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Marketers enter 2023 with a gloomy mood.
Budgets will no doubt shrink next year as businesses worry about a possible recession. As all advertising dollars become more valuable, tactics to drive sales quickly tend to take precedence over efforts to strengthen the brand in the long term.
Vic Dravicky, founder and CEO of agency January Digital, said: “That might be fine, but the problem is when they get too clingy and don’t test new things.”
To be successful while appeasing the finance department, marketers must combine performance marketing (typically short-term efforts that brands pay for based on the measurable results of their campaigns) and brand building (less direct long-term Experts say you need to focus on maintaining a balance between projects. sales, but are fundamental to the brand’s overall image and reputation with consumers). During trials, marketers often face pressure to focus on the former at the expense of the latter.
But even after the current economic uncertainty fades, we may need to balance immediate realities while ensuring success and consumer resonance. A diverse channel mix will be key. . The next Instagram quest continues in his 2023. The same goes for smart use of organic marketing. That means finding ways to get people to talk about your brand without paying them.
André De Sa Bessa, Brand Director at luxury creative agency VMGroupe, said:
act of balancing
Gone are the days when social media was a reliable and cost-effective way to drive sales. Brands remain an important tool for reaching customers, but companies that were heavily dependent on channels are now struggling with rising costs and declining revenues. The valuations of many fashion startups following this model will plummet in 2022.
Continuing to invest in these long-term brand-building strategies should remain a priority throughout the year, regardless of external circumstances.
But in this economically turbulent year, there’s no denying the need to use marketing as part of your tools to drive sales. To that end, marketers will need to redouble their efforts to expand performance her marketing concepts beyond social her media and digital display advertising. That means incorporating proven channels like direct mail and out-of-home delivery, as well as new ones like his Netflix, which first started serving ads late last year. The cost gap between these channels and social media is closing as questions grow about the effectiveness of social media.
On social media, influencers who can provide tangible evidence of conversion power will be attractive partners for brands looking to mimic the results they once found with Instagram ads. Stephanie Sandbo, vice president and head of brand partnerships at creator monetization platform and shopping app LTK, said long-term relationships with ambassadors with loyal audiences and metrics that prove their ability to drive sales. said to be ideal.
Influencer marketing was more art than science in the past, Sandbo said, but now it’s like, “If I put a dollar into this particular creator, what would I get, what would I get?” You can actually ask if you can: Is the product driven by an influencer?”
tell a good story
Brands should approach Instagram, TikTok, etc. as a way to solidify their reputation and build loyalty with consumers, rather than primarily as a means of generating sales. That means adjusting the definition of winning on social media and looking beyond cost per acquisition to softer measures such as evaluating campaign success in terms of creativity rather than purely financial ones. I might.
“Stop pushing every product and use it as a way to allow consumers to live in the world of your brand,” De Sa Bessa said.
Doubts about the efficacy of traditional social media advertising are also motivating the fashion industry to get creative to capture the attention of consumers. Style like Diane Keaton Moments like J.Crew’s fall campaign featuring his icon can result in increased sales of new collections, generate conversations about the brand, and can pay off in the long run. There is a nature.
“Moving to a more balanced approach is phenomenal for the fashion industry, which has great creatives, beautiful products and absolutely great stories to tell.” The idea that we can be a little less algorithmic in our approach is just such an opportunity.”
Brands are investing in creating non-advertising content for their social media channels and websites to enable consumers to engage with brands over the long term without paying for advertising.
Gabe Miller, president of the Americas at brand consultancy Landor & Fitch, said 2023 will see more opportunities for brands to bridge physical and digital experiences, with more brands opening pop-up stores and digital or community experiences. We anticipate that we will come to experiment with experiential activations involving elements. For example, his 200 Trunks, 200 Visionaries exhibition at Louis Vuitton provided the brand with ample social media content and incorporated a gathering space and restaurant called “The Workshop.”
Few brands can run campaigns on the scale of Louis Vuitton. But businesses of all sizes need to find ways to maintain and grow consumer excitement in a way that feels true to their corporate spirit and image, even in challenging environments.
“A smart, strong CMO must be able to balance marketing budgets and maintain a strong brand presence regardless of the economic outlook,” says Miller.
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