From 2022-2030, the global digital marketing software market is projected to grow at a compound annual growth rate of 19.1% and is expected to reach $264.15 billion by 2030.
So, why is digital marketing so hot right now?
Social media is the driving force behind Digital marketing and is more affordable, flexible and engaging compared to traditional marketing methods. From small businesses to large, companies are finding success in digital marketing solutions from increased engagement and gaining a competitive edge.
Taurus client James Lawrence, Co-Founder and Director, Rocket said, “Digital marketing is the future. We are seeing it become a pivotal and strategic business tool – driving growth, awareness, and profitability. The Australian market alone reported a 24 percent year-on-year growth and hit $11.4 billion in June 2021. In response, we have created new offerings that will launch to market and will see our customers embrace a new wave of technology in marketing, help them stay on the front foot and meet new demands.”
What is digital marketing?
Digital Marketing is simply a branch of marketing utilising the internet and online platforms to market products and services to an online audience via digital channels; this includes:
- SEO (Search Engine Optimisation)
- Email Marketing
- Content Marketing
- Social Media Marketing
- Influencer Marketing
- Mobile Marketing and many more
Here are four key trends to assist businesses in elevating your brand awareness in an ever-changing digital marketing environment:
- Shoppable Content:
Shoppable content is determined by the ability of customers to access products on social media platforms, YouTube or even television, reducing the time taken to view and purchase, for example, Instagram allows tags on shoppable items on posts to be tapped and taken to checkout. As for its intriguing increase in Global E-commerce sales having grown by almost 30%, Pauline Butor (Head of YouTube Ads at Google) situated that to succeed, the content must have appealing storytelling, branding, connection, and direction (Karnowski, 2021).
- Influencer Growth:
Influencer Marketing is an essential digital marketing channel, providing much needed context to a product or service being promoted to specified target audiences and demographics. With the growing influencer industry spanning over Instagram, YouTube, TikTok and other platforms. This not only appeals to B2C brands, but also B2B brands can utilize this to create competitive advantages in relevant industries, as to why influencer marketing continues to thrive.
3.Social Currency:
Krista Neher, CEO of Boot Camp digital, Author & internationally renowned digital marketing thought leader, recognized that experience is the key to driving promotion, “as the advertising landscape becomes noisier, earned media and word-of-mouth become more important to break through” (Neher, 2022). Positive experiences therefore create a social currency, leading to social media word-of-mouth engagement on social media platforms, developing connections between users forming new B2C/B2B relationships or Networks.
4.The Algorithm:
User experience is the driving success factor in staying relevant in a constantly changing digital environment. Every branch of digital marketing is becoming algorithm driven due to its use in being optimized to give users an experience of what they want to see, otherwise content for a target audience can become less visible (Neher, 2022).
From this, we will discover how this simple marketing strategy is shaping the way business is conducted and how digital marketing can increase brand awareness and credibility.
Taurus can assist with social media brand management and engagement with your audiences. If you are looking for a competitive edge with your social media strategy, key messaging, design layouts, engagement management and scheduling – please get in touch with us on 02 9415 4528 or email us at [email protected].
By Xavier Patte