The global digital landscape is continuously and relentlessly evolving. Every aspect of the industry is constantly changing and digital marketers have no choice but to keep up.
On a macro level, there are several major trends that will shape the way we experience digital marketing in the coming years.
Social media platforms such as Instagram, Facebook, YouTube, and others are playing a major role in the various digital marketing campaigns to get desired results. These platforms adopting last technologies to go with digital marketing trends in 2023 and beyond.
So, here are the top five digital marketing trends to watch in 2023. How will they impact your business?
1. Metaverse Hype
The metaverse has been around for decades, but it was given new life after Mark Zuckerberg made it a priority for Facebook (now Meta).
Many of us remember Active Worlds, Second Life, or even the Sims as examples of metaverse-like experiences.
Beyond these proto-metaverse examples, let’s not forget immersive MMORPGs like World of Warcraft, Final Fantasy XIV, and going way back to Runescape.
Simply put, the jump to the metaverse should not feel as scary as some may think.
Looking at the current iteration of the metaverse concept, there are boundless opportunities to create worthwhile and impactful brand experiences.
There are many places where such metaverse experiences can exist. For example, many brands and artists have embraced platforms such as Sandbox, Decentraland, Spatial, Roblox, and others.
However, there are several significant barriers to the mass adoption of metaverse as a reality:
1. High cost of VR equipment. A Sony PlayStation VR headset will set you back $349.99, while a top-of-the-line HTC Vive Pro 2 goes for $1,295.95
2. The high cost of real estate in places such as Decentraland and Sandbox makes it challenging for smaller brands to establish a foothold
3. Crypto and NFT’s poor reputation because of scams can turn off some consumers from embracing the metaverse.
Despite these barriers and challenges, the metaverse has a lot of potential as a digital touchpoint.
2. Gaming & Streaming
The global gaming market is valued at $198.40 billion and is expected to grow to $339.95 by 2027 according to Mordor Intelligence. According to PwC, the gaming market grew by 26% between 2019 and 2021. Some, but not all, of this growth can be attributed to the pandemic.
These high estimates make sense when you consider that 67% of all American adults, those 18 years and up, play games, while 76% of kids, those under 18 years old, are also gamers.
An important aspect of gamer culture is streaming.
According to Twitch, in 2021 viewers and streamers generated:
- 1.2 billion minutes watched
- 8.7 billion unique creators streaming each month
- 2,808,000 average concurrent viewers
- 106,100 average concurrent streamers
According to an analysis by Newzoo, the competitive e-sports market will hit $1.6 billion in revenue by 2024 and reach a global audience of 577.2 million people (casual and enthusiasts). 44% of all e-sports revenue will be generated in China.
All this data is great, but how can brands engage gamers?
There are many ways brands can engage gamers. They can create streamer tournaments, work with influencers on sponsored streams and so much more. However, the biggest prerequisite is having respect for the culture and being authentic to the audience.
3. TikTok’s explosive growth will continue, but for how long?
TikTok has experienced exceptional growth. As of 2022, the app has over 1.2 billion monthly active users (MAUs) and has been downloaded over 2.6 billion times.
Things look even better when we look at the more granular stats.
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TikTok has one of the most engaged users. According to SensorTower, 29% of TikTok’s users open the app every day, which puts it in close competition with Instagram’s 39% daily open rate.
Globally, users spend an average of 95 minutes on TikTok, which is well ahead of all other social platforms, including YouTube (74 min. per day) and Instagram (51 min. per day).
60% of TikTok’s users in the US are Gen Z (born between 1997 and 2012). In 2023, TikTok is projected to have 45 million Gen Z users, while Instagram will have approximately 37.3 million users.
According to a leaked TikTok pitch deck (source is paywalled), the app is opened 19 times per day on average.
Naturally, the platform’s growth will slow down. Statista estimates that by 2024, TikTok’s growth in the US will drop
to just 5.1%.
YouTube has recently revamped its monetization of YouTube shorts, which will make it far more lucrative to create content there rather than on TikTok.
More importantly, will TikTok curb organic reach for brands and users? We hope not.
One of the biggest reasons for TikTok’s success is the inherent virality of the content on the app. Getting views on YouTube or getting social engagement on Facebook and Instagram has been incredibly difficult.
These platforms have continuously changed their algorithms to effectively make it nearly impossible to go viral.
Today, Facebook provides minimal organic reach. YouTube’s algorithm prioritizes watch time, frequent uploads, high thumbnail click-through rates, monetization, and other complex factors to decide which videos will go viral.
However, TikTok’s approach creates a feedback loop that rewards users with engagement when they post content. Unlike YouTube, TikTok allows users to freely use licensed music.
So, it is no wonder that so many Gen Z users have flocked to the platform.
How can brands engage their audience on TikTok?
- Brands need to act as a creator rather than as a business
- Put your audience’s entertainment first, leave the selling for last
- Stay up-to-date on trends and important hashtags
- Put out content consistently
- Users are engaged by authenticity rather than by a high-production value
- Collaborate or sponsor TikTok influencers, but don’t stifle their creativity
- Don’t do this.
4. Shoppable livestream content is the logical next step for online retail
China has been at the forefront of livestream shopping for years. The trend began more than a decade ago when Chinese influencers would livestream their shopping experiences in New York and Los Angeles.
Betabrand is a great example of a company that has embraced shoppable livestream as a sales channel.
The reason why shoppable livestreams are so successful and what sets them apart from QVC-style shopping is the sense of community.
Brands like Betabrand and platforms like TalkShopLive or Ntwrk not only build vibrant communities of shoppers but also gamify the experience.
For example, Instagram is most popular for livestream shopping these days so you need to work on your Instagram accounts. Especially, you need to publish very creative and engaging content to gain Instagram followers so that you can have a strong followers base for your account.
Viewers of shoppable livestream content can influence the show through polls or by sending direct messages.
You need to create custom KPIs and metrics to increase conversion of the livestream events on your social media platforms.
5. A cookie-less future will further increase the value of first-party data, SEO, and email marketing
Everyone is certain that we are moving towards a true cookie-less future. However, nobody knows when that reality will hit us. In July 2022, Google once again delayed the scheduled deprecation of third-party cookies from 2023 to the second half of 2024.
SEO becomes very crucial for any website to rank in SERPs. You have to follow the right practices of SEO. Google bots like optimized websites and you can optimize your site by following the right technical SEO and ON Page SEO practices. Right technical SEO includes server-related elements such as SSL certificate, site speed, and more.
This demonstrates how entrenched third-party cookies are in our digital advertising ecosystem and how difficult it is to find a suitable replacement.
However, most players in the programmatic space have been working on and rolling out their own identity solutions.
For example, The TradeDesk and LiveRamp have deployed Unified ID 2.0, which uses Apple’s Identifier for Advertisers (IDFA), Google’s Advertising ID (AAID), and the user’s logged-in email to identify a user.
Then, there are other options such as ID5, Merkel Merkury ID, IdentityLink Consortium (IDL), and Authenticated Traffic Solution (ATS).
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