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Digital marketing professionals have no idea how deep or how long the recession that has laid off tens of thousands of tech jobs will last. No one knows when Google will actually deprecate his third-party cookies.
But analysts offer advice for struggling marketers and CX leaders, many of whom will face shrinking budgets, on how to maximize their investments next year. . No time to lose.
Forrester Research Senior Analyst Joe Cicman said: “Aren’t you? You don’t have the legs to stand on.”
social down, streaming up
Facebook and Twitter were credible marketing investments, providing top-of-the-funnel audiences to marketing programs. Both encountered difficult times for various reasons.
Content moderation uncertainty and Twitter CEO Elon Musk’s concerning behavior have pushed half of Twitter’s top 100 advertisers out, according to a Media Matters study released at the end of November.Dell, Big brands like Merck, Fidelity, and Heineken.
Ad revenue from Meta’s primary marketing channels, Facebook and Instagram, is also declining, down significantly from its peak in 2017, according to Axios research. New privacy laws, Apple giving consumers the right to turn off cross-app tracking, and Google’s upcoming deprecation of third-party cookies have all reduced the quality of the audience Meta can provide to his data. increase. Additionally, the emergence of his TikTok, LinkedIn and Amazon as competing advertising channels has reduced Meta’s share.
“Apple’s commitment to privacy is having far more impact than anyone expected,” said Cicman.
Businesses moving away from social media channels should focus on collecting and using first-party data. One of the easier ways to get first-party data is by posting original content that attracts search traffic. AI tools like ChatGPT, which can help you create first drafts of content, could be the way to do it while budgets are shrinking, says Andrew Frank, vice president and analyst at Gartner. says.
“Now we really have to think about tightening our belts, but there are plenty of AI solutions out there that can cut costs like creating content and making the most of a limited budget.” But I think it would be a mistake to think that we should delay considering some of these technologies because they can actually save you money pretty quickly.”
Video also has the potential to provide a more controllable and less volatile channel than social media for increasing traffic and brand awareness, Frank said. As subscription streaming services compete for consumer attention, marketers will try more product placements.
Loyalty programs battle economic headwinds
According to tracking site Layoffs.fyi, there will be more than 153,000 tech layoffs in 2022, with more than 50,000 layoffs in November alone. Forrester’s Cicman said his marketing staff was unaffected by the job cuts and that big-picture plans, such as building his presence in the metaverse, were put on hold or cancelled.
Building digital experiences has proven difficult, he said. The dream that many companies had was a single vendor marketing he the cloud or the experience was to create A recent Cicman study found that companies are building their online presence using technology stacks from multiple vendors, not necessarily a unified cloud.
“We didn’t see any strong evidence that companies were buying ‘the whole thing’ in the provider’s cloud and using it end-to-end,” Cicman said. “It’s important to understand the specific digital strategies that make your business unique, and to assemble components like custom motherboards.”
That said, the marketing adage that “it costs far more to acquire customers than to retain them” becomes relevant again in a recession. This means companies can double down on their loyalty programs and better serve their existing customers.
Especially for B2B companies, investing in better customer service and deeper explainer content to enable customer success are two other ways to influence customer retention, he said. It also helps you earn. When customers notice better service and support, they will recommend you by word of mouth to their colleagues and peers.
“You win customers when you actually bring new value to the market,” says Cicman. The same old crap you’ve been selling for no matter how long. “
Don Fluckinger is responsible for enabling technologies for enterprise content management, CRM, marketing automation, e-commerce, customer service, and TechTarget Editorial.
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