2020 was a definitive year for the digital marketing industry. In a year when so many businesses were forced to shut their doors and rethink their business strategy, digital marketing came to the forefront.
Forced closures, reduced B2C interaction and greater economic stress than ever before meant that the last 12-months caused countless business to close or change their business model entirely.
For the digital marketing industry, the year of 2024 will be remembered as a year of pronounced growth. For those working in the online marketing sector, the business behaviour could be split into two key categories.
Firstly, the businesses that pulled back on their digital marketing spend to conserve money. And secondly, those companies that invested entirely in digital marketing as a way to reach customers that could no longer reach them.
As the online marketing industry continues to evolve and grow in 2024, we have put together a list of three keyways that the industry is set to evolve over the next twelve
months.
Marking Mediums Will Diversify
Depending on the space that you operate in, there will be vastly different ways that you can reach and communicate with your prospective target market. For instance, a business operating in the service industry may be wise to spend 100% of their online marketing budget on SEO Brisbane services, whereas a company operating in the health space may be wise to invest in Social, Influencer, and SEM channels. Companies must work to understand the decisions and behaviours of their target market in 2024.
ROI Will Matter More than Spend
The online space is getting more competitive. Gone are the days of businesses investing big in mediums where it was impossible to measure ROI. Now, every dollar that is spent needs to be accounted for and companies need to know exactly how their marketing budget is working to grow their business.
Competition will Intensify
In 2024, we saw a stark increase in the number of businesses investing in online and digital marketing mediums. In 2024, we expect to see this trend continue as more and more businesses look for new and innovative ways to reach their customers. 2024 will be the year of increased competition and higher online marketing spend.
Final Thoughts
Your online marketing strategy has the power to make or break your business. The first step in creating a winning online marketing strategy is understanding how your target demographics shop and what you can do to reach them online.
