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An impending recession, continued inflation, and changes in consumer spending mean marketing professionals must grow and adapt.
Marketing has faced a myriad of changes over the past two years, and today’s customers expect brands to deliver superior, personalized experiences across all channels. With an impending recession and ongoing inflation, consumer spending habits continue to evolve and change, requiring marketing professionals to grow and adjust accordingly.
Here are the top marketing trends brands should watch out for in 2023:
Social media influencers remain influential
According to HubSpot’s 2023 Marketing Strategies and Trends report, influencer marketing will continue to grow with high ROI. According to the report, more than 1 in 4 of her marketers are currently using her influencer marketing, which gives him the second highest ROI of any trend. . The report predicts that influencer marketing will see significant growth in his 2023, with 17% of marketers planning to invest for the first time. Additionally, 89% of marketers using influencer marketing plan to increase or maintain their investment in the next year.
Pierre-Loïc Assayag, CEO and co-founder of influencer marketing platform Traackr, told CMSWire that, similar to HubSpot’s report, overall marketing budgets will decline in 2023 as a recession looms. may, but he believes brands will actually spend more on influencers. marketing. “What we already experienced during the pandemic, when the ROI of influencer marketing was stronger than traditional digital media, despite the scarcity of resources, will be reinforced by the recession.” Asayag He said brands have the evidence they need to shift budgets towards influencer marketing as a more effective and accessible means of communicating with consumers.
Not everyone agrees.
Megan Conahan, executive vice president of digital marketing agency Direct Agents, told CMSWire that as streaming companies embrace the new reality of slowing growth and customer churn, consumers will start looking elsewhere for content. said it would. Conahan believes that more attention on her social platform will help creators shine, more views on their content, and more followers.
“Note I said creators, not influencers,” she said. Influencers have no place here with the growing concern for authenticity.”
Conahan said creators will be a big part of the brand’s future. “Identify your target market and find creators in line with your target, and ensure that 2023 is dedicated to testing each of these creators and building lasting partnerships. ”
Related article: Amid controversy, will marketers change the influencer game?
Local marketing continues to dominate
Over the past few years, there has been a dramatic increase in searches for businesses “near me” from mobile devices. From 2016 to 2018, Google stats show that searches for “shopping near me” increased by over 200% for him. According to his 2022 report for SafariDigital, 97% of his users searched online to find local businesses. Local marketing has never been more important, and 2023 will continue to be a local focus.
Linda Pophal, founder and owner of marketing strategy solutions provider Strategic Communications, told CMSWire that the focus will continue on local marketing in 2023. “Even the big brands are trying to grab attention in their local market and, perhaps surprisingly, because their content can be more specific and relevant to their local geography, which is being rewarded by Google. We’re trying to compete with local companies that have an edge,” said Pophal. “Brands with multiple locations need to localize their content to ensure it is unique and relevant to ‘win’ from a search perspective. ”
Disruption by ChatGPT AI Technology
ChatGPT has been blowing up the news recently, with some hailing AI technology as the most promising use of AI so far, and others criticizing the use of AI technology to avoid the need for students to write their own essays. Some have expressed concern that it is inevitable. ChatGTP can have a positive impact on marketers and a negative impact on the ability to make a living for content producers.
“ChatGPT and other AI-driven content creation tools could emerge and cause chaos. ChatGPT is a new iteration of AI-generated content, and based on a little It’s much better than iteration,” said Pophal. “This can be helpful and challenging for freelancers and agencies who make a living out of creating content.
Janssen Manno, director of SEO at CadenceSEO, a search engine optimization consulting firm, told CMSWire that with the rise of AI, it has never been easier to create content, from text and images to video, at the click of a button. He says it got easier. “However, this has also led to oversaturation of content, making it difficult for high-quality work to stand out.As consumers and major marketing channels adapt to this phenomenon, demand for truly unique and interesting creative content increases.” It’s also aimed at ‘AI content marketers’ who know how to leverage AI to create high-quality content at scale and in the right context.”
Related Article: ChatGPT Shares Thoughts on Enterprise VoC Program
Social media marketing becomes more important
According to Statista’s report, more than 4.26 billion people worldwide will be using social media in 2021, and this number is expected to grow to nearly 6 billion by 2027. messaging app. This makes social media a promising opportunity for marketers and advertisers. In fact, in 2020, advertisers spent approximately $132 billion on social media advertising.
Additionally, many people, especially Gen Z, use social apps like TikTok to research product reviews and recommendations, find local businesses and restaurants, and find jobs. More interestingly, many of his Gen Z users (63%) use his TikTok regularly to learn something. Social media platforms are where brands can reach customers on their media of choice by providing relevant and informative posts and ads.
Brian Bennett, president and founder of STIR Advertising & Integrated Messaging, told CMSWire that social media has evolved into more than just a series of websites used to communicate with friends. “Brands of all shapes and sizes are turning to social as their primary means of e-commerce, allowing customers to make purchases directly without leaving the app. It includes a built-in browser that works with virtual storefronts.”
“With the recent surge in in-app shopping, social commerce is expected to become another key sales driver in 2023. Combined with hyper-targeted advertising, conversion-centric ecosystems are emerging within people’s favorite social networks. is created,” Bennett added. According to Shopify, social commerce retail revenue is projected to hit $80 billion in the US alone by 2025.
Customer retention becomes more important than acquisition
It used to be said that retaining customers was easier and cheaper than attracting or converting new customers, but this is not as true today. 50% more likely to try new products and 31% more spending compared to . Retention rates vary by industry, with media and professional services having the highest (84%) and hospitality, travel and restaurants having the lowest (55%). With a possible recession in 2023, retaining customers takes on new urgency.
Sarah Cascone, vice president of marketing at retail marketing technology provider Bluecore, told CMSWire that customer retention will be a key focus in 2023 as retailers continue to navigate inflation and fluctuating spending. I’m talking “Loyalty programs are making a comeback, but they don’t necessarily drive customer loyalty. Cascone said brands will consider investing more in these programs in 2023, but today’s shoppers want more than loyalty points and free birthday gifts. increase.
Like Cascone, May Habib, co-founder and CEO of Writer.com, an AI writing platform, says customer retention and brand loyalty have historically been among the biggest challenges for marketing teams tasked with growing new businesses. It’s becoming a goal, he told CMSWire. To achieve these goals, marketers are shifting their focus to existing customers and investing in technology that can create personalized and engaging experiences that drive adoption and renewal. ”
Related article: How to optimize customer acquisition and retention
Brands invest more in marketing
With a recession on the horizon, it may seem that brands will cut budgets across the board to keep operations running. However, this is not the most sensible method. While there are certainly areas where budget cuts make sense, marketing is not the only one. In fact, in 2023, brands would be wise to shift their focus to measurable results and his ROI to spend more on marketing.
Kimen Warner, vice president of product management at Drift, a conversational cloud service provider, told CMSWire that 2023 will be a great year to increase marketing spending, even as the impending recession puts budgets on the line. I’m telling you when it’s time. “It seems counterintuitive, but a bear market is the perfect opportunity to grow market share. Sometimes you can come out on top (because what goes up has to come down and vice versa).”
Conclusion: 2023 is the year of marketing adjustments
Marketers will need to adjust their methodologies and focus for 2023 as economic concerns mount and consumers’ wallets get tighter. Social media, influencers and content creators will continue to play a large role in how consumers shop and what they buy.
Local marketing will become even more important, with customer retention taking precedence over conversions. New AI technologies such as ChatGPT will be more useful for marketers. It may seem counterintuitive, but rather than withdraw, the brand will invest more in marketing, with a focus on measurable results and his ROI.
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