It’s a new year. It’s a new decade!
We really believe that this is going to be one of the best times for businesses (that stay on top of the trends and act accordingly) around the world.
If you haven’t already, check out our Decade Highlights for what has passed us.
In it, we go through what happened in the past decade but, more importantly, explain the context that we are in this year.
This blog on the other hand, is not about the past, this blog is about the present and how to maximize the truly amazing tools and platforms we have at our disposal while staying light on our feet.
We’re ready if you are!
Data Is The New Gold
If you do not believe this, consider the questions you ask yourself when brainstorming with your marketing team about your client/customer base.
Let us know if these sound familiar:
- What do they like?
- What do they hate?
- What are their needs?
- What are their tendencies?
- How old are they?
- Where do they live?
- How much can they afford?
Marketers have built entire careers and agencies around answering these kinds of questions. The biggest difference between a Marketer in 2020 and a Marketer in 1999 is today, your Marketer can speak directly to their custom audience using the data straight from the platforms that store that data. The Marketer of ‘99 simply did not have such clear-cut access to their end-user. Additionally, these same platforms can create “look-alike” audiences based on what it knows your ideal consumer enjoys.
Keep in mind, billions of us are using some sort of social platform every second.
Data farming is what everybody is playing the game for, which leads us to our second trend…
California Consumer Privacy Act
The early days of the Internet and social media were something like the Wild West. Companies like Google, Facebook, Twitter, and Instagram were able to thrive under the lack of public scrutiny and for that matter, governmental oversight.
Starting at around midway through this decade, most of the “Big Tech” companies began to run into some PR nightmares – data breaches, leaks, and hacks seized headlines and the US Government even had their piece to say.
In 2020, that trend seems to hold in California:
The CCPA applies to businesses that gross over 25 million in gross revenue that collect data on more than 50,000 people, or for which selling consumer data accounts for more than 50 percent of their revenue. Qualifying companies are expected to collectively spend a total of $55 billion upfront to meet the new standards, in addition to $16 billion over the next decade.
For more information on the CCPA, click here.
What does this mean for the other 49 states? For now, we have an opportunity to study how businesses react to this new policy in California. Additionally, we can start building our strategies around this trend, making sure that data privacy is in the top 3 priorities in client/customer relations.
Email is not dead, believe it or not.
This does not mean that it will be your saving grace; in fact, you definitely need to look at other channels to communicate with your consumer. One study done by Neil Patel spread across a subscriber list of 196 million emails found that while open rates have not decreased too drastically, the click rates decreased by 9% in 2019 alone.
Easy, easy… don’t delete your Mailchimp account just yet. Emails can still be used to effectively connect with your audience; we just want you to be aware that the industry leaders have their eyes set on something else.
Chatbots are picking up steam, and a great way to automate your outreach. Basically, you can now reach your consumer right on their newsfeed through Direct Messages and if you are really good even through text messaging!
Consumers in 2020 are much more wary, more informed, and more connected than they have ever been in human history.
It follows that your reputation means everything.
Stop and answer these questions:
- What quality of work has your company delivered for its client/customer?
- How is your brand perceived right at this very moment?
- Are there complaints on Twitter, inquiries on a Facebook page currently being left unaddressed?
- What can you do to provide the most amount of value before a purchase is made?
Getting creative and putting the end-user first is an unbeatable recipe for success. The life-blood of your business is sales, but that cannot be the focus of your company.
The culture cannot be how to squeeze the most out of your client/customer.
Shift the frame and position yourself as one of the few companies that give much more than they take.
Master Marketers have a knack for making their message really feel personal to you. That is not by accident.
Gary Vee refers frequently to context.
Context is defined to be the circumstances that form the setting for an event, statement, or idea, and in terms of which it can be fully understood and assessed.
In the realm of Marketing, this is a matter of presenting your brand to your custom end-user under a strict set of circumstances (impressions, avatar, etc.) so that they can find instant value in what you are offering. No gimmicks here – the key is to provide value to the end-user. That is how you can ever hope to connect with them.
The question(s) of how to stop a scrolling thumb, hold an ever-shrinking attention span, or how to get “Millennials to stop being so entitled” are challenging to answer. Frame your message within the context that your user will be engaging with your brand.