Within the last decade, emerging markets and new products have drastically changed many areas of daily life. For example, 90 percent of Americans currently own some type of smart home device. This is a significant evolution, considering the iPad didn’t even exist until eight years ago. GPS for mobile entered the market in 2009, Google Chrome and Square in 2010, and Oculus virtual reality tech in 2012. Rising quickly from their positions as new kids on the block, these technologies are now major platforms used by countless brands for marketing and ecommerce operations all over the world.
At Snap, we work hard to stay on the cutting edge of new and growing industries in order to provide the best possible service to our clients by utilizing every tool and platform to its fullest. Recently, we’ve seen a rise in industries including new (and expanding) social media platforms, bitcoin, cannabis, wearable and responsive tech, virtual reality, and more. Here’s what you should know.
The 411 On Some Newbies
In order for brands to successfully break into new and emerging industries, they need to achieve a basic understanding of what key players in these fields do, how they do it, and why these advancing industries matter to marketers.
Of all the new markets we’re exploring, the relevance of emerging social brands and platforms should be the most obvious. As marketers and ecommerce experts, we use social media (often daily) to share offers, goods, and services, communicate with our consumer base, and to build connections with other brands and social media influencers. Some of the coolest new social platforms we’ve seen this year are highly focused on interaction and creativity and could be useful to any company looking to connect with a younger consumer base. Some examples include Vero, Caffeine, Mastodon.social, and Lasso.
Created in 2009, this form of cryptocurrency is used to make sales, purchases, and trades—all of which can be done anonymously if the holder desires. Not tied to any country, bank, or regulations, Bitcoin is attractive to many small businesses because there are no credit card fees associated with it, making the ecommerce process more attractive to potential customers.
Predicted to be worth $146.4 billion by 2025, the legal marijuana market has blown up since the drug has been shown to have medicinal uses, including as a treatment for cancer, mental disorders, chronic pain, and others. This, plus many states’ legalization of its recreational use, is expected to propel revenue growth in the near future. Although many businesses are hesitant to break into this industry due to its controversy, we anticipate continuing to see an increase in every aspect of the industry. After all, even makeup companies are trying to get in on the action!
This category applies to a wide variety of data collectors including smartwatches, fitness trackers, and even radiation-detecting shoes. Consumers are loving wearable tech thanks to its high usability, wide span of applicability, and sharing abilities. Depending on the device, users can see their friends’ workouts and calories burned, making fitness into a fun competition. This emerging industry offers countless uses to brands and marketers as it has great potential to gather consumer data and track user activity—but that also brings up issues of data privacy, so be sure to keep an eye on any developing legalities here.
Knowledge Alone Isn’t Enough
Having knowledge of new and emerging industries isn’t always enough to determine when, where, and how to most effectively tap into them with relevant products and apply key marketing strategies that will appeal to your current audience. In order to best capture your target market after gaining a thorough understanding of the emerging market you’re delving into, consider the following tactics.
Identify Your Idea Target Audience
Every niche audience requires a different style, approach, and follow-through when it comes to targeted marketing. Predictably, when it comes to emerging industries, less is known about their customer bases because they are relatively new. Don’t be afraid to slow down or even push your campaign back, to provide more time for focus groups and honing in on the best audience for your offer, product, or service.
Pick the Strongest Media Outlet
You’ll run different campaigns depending on the nature of the industry you’re breaking into and the target audience you’re trying to reach. Cater the delivery of your campaign to your audience, and your responses will increase. If you’re trying to appeal to young people, for example, interactive campaigns, activism, and a strong social media presence and response time will all be critical to the success of your campaign. If you want business owners, a strong email blast is a better bet.
Refuse to Settle for an Average CTA
With everyone and their mother using prompts and leading questions to boost interaction, a call to action (CTA) has become commonplace. Since we’re now fishing in content-saturated seas, how you finish your posts, emails, blogs, and every piece of content you produce is crucial to generating a response. Again, don’t be afraid to slow down, write, edit, and even re-write to make sure you put out the best version of your message.
Make the Leap with Snap
Seeking a bold, innovative, and quick-thinking partner? Look no further! The marketing experts at Snap bring their A-game every single day to ensure that we stay on top of trends and identify each new tactic and technology before it becomes a household term and a marketing necessity. By working with Snap, you guarantee that you’ll have a top-notch marketing team on your side with your best interests in mind. Reach out today—we look forward to working with and for you!