Marketing is king in any industry. Businesses need to appeal to consumers to earn revenue and build brand recognition. They achieve this by studying purchasing trends, marketing preferences, demographics and much more.
As the tides of advertising shift and customers demand fresher innovations, brands will rise to accommodate them.
Many industries will experience significant marketing transformations in this new year. Establishing a consumer-seller relationship requires in-depth care on the agency’s part to meet specified needs. Here’s how those industries are changing and how people will benefit from new engagement methods.
1. Health care
Health care may experience a shift toward better data privacy as a way of building consumer trust. Patients have banked on privacy laws for years to keep their information safe, but a shift toward internet-based technology has made it harder to protect it.
Even if a health care provider uses a secure network, internet providers can see shared data. Researchers found they could match individuals to anonymous physical activity information from wearable trackers by using machine learning.
Adjustments to privacy laws are the primary solutions for such flaws, but health care businesses must do their part to regain consumer trust. An emphasis on data privacy is necessary for gaining leads and ensuring their interest in health-related companies. Technology’s rapid integration into the medical field — through methods like telemedicine and geofencing — will require strict safety standards to rise along with it.
2. eCommerce
Researchers expect real-time bidding to become integral to eCommerce within the next four years. This phenomenon is due to the rise of smart technology and consumer preferences for strong branding. RTB is a form of programmatic advertising that occurs within a span of milliseconds. Advertisers bid on ad space, and whoever gives the highest bid gets their brand displayed.
RTB lets companies target consumers individually rather than wasting time and money on showing ads to uninterested users. An online pet product company can target users across various websites instead of only presenting their advertisements on animal-related sites. With consumers showing an appreciation for personalized ad campaigns, this strategy can entice relevant leads.
3. Food
Leaders in the food industry have expressed concern about what the food advertising landscape will look like in the upcoming years. Manufacturing the foods consumers want is only one part of the equation — the other consists of persuading them to buy it. Green labels like cage-free, free-range and more are increasingly important to consumers and will inevitably see a greater focus in 2020.
Meatless alternatives are growing in demand due to a global concern about fossil fuel emissions. However, many substitutes have received skepticism and pushback due to ingredient lists containing GMOs.
Food industry executives will seek to remedy these issues with healthier products, informative labeling and revised nutrition facts labels in 2020.
4. Fashion
The fashion industry often shows its prowess concerning customer relations and excellent service. Virtual shopping assistants help people design wardrobes and lookbooks, taking cues from personalized advertising methods.
People want curated looks that feel unique and one-of-a-kind. By offering each shopper an individual experience, fashion companies can make customers feel appreciated and willing to return — and recommend friends.
Many brands track what items their customers buy and retarget them later for similar clothing pieces. Retargeting often happens through mediums like email and social media advertising. Shoppers will be inclined to buy a new item if it complements an outfit they already own, which highlights the relevance factor in marketing. If a product or service isn’t useful to the targeted user, they won’t be interested in seeking more.
5. Insurance
Many people have less-than-pleasant feelings about the insurance industry, but like any sector, it still needs to appeal to consumers.
The company Lemonade is flipping traditional insurance marketing on its head by offering a new structure. It receives payments on a fixed-fee schedule, and it doesn’t benefit from denying claims like conventional businesses. Lemonade also treats insurance premiums as your money rather than theirs, and donates any unclaimed funds to charities.
This insurance firm embodies a personable, technologically advanced model in an industry that’s typically neither of these things. Placing the customer first — and giving back to those in need — humanizes its efforts and offers a healthy emotional appeal.
The Future of Marketing in 2020
2020 will prove to be a promising year for marketing, with major advancements in various industries. Consumers will have more choices than ever and additional control over who they patronize.
People want to play bigger roles in shaping the industries they buy from. Putting the reins in the customers’ hands can produce beneficial relationships for businesses and consumers.
