Marketing channels are the mediums through which businesses communicate with and reach their target audience. In 2023, there are several marketing channels that businesses should consider if they want to maximize market outreach and effectiveness, some of which are absolutely integral to building a strong, high-performing business.
This article will look at some of the best options marketers can utilize to maximize effectiveness, increase profits, and improve their bottom lines. We will also briefly discuss why the current market is somewhat hard to navigate compared to the past. Let’s just get right into it and look at some marketing channels essential to target in 2023.
Affiliate Marketing
First up, we have affiliate marketing. Affiliate marketing revolves around compensating third parties to promote your business through links or other forms of promotion. This allows businesses to reach a much higher number of people than they otherwise would have.
One of the main benefits (or negatives, depending on whom you ask and which business is in question) of affiliate marketing is that it can allow you to bring in customers from entirely different audiences. This will give you higher market outreach, allowing more people to find and buy from your website.
On top of this, affiliate marketing is also inexpensive. Most companies ask for a cut when anyone purchases one of your products/services through them. But, of course, this means that you will still be making an enormous profit from such transactions, as the customer in question may have never found you in the first place.
According to data from the Bureau of Labor Statistics, small businesses with 500 employees or less spend an average of 7.5% of their revenue on promotions and marketing. Larger companies may spend more, with some estimates putting the average at around 12-15% of revenue for companies with over $500 million yearly revenue. However, studies show that including affiliate marketing in your repertoire can cut these statistics down substantially.
This makes affiliate marketing a win-win. The fact that companies only require a small cut from a sale makes affiliate marketing incredibly efficient. When you pair this with the fact that you can partner up with as many other businesses as you want from a wide range of different sectors, this becomes all the more beneficial.
However, there is one issue you will likely face if you go down the route of affiliate marketing; it could be more effective. The chances of a customer clicking on a link from one site and buying something on the next are slim to none. This means that the number of new customers you see from this strategy will be minuscule.
Despite this, affiliate marketing is still worth doing. Unlike other forms of marketing that can cripple a business financially if unsuccessful, there is virtually no chance of losing revenue with affiliate marketing. You will always be in the green if you agree only to give businesses a cut when you sell a product/service.
This makes affiliate marketing an incredibly powerful marketing channel. No matter what your business does or who your clientele may be, affiliate marketing is a marketing tactic you will want to use in 2023. There are just no downsides.
Search Engine Optimisation (SEO)
Search engine optimization (SEO) may or may not be a term you are familiar with, depending on your experience in the marketing industry. Search engine optimization is a system that allows websites to rank higher on search results, leading to more clicks and engagement.
The importance of search engine optimization has only come to light within the past few years, so don’t be disheartened if you have never heard of it. The ins and outs of search engine optimization were only discovered and explored throughout the last decade, making it mostly uncharted territory for anyone but the newest generation of marketers. However, SEO is well worth looking into.
Here are a few interesting statistics about the effectiveness of SEO:
- 92% of people use search engines to find what they want. (Source: Search Engine Land)
- 75% of users never scroll past the first page of search results. (Source: Moz)
- Organic search is responsible for over half of website traffic. (Source: HubSpot)
- SEO leads have a 14.6% close rate, while outbound leads (such as direct mail or print advertising) have a 1.7% close rate. (Source: Search Engine Journal)
- SEO has a higher ROI than PPC or social media. (Source: Search Engine Land)
So, how do we use search engine optimization to our advantage? Well, there are a few routes to go down. For one, there are keywords. Keywords are the bread and butter of search engine optimization. If you want to show up more for a specific niche, then inserting many keywords into any websites you try to bolster will be enormously beneficial.
Of course, there is a limit to this. It is not uncommon for certain pages to seem “scammy” when keywords are overused, and you certainly need to use this tactic sparingly for optional results.
On top of keywords, there are also two other factors that we are going to talk about that are both incredibly important: domain authority and linking. The overall quality of your site grades domain authority and linking simply refers to adding links to other reputable sites.
There are many other ways to improve search engine optimization, such as adding image descriptions, optimizing titles and descriptions, and much more. However, no matter how you spin it, search engine optimization is an important marketing channel you must master if you want to excel as a marketer. Without it, you will essentially be shooting yourself in the foot.
Video Marketing
While video marketing has been a go-to for marketers for years, it is only within the last couple of years that the power of this form of marketing has been displayed with full force.
With the introduction of sites like YouTube, TikTok, and Facebook, video marketing now has the potential to reach millions of people for a fraction of the price of classic TV marketing, and it is now one of the best strategies for businesses that want to reach a vast number of people in a short amount of time.
The effectiveness of video marketing is further showcased by the fact that video content made up 82% of all internet traffic in 2022, making this marketing channel outright required to reach large numbers of people.
To give an example of video marketing in action, look at any monetized YouTube video. Every YouTube video you come across will have a video advertisement at the beginning. Analytics show that this form of marketing is highly successful, getting more clicks and higher engagement than most other marketing channels.
Although, that’s not to say that video marketing isn’t without its downsides. While video marketing is highly effective among some audiences, it has also performed abysmally among others. This is because most people get frustrated when an advertisement stops them from watching a piece of content, so it’s important to remember this when embarking on a video marketing campaign.
This downside can be heavily minimized by ensuring that you choose the right content to display your ads on and tailor your ads to your audience perfectly. However, there are always going to be some people who need to pay more attention to advertisements when consuming media.
Despite this flaw, video marketing still manages to be one of the most effective forms of marketing yet, and this is one of the prime marketing channels you will want to target in 2023.
SMS Marketing
SMS marketing can be incredibly effective at creating return customers, but it also has the potential to put customers off if done wrong. SMS marketing involves sending direct messages to your already-established customer base, letting them know when a new product is launching or a new sale or discount is hitting the shelves.
There are many examples of this SMS marketing working successfully (Olipop is the main one that comes to mind), and there have been numerous occasions when businesses have experienced huge success simply by using this tactic. On top of this, SMS marketing campaigns have a conversion rate of nearly 40%, compared to just 4.2% for email campaigns.
However, as we said earlier, it is important to remember that this strategy is high-risk. Depending on what you sell, your clientele, and the frequency of your messages, you could easily end up putting a customer off by overwhelming them with messages. Therefore, this strategy can hurt your business quite drastically when done wrong.
You have likely experienced what it is like to receive an unsolicited message from a business yourself – there is perhaps no quicker way to make a customer agitated.
This is why it is essential that you plan your SMS campaign carefully. You need to consider all the above factors and what kinds of messages your customers would be receptive to. If done right, you could have an excellent marketing channel.
While SMS likely isn’t going to lead to any new customers, it will allow you to build a closer relationship with your already established customer base and incentivize them to come back when they otherwise might not have.
It’s also worth noting that SMS marketing is virtually cost-free. You do not have to spend any capital on sending customers messages, allowing you to maximize results while guaranteeing no financial losses.
SMS marketing can be difficult to navigate, but it’s certainly something you will want to look into in 2023.
Email Marketing Still Remains Supreme
Email marketing has always been one of the best routes for businesses to promote and advertise their services, but only recently has the true value of this communication avenue been realized due to the personability and cost-effectiveness it provides.
There are a ton of benefits to email marketing. The ability for businesses to send targeted and personalized messages directly to their audience’s inbox is incredibly useful, and this form of marketing often leads to far better results than alternative options.
Email marketing is a cost-effective way for businesses to reach their audience and is entirely tailorable to the business in question. Email marketing can be incredibly effective for both businesses, big and small, as it can work even with a relatively lackluster budget.
This is so much the case that email marketing has been shown to have an ROI (return on investment) of 4400% while also being most companies’ greatest driver of customer retention.
From promoting your new castle app games to advertising a new website or company, email marketing can be incredibly effective. Its value is only increasing as all other marketing channels become more expensive.
An email has a lagging outreach potential compared to most other forms of marketing. While it is possible to reach tens, hundreds, or even thousands of people at one time, these numbers pale in comparison to other forms of marketing, such as social media or video marketing.
Email marketing is not the best solution if your goal is to reach as many people as possible. You can use different types of email marketing campaigns to boost your e-commerce business. Despite this, Email marketing is still incredibly effective for its cost, and its numerous positives make it one of the most valuable marketing channels on this list.
Maintaining a Social Media Presence Is Essential In Today’s World
Another essential marketing channel for businesses in 2023 is social media. With over 3.6 billion people using social media worldwide, utilizing social media & Effectiveness of Digital Marketing is now essential for businesses that want to reach a large number of people and maintain a modern image.
Learning how to market on social media can be lengthy and arduous. In addition, social media is in constant flux, meaning marketers must constantly adapt to top platforms’ current demands and tribulations.
Despite this, social media can still be an exemplary marketing channel in the right hands. But unfortunately, it has been shown repeatedly that businesses unwilling to take advantage of it are more likely to fall behind than their forward-thinking counterparts.
On top of this, social media can also be incredibly cost-effective. Depending on your current workforce and available staff, you can delve into social media without spending a penny.
Here are a few statistics about social media marketing that will give you an idea of how important it is:
- Social media marketing has an ROI of 122% which is 4 times higher than other marketing formats.
- Approximately 2.8 billion people use social media worldwide.
- The average person spends 2 hours and 22 minutes daily on social media.
- 83% of marketers indicate that social media is important for their business.
- 91% of retail brands use 2 or more social media channels.
- Social media advertising revenue is projected to reach $111.14 billion in 2023.
However, social media’s many benefits come with a cost; time. Growing on social media can take a long time, years even. You will have to invest considerable time in social media marketing to become effective. This may or not be worth the time, depending on your business model and target audience.
Social media marketing works best when you target people between the ages of 16-40. While millions of those over the 40s undoubtedly use social media, your return will be drastically reduced if your business targets this age range, so it may be worth exploring other options if your products/services are aimed towards an older clientele.
Another important factor you need to consider when it comes to social media marketing is that it can bring your business to its knees if something goes wrong. If you make a mistake on social media, either by posting something unprofessional or taking a stance on something divisive, you could handicap your business substantially. You might not even be able to recover, depending on the severity of the mistake.
Even so, Social Media helps to provide the best b2b digital marketing strategies to grow your business in this modern era. You need to take advantage of it to give your business a modern front and bring in new customers inexpensively.
Influencer Marketing
Similarly to social media marketing, influencer marketing is also essential in the modern world. Influencer marketing can be extraordinarily effective, so much so that it can bring back better results than practically every other marketing channel on this list when done correctly.
For those who need clarification about what influencer marketing is or how it works, influencer marketing involves sponsoring or hiring a prominent social media influencer to market and advertise products and services, leading to higher engagement than you would expect from traditional marketing strategies.
Influencer marketing is so effective because fans of the influencer in question will be much more receptive to any products/services that the influencer promotes, which will translate into way more engagement and sales. Studies show that Consumers are 90% more likely to trust and buy a product recommended by an influencer.
Just like all marketing strategies, influencer marketing could be better. If you hire a fitness influencer to promote the newest line of barbie dolls, your campaign will be less effective.
Precise and diligent research into the current social media climate is needed to make this strategy effective, and with it, all of your efforts could be well-spent.
On top of this, it is also more important than ever to ensure that the product/service you are advertising is high quality. While this should be the case in all situations, it is especially important for influencer marketing. There is no quicker way to ruin your marketing campaign and bring a business to the brink than using influencers to promote a bad product/service.
When done right, Influencer marketing can be an incredibly effective marketing channel. This is something you want to use in 2023 if you want to maximize your results.
Referral Bonuses
Referral bonuses are becoming increasingly popular in the current marketing scene, and there is a good reason. Referral bonuses can be a great way to bring in new customers or clients without embarking on expensive marketing campaigns. They are also an exemplary method to increase brand loyalty.
Think about it; what would you think of a business that offers you a free/discounted product if you get your friend to head over to their site and make an account? However, if done professionally, it can improve a brand’s image exponentially. This can translate into more sales (up to 16%) and higher consumer retention (up to 24%).
There is also a lot of wiggle room with referral bonuses. Some businesses have come up with creative and unique ways to reward their customers, with some even offering experiences like sky-diving and other generous rewards.
Feel free to get as creative as you like with referral bonuses. It could be as simple as giving your customers a voucher when they tell a friend about you, or you could even offer customers the chance to win a luxury prize like a car.
There is no standard procedure for referral bonuses; whatever you think will suit your business the best while also appealing to your audience base will be the most effective.
However, despite its many advantages, referral bonuses have a couple of downsides. For one, the outreach that you are going to have with this type of marketing is going to be relatively small.
With this tactic, you will avoid bringing in a life-changing number of new customers – it should just be used to supplement other marketing strategies to improve brand perception and keep a steady number of new customers rolling in.
It can also be a little pricey. For the number of new customers this will bring in, the cost will be high, and you may want to sit down and work out whether or not this strategy will be effective for you in the long run.
It also depends on what bonuses you are willing to give. For example, suppose you are just offering small discounts and inexpensive products. In that case, you will not be sacrificing less capital than a business that wants to give everyone a driving experience in a Rolls-Royce.
Saying this, the rewards you offer will also affect how many new customers you bring in, so this is an important thing to keep in mind when designing a referral bonus program.
Referral bonuses can be a great marketing tactic for a plethora of reasons. If you want to bring in new customers while also improving brand loyalty and perception, then referral bonuses are something you will want to dive into in 2023. There is a good reason why almost every business offers a referral scheme for their customers.
VR & AR Are Not to Be Ignored
Last but certainly not least, we have virtual reality (VR) and augmented reality (AR). Virtual reality is quickly becoming a dominant marketing channel in 2023, and while it might not quite be quite as popular as many were thinking, it certainly will be in the future.
Millions and billions of dollars go into virtual reality every year, and it will soon be that virtual reality becomes an integral part of everybody’s lives. This is why learning to market in VR well ahead of time is so important.
Whether offering VR experiences to wow new customers or simply maintaining a presence in the VR world, virtual reality marketing will be incredibly important throughout 2023. Its value will only increase as time goes on. VR’s estimated global market value can see this of $44.7 billion by 2024.
To give an example of just how fruitful VR marketing could be, imagine if some companies could see Facebook’s rise while it was still in development and make carefully curated ads well before it was mainstream.
Billions would have seen these ads of people for a low cost, and this same concept may apply to virtual reality. So, in addition to just having extraordinary potential, marketing in the VR world is also going to improve brand image tenfold.
Any business willing to operate in VR will be seen as forward-thinking and modern by the public, and this can do wonders for bringing new customers in.
Sure, it may seem strange little dive into VR if this is not something you are not already familiar with. However, it’s going to take a little getting used to. VR is still a relatively new concept, and marketers worldwide are still figuring out exactly what VR marketing will look like.
You may have to do a ton of research to bring yourself up to scratch with how VR marketing operates, or you could hire someone more well-versed in this area.
Whatever route you take, marketing in VR is vital if you want to get a head start on businesses worldwide, and the returns you could see from this could end up being monumental.
Conclusion
In conclusion, businesses should consider targeting a variety of marketing channels in 2023 to reach and engage their target audience effectively. Social media and email marketing are essential channels for businesses to consider, as they allow businesses to connect with and build relationships with their audience through personalized and targeted content.
They are both relatively cost-effective marketing channels mostly tailored to any business that utilizes them – substantially making email and social media marketing stand out from other marketing channels.
On top of Email and social marketing, many effective strategies excel in 2023, such as referral bonuses, influencer marketing, search engine optimization, SMS messaging, and video marketing, all of which can prove incredibly successful when used correctly.
While the latter examples may be a little more costly or risky than some other options on the market, they can be extraordinarily effective when done right. As a result, they should be key tools in every marketer’s arsenal. See you next time.
