are going to spearhead the innovative initiatives in the field and have the potential to alter the purchase pattern as prevalent in the industry.
Further, automation is fast growing in all industries and the digital marketing industry is no different. Marketing automation is expected to be the next best thing in the field of digital marketing and is expected to become a strong foundational tool in terms of scaling an online business.
The digital marketing industry is experiencing rapid growth in recent times, and thus the industry dynamics are also modifying. To make the most out of the transition, there is a need for businesses to stay on top of all market trends. Some trends such as enhanced importance of content, efficient communication, and Hyperlocalization are discussed in the scope of this article.
The Author is Rakesh, Business Head and Director of Deep Sense Digital.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.
Your e-mail information will not be shared with anyone else. And it will be used only to send out our latest news.
BW Communities is an array of business news websites targeted towards niche communities and readers across various industries