In the ever-evolving landscape of marketing, small and medium-sized businesses (SMB) are gearing up for an exciting journey in 2024. Every year there are new technologies, approaches to customer engagement, and opportunities to expand your brand. Since resources for SMBs are not limitless, , we’ve identified four marketing trends we recommend SMBs embrace to shape their strategies, enhance their customer relationships, and pave the way for growth in an increasingly competitive marketplace.
It’s time to embrace newer technology
We’d wonder if you’ve been living under a rock if you haven’t seen or felt the impact of artificial intelligence (AI) or augmented reality on businesses. AI-powered tools such as chatbots or virtual assistants are revolutionizing real-time customer engagements and guiding purchasing decisions. Virtual and augmented reality are changing the way customers interact with your brand and products. Investing here can create business efficiencies and differentiating experiences that set you apart from the competition. The challenge SMB occasionally fear is how to blend or balance the technological approaches with the human-to-human approaches that have been successful in the past. The solution is offering choice. Let prospects and customers interact with you how they want to. It’s not either or, it’s both.
Data is key to creating connections
Talk of “big data” and business is nothing new, but what is changing rapidly is customer expectations. No longer do potential and existing customers tolerate generic messages and experiences. We are in an age of hyper-personalization where content, product recommendations, and advertising are expected to be customized and personalized. Therefore, data has become a valuable business asset. If your company is not capturing, analyzing, and making decisions based on the data from every customer interaction, sale, and post-sale, you will be falling behind fast.
The customer experience revolution is in full swing
Speaking of tracking data, there’s a concentrated focus on improving and elevating customer experiences. Studies show that customers are loyal and willing to pay more for a great customer experience. So how can SMB take customer experience to the next level?
- Have you taken an Omnichannel approach to marketing, so the customer experience is the same no matter how they are interacting with you?
- Do your products or services lend themselves to smart subscriptions to increase sales and customer retention?
- Are your communications streams integrated between chatbots, customer service, and technical support so your customers can explain their situation once?
- Are you actively soliciting customer feedback via tech or in person at your customer interaction points?
- Does your staff understand your brand promise and consider how actions they take translate to the customers’ experience?
There are many ways to take customer experience to the next level. Explore every opportunity.
It’s time to revisit your brand story
We often say brands are living and breathing. This is because there are numerous ways your brand is experienced based on your intent and the customer’s perception as well as the natural changes your brand makes over time. Customer expectations change, competition for attention evolves, and your company makeup or ethos may progress. Therefore, it’s essential to revisit the core tenets of your brand on a regular basis. We’ve seen customers’ attention shift to a brand’s values, particularly around sustainability, environmental issues, and social responsibility. Customers want to feel a connection to the brands they do business with. They want to feel a sense of shared values. Does your brand story reflect this? Are you sharing, living, and breathing your values? These are all ways to continue to set yourself apart and create loyal customers through showing your customers not just what you do, but who you are.
Let’s get started
As you close out 2023, don’t stay on the sidelines and hope one of these trends is just a fad. It’s possible to make strides despite budget, resources, or lack of know-how. For your business to continue to compete and grow, the rewards for adoption far outweigh the challenges. Now is the time to start integrating these ideas into your business processes and strategy. Doing so will empower your brand to stand out and thrive in the coming year. Your customers will thank you.
And if you need help incorporating these 2024 marketing trends into your plan, we’re here for you. Give us a call.
For more on these topics, check out these additional resources.