We have witnessed the continuous rise of digital marketing over time as platforms once used by users merely for connection and entertainment purposes have now become key components of a modern-day business’ marketing strategy. The only thing that has been constant with modern technologies, and in this case digital marketing specifically, is change. So, as the world is still reeling from the impact of the COVID-19 global pandemic and its impact on potential behavioural changes of consumers, let’s take a look at the key digital marketing trends emerging as things return closer to “normal”.
Over the last few months, there have been false claims and misinformation in abundance, exploiting users. We’re sure you would have come across countless misleading and unverified information mainly regarding the Coronavirus being circulated on social media platforms. There have also been numerous scams aimed at the theft of sensitive personal information.
This has ultimately led to consumers being more uncertain on the authenticity and legitimacy of information they are exposed to, stimulating a more alert attitude within them. Therefore, from a brand’s perspective, using digital marketing tailor-made for a real and relatable customer experience is key to customer retention in these days of caution and distrust – with interactive content and a focus on personalization becoming absolute musts going forward.
Value over low-prices
A key insight for brands going forward is customers increasingly preferring value over low prices. Consumers are willing to pay relatively higher prices for a particular product as opposed to paying lower prices, even more so during such uncertain circumstances.
This trend was more evident during the past few months especially in sanitary products such as masks and toilet paper. It has shown that consumers value getting the products they need – and trust – rather than getting a deal at the expense of quality. Consequently, adopting a digital marketing strategy towards improving brand awareness and establishing that trust has become invaluable for brands.
Declining out-of-home ad spend
Out-of-home ad spend, or more specifically expenditure on billboards and type of outdoor or non-digital advertising has seen a significant dip. Although this was an aspect that was already on a steady decline prior to the pandemic, it has intensified during this period. This can be mainly attributed to the lockdown resulting in increased screen time and lack of outdoor time for consumers. However, even with people now allowed to leave their homes again, this trend is set to continue.
There’s just so much more to digital ads in comparison to traditional, physical ads. Digital ads let you advertise in real time, leverage video content, use interactive and personalized content marketing and even use AI if necessary. Customer journeys with touchpoints are so much easier to create digitally and brands are able to retain customers by harnessing the power of marketing automation.
Loss aversion psychology
In simple words, loss aversion refers to how consumers prefer to avoid losses rather than acquire gains, and loss aversion psychology is a powerful source of marketing. Humans are hard-wired to avoid losses, and we’re sure it’s the same when it comes to brands as well. This is why although this seems to be a slightly negative approach to marketing a product, the uncertainty caused by the Coronavirus especially during the early stages ramped up the loss aversion aspect of the human psyche and many successful digital marketers picked up on this straight away.
This technique is also not something new as marketers have been using it for decades. However, with the current situation, it has resurfaced and there is a trend to prepare consumers for unforeseen circumstances and uncertain times in the future by using the loss aversion psychology on digital platforms.
It’s important to stay updated, because digital marketing is constantly evolving with new trends such as the few discussed here. How your brand reacts to these trends may well be a catalyst in your brand’s pursuit of growth and success on digital.