The Top 10 Lessons For Marketing in 2024 (Number 1 Is Eye-Opening)
The Top 10 Lessons For Marketing In 2024 (Number 1 Is Eye-Opening)
Marketing in 2024 is unique. Doing what works in a “booming economy” isn’t going to work. And if you insist on using ostrich marketing (buying your head in the sand) you might not live to tell the tail. So we wrote the “Top 10 lessons for marketing in 2024” (be warned, number 1 Is Eye-Opening).
And number 7 tells you exactly what the future holds in 2024. You’ll discover what new technologies are going to help you with your marketing. Who might be able to help you with your marketing this year. And what you need to be avoiding like the plague.
How does being in 2024 change marketing for a small business?
Most business owners make grave mistakes when it comes to marketing.
Especially in the modern world.
But there’s one that’s particularly deadly.
It’s the biggest mistake they could make.
And all business owners do it.
Despite its deadly repercussions.
So what is this big mistake?
Doing less marketing when things get a little shaky with the economy.
We saw this in a major way during the COVID breakout in 2020.
Facebook is one of the biggest advertising platforms on the planet.
Because if you don’t, business is always going to be so much tougher than it needs to be.
9. Understand that marketing is about DATA
We’ve all been there.
You’re emotional.
Your head is spinning.
And you’ve got to make a decision.
A subjective, opinion-based decision.
And that’s where the trouble starts.
When you base business decisions on emotion, they are often the wrong decision.
So what’s the best thing to do?
Get lots of data.
Because numbers don’t lie.
Whilst people do.
Imagine you have some data for one of your strategies. Let’s say that data shows you that for every £50 you spend on that strategy, you make £300 profit. What would you do?
Well cancelling the advertising spend is off the table.
And so is removing the strategy completely.
You might decide to increase how much money you’re spending on it instead.
Or you might even decide to put more effort into that strategy to see how far you can take it.
That level of decision, based on data, could pay off in a major way.
But you can only do that if you gather the data in the first place.
A question we often get asked here is “What do we do if our marketing isn’t digital? How do we track where the customers are coming from?”
The answer might surprise you.
“Ask them”
How do you ask them?
When you’re registering a new prospect, add to your script or list of questions “how did you hear about us?”
All you’ve got to do then is record the data and see which marketing strategy brings you the most customers.
When you’re looking at cold hard facts, the answers start to become obvious.
And when you’re making subjective, emotional decisions, things can often go wrong.
Without data, you’re shooting in the dark, hoping your message will reach the right people.
But with data, you can create targeted campaigns.
You can create them so they speak to your audience’s needs, desires, and preferences.
You can also track their behaviour and see what they’re into. Once you know you can adjust your strategy.
It’s like having a secret weapon that helps you get the edge over your competition.
So, if you’re not using data in your marketing game, you’re missing out BIG time, my friend.
8. Make sure you aren’t wasting money
A common way that business owners waste their money is by spending in the wrong place.
Let me give you an example.
The land registry data suggests that on average, around a million people buy a house per year.
On average it takes a few months from putting the house on the market until it sells. Then it goes through the conveyancing process which takes another 3 to 4 months.
Let’s call it approximately 6-months, from putting your house on the market to having the cash.
That means that there are likely 500,000 people (half of the 1 million that move per year) selling at any given time.
That’s under 1% of the population.
That 1% of the population is the target market for estate agents.
But do estate agents only target this 1%?
No, of course not.
What do estate agents do instead?
They send letters, leaflets, and emails to everyone.
If an estate agent has a local branch, they send their marketing materials to every single house in the area.
Even though less than 1% of them are moving at any given time.
Imagine if they spent their marketing budget and efforts, on people that were moving home.
100% of their marketing spend.
And 100% of their effort and energy.
On people that were definitely thinking of moving.
Can you imagine the difference in results?
99% of their marketing falls through the letterbox of people that have no intention of moving.
And yours could be doing the same thing.
What could estate agents do instead?
Send their marketing to people who have a house on the market.
The beautiful thing is they attach a big board to their house saying “I’m trying to sell my house”.
Estate Agent’s Marketing Efforts
Yes, some of them will go on and sell with the estate agent they are already on the market with.
But lots of them won’t.
And that creates opportunity.
The name of the game is to understand where your target market hangs out and make sure you are there.
Marketing to everyone, hoping that someone will bite. Is the best way to get no one.
So think like a buyer. Put yourself in their shoes instead of coming at it from a salesperson’s point of view.
Research your target market. Get on the phone and ask them questions. Run polls and gather data.
It’s the only way you can be sure.
Because rushing to put any old rubbish out doesn’t work. Especially when you target “everyone”.
7. Know what the future holds
It’s never been more important to move fast and adapt to the times.
You should know what’s going to take off, and what’s going to crash.
So here’s a quick look at the areas that are likely to take off in the marketing world over the next 12 months.
Voice Search
Voice search is the next big thing, it’s about to explode. We’ve already seen it becoming a regular part of our lives with Alexa and Google Assistant.
What does that mean for you and your business?
Google changed the world. It changed the way people buy and it changes our shopping habits.
Voice search has the potential to do the same.
As they become more popular, it’s important to make sure that you’re taking advantage.
How do you do that?
To start off with you want to make sure your site’s content has short, sweet, and direct snippets.
Things that get straight to the point and answer the question in a few short lines.
Then you can elaborate and explain in more detail elsewhere in your content.
That way, your audience can get the information they need fast.
The next big change in the marketing world will come from podcast advertising.
Podcast Advertising
Now is the time to jump on the podcast bandwagon.
That doesn’t mean you have to create your own podcast.
But people are tuning in like crazy, and in the next 12 months, it’s only going to get bigger.
There are only 10 million active podcasts versus one billion articles.
For every 1 podcast, there are 100 articles.
The podcast market is ripe for advertising.
And most advertising on podcasts right now is from other podcasts.
So there are lots of eyes (or ears) on podcasts right now. And very few companies advertise there.
Get in while it’s hot, my friend, and reap the rewards.
If you’re not keeping up with the trends, you’re falling behind.
Voice search and podcast advertising are the tip of the iceberg.
Knowing what’s next in marketing gives you a leg up on the competition.
It lets you stay ahead of the game, stay relevant, and stay connected with your audience.
With the rise of voice assistants, you can’t afford to miss out on voice searches.
And with podcasts exploding in popularity, you have to get in on the action to reach a whole new audience.
In the world of marketing, change is the only constant.
The future is always lurking around the corner, and it’s up to you to be ready for it.
6. Stick to the basics
Sometimes we can get caught up in gadgets and gizmos.
But when it comes to marketing, there are some new dogs that need to learn some old tricks.
One of those tricks comes in the form of a marketing principle.
The principle is AIDA.
Advertising strategist Elmo Lewis thought up the AIDA model way back in 1898.
And even though it’s well over 100 years old, it still works today.
That’s why some new dogs need to learn some old tricks.
It’s a classic marketing formula that can help you create killer campaigns to get results.
AIDA stands for Attention, Interest, Desire, and Action.
Let’s break it down.
AIDA
The Marketing Model – AIDA
First up, Attention. You need to grab your audience’s attention right off the bat.
You can do that with a catchy headline or eye-catching visuals. Great headlines often contain numbers. Take this article as an example.
“The Top 10 Lessons For Marketing in 2024 (Number 1 Is Eye-Opening).”
The number (top 10) starts to pull the reader in.
Another useful tool can be using the date to make it relevant.
For example “Marketing in 2024”
The date makes the headline relevant.
Then there’s the final comment, designed to build curiosity.
“Number 1 is eye-opening”.
Once you’ve got a great headline, it’s time to spark their interest.
You can do that by highlighting the benefits of your product or service.
Or with great copywriting.
To write great copy, you want to fill your first paragraph with benefits.
Keep the sentences short.
And make the simple to read (by removing passive language and the overuse of adjectives).
And most of all, write each line (in the interest section of your copy) so that the reader will want to read the line after.
Then, you need to stoke their Desire.
You can do that by showing them how your product or service can solve their problems or fulfill their needs.
Finally, you need to prompt them to take Action.
It’s easy to do. At the end of your copy, you should include a clear call to action that tells them what to do next.
Next time you’re creating a campaign, remember AIDA and watch your results soar.
5. Use video
This has got to be one of the most underrated strategies in marketing.
Video is everywhere.
People are spending longer watching videos, than anything else they are doing online.
So if you want people to see you.
You have to be on video.
But here’s the sexy bit.
And it makes doing videos even more important.
People don’t like doing them.
Most business owners and marketing execs will do anything to avoid going in front of the camera.
Even though it’s the best way to get seen.
94% of B2B companies are still sticking a post on social media with no video attached.
And despite video content being the most viewed, it isn’t top of the list.
Those boring social posts are.
Types of content B2B marketers use
Most companies are still sticking out posts hoping that people engage.
And they know it isn’t working.
If you’re not using video, now is the time to take the plunge.
70% of brands are creating more videos this year than they did last year.
Whilst 91% of marketers said they were happy with the return on investment that video gives them.
People are watching videos online.
And there are companies scared to do it.
That means there’s a great opportunity for you.
4. Educational marketing
Educational marketing is a powerful marketing tool.
It is a key way to get your message out to the world and build a following.
Educational content offers value to your target audience.
It gives them a reason to keep coming back.
And you can build trust and establish yourself as an authority in your field.
But it’s not trusted like “I trust you with my wife” or “I trust you to hold on to my money.”
It’s trust that you can do the job.
The beauty of educational marketing is that it doesn’t feel like marketing at all.
Because you’re not bombarding potential customers with sales pitches and ads.
Educational marketing takes a more subtle approach.
It’s about providing valuable content that’s helpful to your target audience.
By doing that you can create rapport.
You’ll also create a positive impression of your brand.
That could increase the likelihood that people will do business with you in the future.
Another great thing about educational marketing is that it’s shareable.
When you produce content that provides value to your audience, people are more likely to share it.
This means that your message can reach a wider audience than you might have anticipated.
That could lead to more brand exposure and more business.
At the end of the day, educational marketing is all about providing value to your audience.
By creating content that educates and informs you can build trust.
It will also help establish yourself as a thought leader in your industry.
Whether you’re creating blog posts, ebooks, or video content, the key is to focus on providing value.
By doing so, you’ll be able to create a loyal following that will be more likely to do business with you in the future.
3. Test and measure
One of the best-known marketers on the planet, Jay Abraham believes in this strategy.
He rose to notoriety in the 1970’s in the direct marketing game.
Things have gone that well, a production company shot a documentary on Jay. He explains in it that his company went on the generate a quarter of a billion in revenue within the first 2.5 years.
What did Jay do to help him earn $250 million in revenue in such a short time?
Test and Measure.
Jay would only spend a small amount of the total marketing budget on the first few ads.
With those first few ads, he would split-test them.
“Split testing” refers to the practice of comparing different versions of something. You might run different ads, or copy on a website to see which performs better.
You could run 5 ads for the same product for example. See which advert performs the best by measuring the results.
Then test the top-performing ad against another variety of adverts.
And keep doing the same.
Once you’ve run a bunch of ads, you should see a clear winner.
Then you can apply the rest of your marketing budget to that one advert.
Testing and measuring
Testing and measuring in marketing is crucial to understanding what’s working.
You want to know if the time and money you’re putting into marketing is actually paying off.
That’s why it’s important to know your return on investment (ROI).
By tracking your ROI, you can see what marketing strategies are working.
One way to test and measure your marketing efforts is through split testing.
Split Testing
Split testing, also known as A/B testing, means testing two versions of a marketing campaign.
Put 2 pieces of marketing or a piece of content side by side to see which one performs better.
It works by testing and tweaking. You can take the headline or call-to-action, change it and see if it performs better.
This can help you optimise your marketing campaigns for the greatest effectiveness.
Knowing your ROI and using split testing can help you make better decisions.
You’ll be able to identify what’s working and what’s not, and then adjust.
Testing and measuring in marketing is all about being data-driven.
Instead of relying on assumptions or hunches, you’re using real data to make decisions.
This can help you be more effective. You’ll also make your marketing budget work for you. At the end of the day, you’ll achieve better results.
2. Be willing to change
Marketing is an ever-evolving field.
If you’re not willing to change, you might as well be a horse-drawn carriage in the age of electric cars.
COVID taught us that change is inevitable, and the rate of change during that time was dizzying.
Everyone was adapting and pivoting to stay afloat.
Those who succeeded were the ones who were quick on their feet.
But now that we’re moving towards a post-COVID world, the rate of change has slowed down a bit.
It’s easy to get comfortable and slip back into old habits, but that’s a mistake.
The world is still changing, and your marketing needs to change with it.
The strategies that worked a year ago might not work now, and the ones that work now might not work in the future.
As the old saying goes “what’s working now won’t always work.”
So, why is it so important to be willing to change in marketing?
Well, for starters, the market is always shifting.
If you’re not willing to adapt, you’ll get left behind.
Your competitors will take advantage of your stagnancy.
And your customers will move on to someone who’s willing to give them the content that they want.
There’s another reason why it’s important to be willing to change.
It’s because your customers are always changing too.
Their wants and needs are evolving.
How they buy is changing.
And if you’re not keeping up with them, you’re going to lose their attention.
You need to be able to understand their needs ahead of time.
Then provide them with solutions.
In conclusion, if you want to succeed in marketing, you need to be willing to change.
COVID was a wake-up call that showed us how the world can shift, and we need to be ready for whatever comes next.
Stay on your toes, be adaptable, and always be looking for ways to improve your marketing game.
Remember, the only constant in marketing is change.
1. Understand your customers
This one is mind-boggling.
It’s eye-opening.
And it’s scary.
On average, small business owners spend 0.2 hours researching how their customers buy.
As a small business owner, understanding your customers and how they buy is crucial.
But unfortunately, many small business owners don’t do much research in this area.
Most business owners think they know their customers.
But without actually diving into their buying habits and behaviour, they’re guessing.
When it comes to understanding your customers, there’s a lot to consider.
What motivates them to buy?
What are their pain points and challenges?
How do they prefer to communicate with businesses?
These are a few of the questions you need to answer to understand your customers.
But why do so many small business owners skip this step?
Well, for starters, it can be overwhelming.
There’s a lot of information to gather and analyse, and it can be hard to know where to start.
Plus, many small business owners are already wearing so many hats.
Most don’t have a lot of time to dedicate to research.
Yet, skipping this step can be detrimental to your business.
Without a deep understanding of your customers and how they buy, you could be wasting time and money.
You could also be missing out on opportunities to connect with them on a deeper level.
Understanding your customers and how they buy is essential to your success.
While it may take some time and effort to gather and analyse the information, it’s well worth it in the end.
