It’s one of the most interesting, as well as challenging, times to be working in the marketing domain. After a year like 2020, the marketing trends for 2021 are not going to be easy to gauge. In this business, we like to face different challenges because more often than not, there is always an outcome that brings a fresh perspective to this ever-evolving world. But the year that went by truly tested all our patience.
As conventional marketing has now taken a backseat, everything has turned towards digital marketing which has resulted in a different set of trends for 2021. We will be looking towards strategies that are enhanced and centered, towards the world of digital as they engage the audience through video content, webinars, content creation, and, of course, the social media gamut. On the most elemental level, these are the aspects that will forge the ‘new normal’ when it comes to marketing going forward.
Video marketing will see an even bigger boom in 2021. Consumption in the form of short format and long format videos saw an unprecedented increase in 2020. From Instagram Reels and YouTube short films to made at the home movie and more, video is expected to represent 82% of all IP traffic in 2021. In simpler terms, that’s almost a million minutes of video transmitted every second. Marketers are already leveraging platforms such as YouTube to drive business results and create unique collaborations with creators.
A significant part of this course during these tumultuous times has been a keen understanding of the wants and needs of the audience/customer. Relatability has become a key factor in all aspects of marketing. People want to see something they connect with which is being said by someone they connect with too. The personal touch that is seen in content now will go a long way in this field. And hence, the budding success of influencers will go even further. According to Business Insider Intelligence estimates, the influencer marketing industry is on track to be worth up to $15 Billion by 2022. It is also expected that by 2021, nearly half of FMCG companies (46%) are expected to spend 31-50% of their total marketing budget on influencers. 2020 was truly the year of content creators and brands were quick to realize it too. The work done by influencers is relatable, easy content in a comparative cost-saving fashion – a business model that is a win-win for both sides.
In the case of 2020, we all had to revaluate our understanding, take stock of the situation at hand, and adapt our strategies to it. We had to seek new ways to keep interacting with the media and make sure that our clients keep their connection with the audience intact. Hence, to do so we made sure that we utilized all the tools that the digital medium has to offer. Something like Artificial Intelligence, which we are starting to incorporate in our daily lives now will also see a rapid rise. We will find new and unique ways to offer the best of AI in terms of marketing to our clients.
The major change for 2021 will be to embrace technology like never before to support and empower the marketing teams. In terms of communication, staying relevant as well as relatable and genuine while planning and executing any strategy is the most important step. Being a marketer, our job is to grow along with our consumers giving them an experience while making lives easier especially, when there are so many challenges already.
Voice Recognition is another significant player that will boom in the year 2021. In the previous year, we have seen content similarly as ads that have utilized VR to pass on the message of their brand. According to the recent reports by Marketing Data Governance, the market, which was worth approximately $2 billion out of 2019, is foreseen to develop at an 18% CAGR somewhere in the range of 2020 and 2026. The interest for better user verification across industries is expected to increase market growth.
2020 showed us a monumental change in how brands communicate with their target audience amidst a global crisis. 2021 is going to be all about bringing innovative communications tactics. We are all using the web world for work as well as leisure and that opens up opportunities for marketers like us to measure the tangible success of our campaigns through deep analytics of consumer behavior. Knowing exactly what is working and what isn’t is easier to gauge when it comes to digital platforms. This will help us customize strategies for brands and offer exactly what a specific target audience wants to experience.
While marketers like us have always worked on having a finger on the pulse of what the audience desires, whether in terms of consumer products or entertainment, we will have to gain a fresh perspective to it as we incorporate the changed psyche of the masses. The past year has disrupted consumer behavior as we knew it and there is no going back now.
Let’s hope for a bright, positive, and stable 2021!
Happy New Year!!!
Authored Article by Gautam Thakker, Chief Executive Officer at Everymedia.