Why Digital marketing will continue to rule in 2023
In this blog post, we will explore the reasons digital marketing will continue to rule in 2023. Despite the ever-changing landscape of technology, one thing is certain – digital marketing is here to stay. From the rise of AI to the continued dominance of social media, there are many reasons why digital marketing will continue to be a powerful force in the coming years.
Growth of digital marketing
Digital marketing has seen explosive growth in recent years, and this is only set to continue. Here are some statistics that show just how big the digital marketing industry has become, and how much it is still growing:
- In 2018, global spending on digital marketing was $266 billion. This is expected to grow to $375 billion by 2023- an increase of 41% (Source: Statista)
- By 2022, internet advertising will make up 22% of all ad spending worldwide (Source: eMarketer)
- 74% of companies say that digital marketing is ‘very important or ‘somewhat important to their overall marketing strategy (Source: HubSpot)
- 80% of marketers say that their campaigns would be more effective if they had better data (Source: Salesforce)
These statistics show that digital marketing is not only here to stay, but that it is continuing to grow at a rapid pace. Companies are increasingly seeing the importance of digital marketing, and are investing more money into it as a result. This trend is only set to continue in the coming years, making digital marketing an essential part of any company’s marketing strategy.
New trends in digital marketing along with examples
Digital marketing is always evolving, with new technologies and trends emerging all the time. Here are some of the latest digital marketing trends that are making waves in 2018:
- Augmented Reality: Augmented reality (AR) is one of the hottest topics in digital marketing right now. AR allows users to interact with digital content in a real-world environment, and it offers a whole new way for brands to engage with their customers. For example, Ikea has released an AR app that lets users see how furniture would look in their homes before they buy it. And beauty brand Sephora has an AR mirror that lets shoppers try on makeup before they purchase it.
- Personalization: With the advent of big data and AI, personalization has become one of the most powerful tools in a marketer’s arsenal. Thanks to these technologies, brands can now collect vast amounts of data about their customers and use it to deliver highly personalized experiences. This could be anything from showing relevant ads to suggesting products that might interest them.
- Chatbots: Chatbots are another big trend in 2018, as brands look for ways to automate customer service and create more efficient customer support systems. By using chatbots, companies can save money while still providing a high level of service to their customers. For example, KLM Airlines has a chatbot that helps passengers book flights and track their luggage; and Sephora has a chatbot that helps shoppers
Examples of application of digital marketing by different brands
Digital marketing has become one of the most popular and effective ways to reach out to customers and promote products and services. The use of digital marketing allows businesses to target a specific audience with more precision and accuracy, resulting in increased sales and conversions. Here are some examples of different brands that have successfully used digital marketing to their advantage:
- Nike: Nike is one of the most well-known brands in the world, and they have used digital marketing to great effect. Nike’s online store is available in over 190 countries, and they use various digital marketing strategies to reach their global customer base. Nike has also been very successful in using social media to connect with customers and promote their products.
- Coca-Cola: Coca-Cola is another globally recognized brand that has made good use of digital marketing. Coca-Cola uses a variety of digital channels to reach out to consumers, including TV, radio, print, outdoor advertising, and online advertising. They have also developed a strong social media presence, with over 50 million followers on Facebook alone.
- Ford: Ford is a leading automaker that has been using digital marketing for many years now. Ford was one of the first automakers to launch an official website back in 1995, and they have since expanded their online presence significantly. Ford uses both paid and organic search methods to drive traffic to their website, as well as social media and email marketing. They also offer an interactive online configurator
How digital marketing can be a game changer
Digital marketing has come to be a key player in recent years. It seems like everywhere you look, companies are using some form of digital marketing to reach their target audiences. print and television advertising still has its place, but a growing number of businesses are turning to digital channels such as social media, email, and paid search to reach their customers.
There are a number of reasons why digital marketing will continue to rule in the years to come. First, more and more people are online. According to the Pew Research Center, 78% of Americans were internet users in 2016, up from just 67% in 2000. That trend is only going to continue as internet access becomes more widespread around the world.
Second, people are spending more time online than ever before. In 2000, American adults spent an average of 5 hours per day online. By 2016 that had increased to 11 hours per day. And when you consider that people are also using their smartphones and other devices for tasks such as checking email and social media throughout the day, it’s clear that digital channels are where people’s attention is focused.
Third, businesses are investing more in digital marketing. The global spend on digital marketing is expected to increase from $182 billion in 2015 to $353 billion by 2020, according to research from Forrester. This indicates that businesses believe digital marketing is an effective way to reach their target audiences and they are willing to invest in it for the long term.
What are trends expected to be seen in digital marketing spends by brands in 2023
As the world continues to digitize, it’s no surprise that digital marketing spends by brands are expected to continue to rise. In fact, according to a report by Forrester, digital marketing spend is expected to reach $391 billion by 2023. This represents a compound annual growth rate (CAGR) of 11% from 2018 to 2023.
Some of the main drivers of this growth include:
- Increasing penetration of internet and mobile users: As internet and mobile penetration continues to increase around the world, so too will the opportunity for brands to reach their target consumers online.
- Advances in technology: New technologies are emerging all the time that provide more sophisticated and effective ways for brands to reach their target consumers. These include things like AI, programmatic advertising, and social media marketing.
- Changing consumer behavior: Consumer behavior is changing rapidly as we become more and more reliant on our devices and digital channels for information, entertainment, and communication. This shift provides opportunities for brands to connect with consumers in new and innovative ways.