As technology continues evolving rapidly, the need for effective and practical digital marketing strategies becomes more pronounced. In this dynamic landscape, where trends emerge and fade in the blink of an eye, the challenge lies in keeping up and identifying strategies that stand the test of time.

As we enter 2024, the digital world presents challenges and unprecedented opportunities. The strategies that fueled successful digital marketing campaigns last year may no longer hold the same efficacy. Therefore, regardless of size, it becomes paramount for businesses to reassess their approach and realign with strategies that promise tangible results.

This article will look at seven smart and easy ways for small businesses to do better in digital marketing in 2024. These strategies are not mere trends but foundational principles that small businesses can integrate seamlessly into their operations.

1. Personalized Customer Experiences

Personalization in digital marketing has come a long way from simply addressing customers by their first names. In 2024, it’s about using advanced tools like AI and machine learning to understand your customers on a deeper level. By analyzing their data, behaviors, and preferences, you can tailor your content, offers, and recommendations to create hyper-personalized experiences.

Why does this matter? Because personalized experiences lead to increased customer engagement and loyalty. Imagine receiving recommendations for products you genuinely care about or promotions that align with your preferences. It makes the customer feel understood and valued, fostering a positive relationship with your brand.

2. Video Marketing Dominance

Video marketing continues to dominate the digital space in 2024. Short-form videos on platforms like TikTok, Instagram Reels, and YouTube Shorts are gaining immense popularity. These bite-sized videos capture attention quickly and are perfect for our fast-paced digital world.

Creating engaging short-form video content doesn’t require a Hollywood budget. It’s about being authentic, creative, and understanding your audience. 

Consider live streaming to connect with your audience in real-time, and explore interactive video elements to boost engagement. Video marketing isn’t just a trend; it’s a powerful tool to tell your brand story and connect with your audience emotionally.

3. Voice Search Optimization

With more people using devices that respond to voices, like when you ask Siri or Alexa a question, voice search is becoming more common. You can use their voices to search for information, and businesses need to adapt their digital marketing strategies accordingly.

Optimizing for voice search involves using conversational keywords and understanding people’s natural language when speaking. Think about how your customers might phrase their queries verbally rather than typing them. By aligning your content with voice search patterns, you can improve your visibility in search results and reach a broader audience.

Furthermore, consider creating content that directly answers common voice queries related to your business. This not only enhances your chances of being featured in voice search results but also positions your brand as a valuable source of information. 

4. Influencer Marketing Evolution

Influencer marketing has evolved beyond mega-celebrities endorsing products. In 2024, it’s about micro-influencers and authenticity. These influencers may not have millions of followers but have a dedicated and engaged audience within a specific niche.

Collaborating with micro-influencers can bring authenticity to your brand. Their followers trust their recommendations, and the partnership can feel more genuine. 

Building authentic relationships with influencers involves understanding their values and ensuring they align with your brand. Remember, it’s not just about the numbers; it’s about the connection.

5. AI-Powered Chatbots

AI-powered chatbots are not just a fancy feature for big corporations. Small businesses can benefit significantly from implementing chatbots to enhance customer service and engagement. These bots can handle routine inquiries, respond instantly, and offer personalized recommendations.

Imagine a potential customer visiting your website and getting instant answers to their questions through a chatbot. It improves the user experience and frees up your team to focus on more complex tasks. 

Chatbots are an excellent way for small businesses to leverage AI and enhance customer interactions.

6. Data Privacy and Transparency

In an era where data privacy concerns are growing, transparency is key. Customers want to know how their data is used and whether they can trust your business. Being transparent about your data practices builds trust and credibility.

Outline your data collection practices clearly and give customers control over their preferences. Inform them about the security measures you have to protect their data. You can ensure compliance with regulations and foster a positive perception of your brand by being transparent.

By fostering a culture of transparency, your business not only meets the ethical expectations of customers but also distinguishes itself as a trustworthy player in the digital arena.

7. Augmented Reality (AR) Integration

Augmented Reality (AR) isn’t just for gaming; it also has practical applications for businesses. AR enhances the customer experience by providing interactive and immersive elements.

Consider how AR can add value to your products or services. For example, allowing customers to virtually try on clothes or visualize how furniture would look in their homes before making a purchase decision. AR is about creating engaging campaigns that set you apart from competitors and make your brand memorable.

Moreover, businesses can leverage AR to showcase intricate details of products, offer virtual tours, or provide step-by-step guidance on product usage. This dynamic technology opens up new possibilities for customer engagement, allowing businesses to connect with their audience innovatively.

Conclusion

As we navigate the digital landscape of 2024, these seven digital marketing strategies offer small business owners and entrepreneurs a roadmap for success. Personalizing customer experiences, embracing video marketing, optimizing for voice search, evolving influencer marketing, implementing AI-powered chatbots, prioritizing data privacy, and integrating augmented reality are all steps toward staying competitive in the ever-changing digital space.

Small businesses can leverage these trends to connect with their audience, build trust, and, ultimately, drive growth. By staying informed and adapting to the latest trends, you position your business for success in the digital age.

This week, on ASBN Small Business News, anchor Shyann Malone brings you up to date with the latest tools and resources now available for small to medium-sized businesses.

Top Stories

Square predicts automation, commerce innovation to drive business growth in 2024
Businesses today face numerous challenges, such as increased competition, staffing issues, and rapidly evolving technology. However, businesses across the world are driving a paradigm shift in the commerce landscape through innovation, adaptability, and creativity. Square’s annual Future of Commerce report provides insights into how businesses and customers in the U.S., Canada, the U.K., and Australia will shape the global commerce landscape in 2024. Read More

Resilient small businesses face economic headwinds with adaptive strategies
In the face of rising labor costs and a slowdown in sales, small business sentiment in the U.S. has experienced a notable shift. The National Federation of Independent Business (NFIB) says the monthly confidence index for small businesses dropped. It fell to 89.9 in January from 91.9 in December 2022. This marks its lowest level since May 2023. The drop was 2 points, the largest since December 2022. It shows the ongoing challenges faced by small businesses. The index has been below its 50-year average of 98 for 25 consecutive months. Read More

LegalZoom and NBA stars grant $3 million in funding to small businesses [Deadline Sept. 13]
LegalZoom.com, the leading provider of online small business formations, announced that the NBA, WNBA, and NBA G-League are co-sponsoring the last round of the annual Fast Break for Small Business grant program and that interested applicants can still apply. With a campaign to award $3 million in grants and services aimed at providing small business owners and aspiring entrepreneurs with the required funds, resources, and know-how to launch, manage, and expand their small businesses. Grant applications close September 13, 2024, 2024 by 8 p.m. ET. Read More

Fiserv report shows strong demand for consumer products and services
According to the January edition of the Fiserv Small Business Index, small businesses nationwide have rung in 2024 with a promising display of resilience in the face of shifting economic conditions. On February 5, 2024, Fiserv, a leading provider of payments and financial services technology, published a study that analyzed the performance of small companies at national, state, and industry levels. The research also presents an optimistic outlook for the coming year. Read More

Furthermore, 57% expect to create jobs this year. Also, 28% rate the economy as good or excellent—a 9% increase from three months ago. These are among the key findings of a survey of small businesses released by Goldman Sachs called 10,000 Small Businesses Voices. This study aims to reveal concerns about current economic headwinds. It also analyzes optimism for the future.

The Federal Reserve’s proposed Basel III Endgame would increase the capital holding requirements for larger banks, including regional banks. Small business owners depend on these banks for lending. The proposed policy would further squeeze small businesses. 

The Federal Reserve closed the comment period on the proposed Basel III Endgame rule on Jan. 16. Yet, small businesses continue to voice concerns about accessing affordable capital, such as business loans and lines of credit:

• If access to capital tightens further, 86% say it will impact their growth forecast. The Federal Reserve acknowledges this outcome if the proposed Basel III Endgame were enacted.
• Businesses reporting their growth forecast would be adversely impacted. They said they might be forced to take actions such as: 
  • Halting expansion plans (62%), 
  • Laying off workers (43%), 
  • Ending strategic investments ( 38%
  • Closing their business (21%)
• Given current interest rates, just 32% believe they can afford to take out a loan.
• Of respondents who applied for a loan in the past year (35%), 79% found it difficult to access affordable capital. Only 40% received all the funding they requested.
• Small business owners are desperate to access capital. 28% percent of loan applicants said they had taken out a loan or line of credit with predatory payment terms.

The nationwide survey of 1,459 small businesses was taken January 15-21, 2024. Respondents came from 48 U.S. States, Puerto Rico, and Washington, D.C. For more information on the survey, please visit www.gs.com/glass-half-full.

In the latest edition of The Small Business Show on asbn.com, host Jim Fitzpatrick sits down with Victor Antonio, best-selling author, sales consultant, and motivational speaker. In his first in-studio appearance, Antonio discusses effective strategies for business growth and increasing sales in 2024. The conversation focuses on practical methods for acquiring new clients, retaining and upselling to existing ones, and re-engaging former customers. They also delve into the impact of technological advancements, such as AI, on business processes.

Key takeaways:

1.The interview tackles the complexities of expanding a business during times of economic uncertainty. It addresses the impact of factors like stable yet high interest rates and the general increase in prices on business operations. The discussion is geared towards understanding how these market conditions affect business growth and what strategies can be implemented to thrive despite these challenges.

2. Antonio outlines a straightforward approach to business growth, focusing on four primary strategies. The first is acquiring new customers, which, while increasingly challenging, remains essential. The second is retaining existing clients, as a slight improvement in retention can significantly boost profits. The third strategy involves upselling or cross-selling to the existing customer base, a method shown to considerably increase revenue. The fourth strategy is reactivating past clients, exploring ways to re-engage those who have stopped purchasing.

3. It is critical to examine and optimize the sales process for better business performance. The discussion suggests that companies should scrutinize their existing sales and operational processes, looking for ways to combine, automate, replace, or eliminate steps to achieve greater efficiency. This approach can lead to a more effective use of resources and better alignment of staff requirements with business needs.

4. The conversation highlights the necessity for businesses to embrace technological advancements, particularly AI, to remain competitive. Resistance to adopting new technologies can hinder a company’s growth and efficiency. The interview suggests starting small with AI integration, focusing on areas of the sales process that can be enhanced by technology, thereby gradually transitioning to more advanced systems and methods.

5.  As products and services become increasingly similar, the differentiation often lies in how they are sold. Salespeople are encouraged to position themselves as subject matter experts, guiding customers through the decision-making process. The focus is on advocacy and helping buyers make informed decisions, rather than aggressive selling techniques. The discussion also touches on the importance of understanding customer hesitation and how to effectively address it to close sales.

Business travel, especially for SMBs, often involves navigating various challenges, including finding cost-effective accommodations, managing travel bookings efficiently, tracking expenses, and ensuring traveler comfort and safety.

SMBs typically handle these tasks in-house, a trend supported by Hilton’s data, which shows that 75% of their SMB customers manage their travel arrangements internally. Furthermore, Hilton’s 2024 Trends Report highlights that 80% of global travelers prefer the convenience of booking their trips online.

Chris Silcock, President of Global Brands and Commercial Services at Hilton, stated in a press release that “Hilton for Business” was launched to alleviate these common pain points in business travel for SMBs, simplifying the process from booking to billing.

The program offers several key features:

1. Discounts: SMBs registering for the program gain access to special rates across Hilton’s global portfolio of nearly 7,400 properties. These discounted rates are available on the Hilton website and through the Hilton Honors app, catering to the preference for online booking.
2. Travel Rewards: Participating companies earn Hilton Honors Bonus Points, with 7,500 points awarded after the first stay and more points accumulated for every ten nights stayed. These points are an incentive for businesses and can be distributed among employees. Individual travelers also accrue personal Hilton Honors Points and benefits with each stay.
3. Efficient Onboarding: The program offers a streamlined registration process for business owners or travel administrators, integrated with Hilton Honors accounts. This system simplifies booking and managing travel, addressing the need for efficient travel arrangement tools.
4. Comprehensive Program Management: Businesses can easily manage bookings, delegate administrative tasks, add employees, and track travel expenses and benefits. This feature is particularly beneficial for SMBs looking to maintain control over travel expenditures and administrative efficiency.

“Hilton for Business” seeks to provide SMBs with a more efficient, rewarding, and cost-effective business travel experience. For more information or to register, SMBs can visit Hilton.com/HiltonforBusiness.

Employers must file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31.

The January 31 deadline also applies to Forms 1099-MISC, Miscellaneous Income, and Forms 1099-NEC, Nonemployee Compensation, that are filed with the IRS to report non-employee compensation to independent contractors. Various other due dates related to Form 1099-MISC, Form 1099-K and Form 1099-NEC, including dates due to the IRS, can be found here.

The IRS offers the Information Returns Intake System (IRIS) for free electronic filing of the Form 1099 series. This service allows electronic filing, preparation of payee copies, filing corrections, and extension requests.

New in 2024

Businesses filing 10 or more Forms W-2 must do so electronically. Extensions to file these forms are not automatic; they require submitting Form 8809 by January 31. Note that this does not extend the deadline for furnishing wage statements to employees.

The IRS has delayed the Form 1099-K $600 reporting threshold implementation until tax year 2024. For 2023 and earlier, only taxpayers who receive over $20,000 and have more than 200 transactions will be issued Forms 1099-K.

Penalties may apply for non-compliance. You can find more information on the IRS’ Information Return Penalties page. For detailed filing instructions, check the IRS website. The January 31 deadline is crucial for businesses. Employers working with at least one independent contractor must ensure compliance to avoid penalties. 

In the latest episode of The Roadmap, host Ted Jenkin speaks with Scott Monge, founder and CEO of Monge & Associates law firm, about the ins and outs of running a successful business. Monge shares tips on effective marketing, smart hiring, and the future of the business world. His advice isn’t just for lawyers—it’s for anyone looking to improve their business strategy.

Monge earned his Bachelor’s degree in political science from Eastern Illinois University. From there, he graduated with a Juris Doctorate, cum laude, from Southern Illinois University School of Law. For 30 years, his high-powered personal injury law firm, Monge & Associates, has been devoted to helping people through their most challenging times. Monge & Associates is based in Atlanta, Georgia, with additional locations in Alabama, Tennessee, and South Carolina.

Key takeaways:

1.Monge emphasizes the trial-and-error nature of marketing. A major part of his strategy involves continuously measuring ROI (return on investment) versus branding. He draws on historical innovators like Thomas Edison to demonstrate that failure is an integral part of understanding what marketing strategies work.

2. Monge & Associates employ a weekly “vision meeting” where key leaders discuss and assess strategies. They monitor metrics such as acquisition cost and the cost per client, ensuring efficient use of resources and avoiding wasted expenditures.

3. Monge explains how his business operates on a contingency fee model, where fees are charged only if the case is won. This model not only helps clients who might not afford legal representation but also challenges the firm to carefully select and invest in cases they believe in.

4. In a tight labor market and a changing work landscape due to COVID-19, retaining and finding talent remains a challenge. Monge looks for two core values: positivity and productivity. He also references Angela Duckworth’s concept of “grit” as a defining quality of success.

5. Jenkin and Monge touch upon the changing dynamics in the legal field, where traditionally only lawyers could own law firms. Now, non-lawyers can own firms in certain jurisdictions. This potentially opens doors to a wider talent pool and brings diverse business strategies to the industry.

This week, on ASBN Small Business News, anchor Shyann Malone brings you up to speed on the latest tools and resources now available for small to medium-sized businesses.

Top Stories

Earlier in December, Administrator Isabel Casillas Huzman, Head of the U.S. Small Business Administration, announced the SBA’s first-ever “season of small business” campaign. The campaign encourages all Americans to shop local, dine small, and support the small businesses that power the economy during the holiday season, which plays a critical role in the prosperity of local, independently-owned businesses and brands. Read Here

The Federal Reserve announced during a post-meeting media conference that it plans to keep interest rates stable while aiming to reduce them three times in 2024. In 2022, the Fed began increasing interest rates to slow down the economy, but it’s unlikely that this approach will continue. The prospect of potential rate cuts next year is good news for small businesses, as rising interest rates have previously made it challenging for entrepreneurs to obtain capital. Read Here

Consumers expect inflation to be at 3.1% in a year, according to the latest Consumer Sentiment Survey by the University of Michigan. This projection is a decrease from November’s estimate of 4.5%. The reading for December is the lowest since March 2021, and it is only slightly above the range of 2.3% to 3% observed in the two years before the pandemic. Despite the labor market cooling off, jobs are still being added and inflation is slowing. As a result, markets have become more optimistic that inflation can decline to the Fed’s 2% target without the economy going into recession. Read Here

The IRS is cracking down on fraudulent claims for the Employee Retention Credit (ERC), rejecting over 20,000 applications amidst a surge of wrongful claims. Applicants denied the credit will receive a letter 105 c, offering an appeal process. Originally introduced in 2020 to help businesses retain staff during the pandemic, the ERC is still available for eligible companies via amended tax returns. However, a rise in fraudulent claims has prompted the IRS to halt ERC processing and introduce measures for businesses to withdraw their claims to avoid penalties. Read Here

The report reveals that 66% of small businesses find the holiday season crucial for their financial health, with this sentiment being strongest in the retail sector, where 89% of respondents acknowledged its importance.

A significant focus for these businesses is customer acquisition, with 50% of respondents citing it as their primary goal for the season, slightly outweighing the aim of increasing sales.

Small businesses, particularly those led by Gen Z and Millennial entrepreneurs, are using social media for various purposes this holiday season, but not in the ways one might think.

42% of the Gen Z and Millennial-owned businesses planning to hire seasonal workers are leveraging social media as their primary hiring tool. Social media is also an essential marketing avenue, with 76% of companies prioritizing platforms like Facebook, Instagram, and YouTube for their holiday marketing efforts. The focus is mainly on reaching Millennial and Gen Z customers.

Artificial intelligence (AI) is another area where younger business owners are showing keen interest. While 25% of all surveyed businesses plan to use AI this season, this number rises to 50% among Gen Z and 36% among Millennial owners.

“AI is a cost-effective way to help build business and manage customer experiences. There are so many administrative activities that small business owners must master, and AI is making it easier for owners to prioritize their time where they should: on the customer,” said Jeanniey Walden, Host and owner of the T.V. show LiftOff with Jeanniey Walden.

Overall, the trend is clear: small businesses are adapting to modern technologies and platforms to enhance their performance during the critical holiday season. This shift, marked by a 7% increase in AI prioritization since July, is led by larger small businesses and those owned by younger generations.

1. The Kind of Leadership The Franchise Has

While you are responsible for your own franchise branch, the fact is that the overall success of the company and how it is led will still rely heavily on its leadership. If the business owners have good ideas and are full of experience, then you should be fine. However, people new to running a business tend to have a poor understanding of what a franchisee requires and experiences. This means that their franchise program will likely have a few holes that you’ll have to patch up yourself, which you might not even have the right to fix, depending on your contract. You’re not looking for a fixer-upper – you want something that works out of the box.

2. Their Technology and Software

Each franchise comes with its own technology and software, and with them, unique procedures. However, just because they’re unique doesn’t mean they’re good. You need to make sure that whatever you’re buying into is up-to-date and won’t quickly become technologically obsolete. For example, you need to check on their website and see if it’s mobile-friendly or if it has e-commerce capabilities. You also need to find out if they have a support system in place to help you should you or your employees find their tech difficult to use.

3. The Franchisor’s Marketing Strategy

Just because you’re buying into a franchise with an established brand doesn’t mean you don’t have to do any marketing. Without marketing, your branch will probably fail – so you need to make sure that whatever you’re buying into has a marketing support program and strategy that will help you out. For example, you need to find out if they’ll give you a marketing budget or if you’ll have to pay out of pocket for it. You’ll also want to take a glance at their social media team. If they’re doing well, the strategy they’ll hand you is probably competently made.

4. Their Training Program

Companies are constantly evolving. When new and relevant technology hits the scene, smart and successful companies will adapt to it to their needs. That means constantly evolving to suit these changes, which means constantly learning and training. Not only does a franchisor need to train your initial crop of employees, they should provide follow-up training for any changes to the franchise’s system. You’ll also want to find out if they’ll help you with additional lessons and support should you prove capable and willing to expand your business.

5. The Franchise Support System

As a franchisee, you shouldn’t expect to handle everything alone. You might be responsible for the day-to-day, but a respectable business wouldn’t risk letting someone new potentially damage their brand. If they’re willing to sell to you, they should be willing to support you. This can come in many forms, from helping you find a good location to financing programs for promising business owners who lack capital. The better the support system, the more tempting a franchise should be.

Running a franchise can be a spectacular opportunity for you. You get your own business, without the stress of running a startup, and from there can start building a more financially secure life. However, that’s only possible if you’re picky about the businesses you buy. If there’s any doubt, don’t buy into it.