What Keeps Marketers Up At Night? Facing Future Challenges in Digital Marketing
So what is it that’s keeping me up all night? While the global digital marketing market size (say that three times fast) was estimated at about $328 billion in 2019, this figure is projected to reach over $455 billion by 2023, making it an even more powerful tool for businesses in the US. We understand the difficulty of staying ahead of the curve and anticipate the challenges that await in the coming years.
As the current industry leader in digital marketing, AI is one of the biggest changes set to impact digital marketing in the near future. AI will offer more accuracy, allowing marketers to target specific users more accurately than ever before, as well as enabling businesses to build stronger campaigns at a fraction of the cost and time it took them before AI. Additionally, AI-driven marketing will increase personalization and automation, with the potential to increase engagement and conversions.
“Hey Alexa, add apples to my cart." The power of voice search in digital marketing is also set to take off this year. With increased accuracy and greater speed, voice search has the potential to take market share away from traditional text-based searches. Moreover, tomorrow’s marketing campaigns will need to cater to the needs of voice search as well.
To accommodate this emerging technology, we must become experts (I use this term loosely) in the nuances of voice searches, understanding the differences in usage from ordinary searches, and integrating this into their campaigns. Considering the growth of voice-activated products, such as Google Home and Amazon Echo, understanding the power of voice search now rather than later can ensure a well-rounded digital marketing strategy that presents your business as an industry leader.
The role of social media in digital marketing is no secret; it has been an integral part of digital strategies since the 2010s. However, as more algorithmic changes and competition come into play, businesses will need to become even more creative to stay ahead of the game. Live streaming, influencer marketing, mobile-friendly experiences, and augmented reality, are just a few of the ways marketers can leverage social media and drive up engagement with their targeted markets.
Programmatic advertising is another one of the up-and-coming digital trends of 2023. Programmatic advertising gives marketers more control over where their ads are going to show up, allowing for better targeting and increased efficiency. This higher level of efficiency is not only helpful in reaching the right people, but it can also save money, as advertisers only pay for clicks or conversions that result from the campaign.
Along with these marketing trends, mobile advertising is becoming increasingly popular among digital marketers. Over the past 5 years, user engagement through mobile devices has been in constant growth, with some sources predicting that mobile and tablet access will represent roughly 67% of all digital media use in 2023. To accommodate this shift, optimizing websites and campaigns for mobile devices will be crucial to making sure businesses get the most out of their campaigns.
As the digital landscape shifts towards new technologies, understanding and navigating these changes may prove to be one of the greatest challenges for digital marketers in 2023. It’s important to remain flexible and open to new ideas, as well as to continually invest in the growth of your skills, in order to stay ahead of the competition. The good news is that, with the right team in your corner (like Freelance Crew *cough *cough) and proper foresight, it may be possible to build a successful digital strategy that keeps your business ahead of the pack.