After a tumultuous year, businesses must understand the top three marketing trends for 2020 to seize the golden opportunity to rise to the occasion and win more business.
Market 1: Video Marketing is the most popular marketing strategy
According to an analysis by Smart Insight, a marketplace learning platform, 83% of marketers in video marketing believe that it is becoming more important and are satisfied with the return received. According to a 2018 survey by Brightcove, about 53% of viewers will interact with companies after watching videos, which is obviously a huge opportunity for companies to market on social media.
According to Smart Insight’s analysis, 72% of the audience prefers the sales model of videos on Facebook, Instagram, YouTube and other platforms, and finds them more interesting and fresh than words, and is more willing to contact corporate information, and 80% of them are more willing to share it with friends to watch.
There are many types of video, but in the future, live video will be more effective. Live Video ignores social media algorithms and lets viewers be notified the moment the video starts. 79% of the audience believes that Live Video can be more tangible to contact the company’s products or services, and 63% of the audience prefers the humanized feeling of Live Video, which shows that in the next few years, it is also a good marketing strategy for enterprises to regularly interact with the audience with Live Video.
Market 2: The rise of Tiktok and Pinterest
With more than 1 billion users in Japan, Taiwan, Europe and the United States, Tiktok has become the favorite social media for children and teenagers with its streamlined videos to attract the attention of audiences. The best thing about Tiktok is the “viral” #hashtag parody challenge, where many people will make funny videos on the platform that others will imitate.
Businesses can also create explosive videos to spread ads around the world. For example, McDonald’s in Malaysia has tried to create a #bigmactiktok challenge, which has led to significant user engagement with bonuses and coupons.
Plus, nearly 300 million active users around the world are using Pinterest. Although the social media is not well-known in Hong Kong, according to Smart Insight’s analysis, at least 27% of global marketers have planned it in their marketing strategy, as it has become the most popular social media for female consumers (limited to the US for the time being) with elegant and beautiful images and short text boxes.
The key point is that 87% of these users have spent money on Pinterest, and 70% of users say that they will use Pinterest to decide what to buy and complete the purchase, which shows that the potential of the platform is huge!
Although the Hong Kong market is still not widespread, when users start to get tired of these core social media platforms such as Facebook and Instagram, businesses can understand how other social media works early to prepare for sudden changes in social habits.
Market 3: Analyze big data to lay the foundation for future market strategies
According to a 2014 study by management consulting firm Mckinsey, companies that are proficient in data analytics are 23 times more likely to find new customers than their competitors who don’t. This shows how important it is for companies to have the ability to analyze data to increase their business.
For example, in the early years, Red Bull wanted to understand and target millennial consumers, so it partnered with data intelligence company Vision Critical to gain a deeper understanding of consumer preferences through data, why younger consumers would buy Red Bull, how and when. By revealing consumer spending habits, companies can target sales channels or improve their problems, bringing them closer to younger generations and generating more profits for Red Bull.
Through Social Listening, companies can obtain and analyze data to obtain information such as brand reputation, competitor analysis, industry market trends, post-launch advertising insights, and repercussions after emergencies. In today’s volatile situation, companies will take a step by step approach, first using data to understand the macro network situation, and then decide on future marketing strategies.
