Marketing trends are like other current customs in business. Some will stay and some will go. But firms that jump on them at the right time stand to increase their profile and revenues. Plus, you don’t have to be an industry insider to get in on the action.
Read on to learn how to spot and stay on top of the latest marketing trends.
What are marketing trends?
What do artificial intelligence, big data and the Internet of Things share in common? They’re all marketing trends.
Marketing trends are buzzworthy promotional and sales strategies. These are the methods poised to get the most interest and attention from customers at a certain time. They’re the tactics expected to have the biggest impact on businesses that adopt them.
What’s the value of marketing trends?
Many marketing trends today have staying power. Others may grow outdated and become replaced by other techniques over time. This makes it easy to underestimate its value.
But it would be to the detriment of your business to ignore them. Knowing and staying on top of marketing trends is important for these reasons:
- It gives you a competitive edge. Following marketing trends can reveal insights that set your businesses apart. This way, you can cater to your target audience better than competitors in your niche can do.
- It improves business forecasts. Having trend awareness makes it easier to set business goals for the future. You can also better predict and plan for what lies ahead.
- It improves spending efficiency. Make the most of your money by spending it in areas that will yield the most profit. By the same token, you can reduce spending on techniques that won’t drive conversions.
- It will push you to innovate. Many businesses have failed by not following trends in a changing business landscape. Having trend awareness helps you avoid growing stale. This way, you can evolve your marketing strategy and enjoy longevity in business.
- It improves customer satisfaction. Following trends can help better meet the needs of your customers. This can increase sales, build customer loyalty and boost your bottom line.
How to stay on top of marketing trends
Use the tips below to stay on top of the latest marketing trends:
- Know the competition. Keep abreast of how your competitors market and sell their products or services. They may be onto a trend you have not yet encountered. If the outcome of their method was positive, adopt a similar strategy with your own unique twist.
- Set up trend alerts. Use a Google Trends alert to watch search interest about certain topics over time. This can help you tell trending marketing tactics apart from stale ones.
- Read industry news. Peruse trade journals, magazines and online publications that focus on your business niche. They will often be the first in the industry to publish marketing trends.
- Network often. Attend local conferences, meet-and-greets or industry talks. You may hear testimonials from others who followed a trend and had success. This can give you the confidence you need to put the strategy in place at your own business.
- Get customer feedback. Honest customer feedback can reveal pain points that current trends don’t address. Use this feedback to define your own marketing trends. You can then be an example to other businesses.
MileIQ’s blog does not constitute professional tax advice. You should contact your own tax professional to discuss your situation.