2020 Marketing Trends and Predictions

2020 Marketing Trends and Predictions

 

I can’t believe 2020 is right around the corner, but here we are so let’s make sure you’re prepared for the year ahead. Here at Chatmeter, we’ve seen a lot of trends come and go but I have to admit, we’re pretty excited about all the new trends taking off in 2020. We’ve rounded up a list of the biggest marketing trends for the next year and even included some helpful resources to help get you started. This list covers trends in voice and visual search, influencer marketing, AI & Text Analytics, Customer Experience, Content Control, and even the tools and platforms we’re all using to accomplish all of these things. 

To watch our 2020 Predictions webinar click here.

#1 Voice and Visual Search in 2020

“50% of all searches will be conducted via voice by 2020” – Comscore

We’ve all seen this stat before. We’re even guilty of using this stat. But now that 2020 is right around the corner does this stat hold true? Unfortunately, the answer is no. Half of all searches are not made using voice. 

So why does everyone keep referencing this stat? Well, it goes back all the way to 2014 from an interview with Andrew Ng in an interview with Fast Casual. That’s right, the stat that has been attributed to Comscore for all these years didn’t even come from Comscore. Not to mention the actual quote from Andrew Ng said that 50% of all searches will be conducted using either voice or visual search. So putting this bad game of telephone aside, where are we really when it comes to the number of searches made via voice? 

According to a 2018 article by Rebecca Sentance published on eConsultancy, the number of searches made via voice in 2018 was closer to 13%. Since then, voice assistant adoption has grown 9.5% which puts us at about 14% in 2019. In 2020, we’re looking at about 1/6th of all searches being conducted via voice. Even though it’s not as much as originally predicted, that’s still a lot of searches. If brands are not optimized for voice search their losing out on about 15% of potential customers. 

Visual search has also grown immensely in the past few years. In fact, 62% of Millenials reported they want visual search over any other new technology. Since Instagram launched their visual shopping tool last year, the use of visual search has grown exponentially. Google lens now supports visual search for things like shopping, menus, and local search simply by snapping a picture of a building. 

(Source: Google Lens)

 

#2 Influencer Marketing in 2020

One of the next biggest trends to take off in 2020 is influencer marketing. Forrester has predicted that marketers will shift about 10% of their budget to influencer marketing in 2020. With the loom of a recession near, marketers are looking to get the best possible return on their marketing investments. So how do influencers maximize a marketer’s ROI?

The true value of an influencer comes from their Customer Lifetime Value (CLV). When we calculate the CLV of an influencer we have to take into consideration the following factors: the number of purchases made by the influencer, the number of purchases influenced in others, and most importantly, the loyalty, referrals, and references inspired in others. When you break it all down the value of an influencer goes way beyond any single customer.

 

(Source: Instagram)

 

#3 AI & Text Analytics In 2020

In 2020, we’re really starting to see AI and Text Analytic tools explode, experts are even predicting that voice-activated assistants will start transcribing language so they can be analyzed for insights. As the Text Analytics market grows to reach $6.5 billion globally in 2020, one thing is clear; businesses will be looking for tools that will help streamline their data analysis process. This is why Chatmeter has invested so much into building tools like our sentiment and text analytic tool Pulse, and our custom reporting tool, Analytics Studio.

 

#4 The Customer Experience in 2020

In the area of Customer Experience, there are five main trends that we’re seeing: AI-Driven technology, experiences not products, omnichannel support, personalization, and predictive analytics.

 

1 – AI-Driven Technology

More than 60% of Americans prefer solving basic customer service issues through a self-service website or app. That’s why experts are predicting AI tools like Chatbots grow to about 25% of customer service operations, up from 2% in 2017.

 

2 – Consumers want Experiences not Products

Over the years, executives have become increasingly aware of this concept, which is why many brands are hiring CXO’s instead of CMO’s. In 2020 we’re expecting to see some really cool technology come out of this area. Things like smart stores and augmented reality will become more common in the next year. 

 

(Source: design:retail)

3 – Omnichannel Support

As Millenials and Generation Z buyers earn more purchasing power, these digitally native consumers are expecting effortless experiences and immediate answers. Brands that provide excellent omnichannel support will appeal to the next generation of buyers. By 2020, 20.4 billion devices will be connected to the Internet of Things which is no wonder why 73% of consumers use more than one channel during their shopping journey. 

 

4 – Personalization

According to Accenture, 75% of consumers are more likely to make a purchase from a company that knows their name, purchase history, and makes recommendations based on their preferences. Yet, 71% of people still feel frustrated by impersonal experiences. This is why we expect to see a rapid growth of personalized customer experiences over the next year.

 

5 – Predictive Analytics

At the end of the day, none of these trends are really possible without predictive analytics. 51% of executives are claiming that predictive analytics are essential now or in the near future. Although the use of predictive analytics for the majority of brands are a few years out, some brands with more advanced analytics will start implementing predictive insights to enhance their customer experience in 2020.

 

#5 Content Control in 2020

Let’s talk a little about content control in 2020. Most of us have seen the effects of personalization on search engines and social media. When companies like Google, Apple, Amazon, Facebook, and Yelp are turning towards personalized search results it can limit our options as a consumer. For brands, this can make it harder to get the right content in front of their audience.

 

(Source: Convince and Convert)

 

As search engines like Google try to feed you information from every type of content medium, the results pages are getting increasingly cluttered. It’s becoming so much harder for brands to create content that will appear on the first page of results. Brands will need to focus on creating better quality content that gets them on page-1. 

The next prediction for 2020 is focused around reducing distractions. With Apple’s release of a screen-time tracker, people have become increasingly aware of how much time their spending on their phones. Tools like smart speakers are making it possible for people to reduce their screen time. In addition to reducing screen time, we’re predicting that many of the distractions on both business and product listings will be reduced to something less intrusive.

 

(Source: UX Trends)

 

#6 Tools & Platforms in 2020

 

Our final prediction focuses on the tools and platforms marketers are using to make their jobs easier. For marketers, implementing a successful omnichannel strategy in 2020 means consolidating the technology to do this. The search for the all-in-one solution is becoming increasingly common. 

However, omnichannel does not mean every channel. Just because a tool offers dozens of solutions doesn’t mean the business needs all of them. Last time I checked, most of us aren’t turning to Snapchat to contact our tax advisor. With the threat of smaller marketing budgets in 2020, marketers are looking for vendors to cut by consolidating products into a single software. 

Software companies are adapting to this changing market by “Unbundling” or switching to a “PaaS (Platform as a Service)” model. These two terms when applied to SaaS models essentially describe the same thing. The practice of allowing customers to purchase add-ons in order to build their own custom suite of tools. This type of offering creates a much more personalized approach to buying and selling software and fosters growth and retention with customers. 

In addition to consolidating products, we’re also seeing brands looking to create more efficiencies in 2020. Cost-conscious marketers are looking for ways to maximize their budget this upcoming year. The first way they’re doing this is by implementing tools that provide better workflow. The second way they’re creating efficiency and lowering budgets is by bringing agency work in-house. 

 

Prepping for 2020

With only a little over a month left until the new year, it can feel like you’re a little behind on all of these trends. And although some of these trends may seem new, you’re probably already on more on track to take on some new initiatives than you may think. If you’re a Chatmeter customer or frequent blog reader of ours, we’ve been discussing the framework for these trends for the past year, if not earlier. If you’re interested in learning more check out some of our past blogs and webinars on these subjects:

Voice Engine Optimization

Visual Search & Influencer Marketing

AI & Text Analytics

Customer Experience

Content Control

And finally, don’t forget to schedule a demo with one of our experts to see the tools Chatmeter offers that best fit your needs.