The world of marketing has always been tricky due to its constantly evolving nature; staying relevant with your consumers is an art difficult to master. But in today’s date, it has become exceedingly more so.
The post-COVID world, coupled with the Russo-Ukraine war has resulted in skyrocketing inflation, setting the mood for impending recession. Therefore, a corresponding change in consumer spending means being in the know is important today, more than ever.
On that note, here are some top marketing trends to keep you ahead of the game in 2023.
A Sustained Rise In The Usage Of Social Media Content
Much like in 2022, the trend of live streaming and short reels will continue to be the craze in 2023. As the threat of recession knocks on our doors, this is perhaps the most effective marketing medium in the coming year. With social media grabbing more and more eyeballs, this is a great way to create content at relatively menial costs and resonate with your customer base along the way.
You could create behind-the-scenes videos, and host webinars and Q&As. This makes your business appear committed and approachable to the clients and invokes a sense of loyalty. According to a report published by HubSpot, unsurprisingly, short-form videos will see a spike in growth. Thus, social media platforms would continue to be the hot trend for marketing, with TikTok and Instagram topping the list.
You could tap into the trending topics and go viral without the hassle and costs of many other forms of marketing.
The Influence Of Social Media Influencers
The 2023 HubSpot Marketing Strategy & Trends Report shows a growth in the already high ROI of influencer marketing. The report indicates that over 1 in 4 marketers currently leverage influencer marketing, with 17% of new marketers vying to invest in it in 2023.
Due to the scarce resources of the post-pandemic world, this form of marketing has gained traction. With limited means available this seems like a surefire way of getting attention and seems like a promising investment.
However, not everyone remains impressed and optimistic about the future of influencer marketing. Some marketing experts ascertain that with influencers teaming up with any brand for the money, this form of marketing has lost authenticity with the clients.
The power of content creators is undeniable though. So, perhaps a better investment would be content creators for short reels.
Gen Z Will Impact Marketing More Than Millennials
According to research, Gen Z, the generation that grew up with social media and technology, is much more aware of social issues. Their stand on various ethical issues influences their buying behavior more than their millennial counterparts.
To resonate with this generation it is essential to be aware of their values and stance on various social issues. A key means to capture the attention of this generation is to factor in sustainability, and other social and ethical issues.
Another prime consideration is leveraging the power of influencers in this tech-savvy generation.
The backbone of a successful business is a well-informed marketing strategy. Consumer expectations from brands are constantly evolving, hence, in order to stay ahead, the use of UGC (User Generated Content) might play a vital role.
With UGC, brands can employ the opinions and endorsements of potential customers to build credibility among the target audience.
Marketing to Gen Z means keeping a close eye on the latest trends in the vastly digitized landscape. This means drumming into the creator market which accounted for the market size of a whopping $104 billion in 2022 alone.
Customer Retention Becoming More Substantial Than Acquisition
Due to the threat of looming recession, hounding inflation, and anticipated fluctuations in consumer spending in 2023, the famous rule of thumb for marketers everywhere is that, it is easier and less costly to keep the customers one has than to attract or convert new customers.
Existing customers are far more likely to try new products of the brand, and if you factor in the costs associated with attracting new customers, retention seems imperative.
According to experts, retention will take on a new urgency and become crucial for marketers in 2023. This means greater investments of time and money in loyalty programs. More and more businesses are vying for technologies to create better customer experiences to drive loyalty.
Inclusive Marketing
With the rise of ‘woke’ and ‘cancel culture’, a vast majority of marketers opinionate that to stay relevant. Championing causes like ethnic diversity, equal pay, and inclusion is essential. It can also be a stroke of inspiration in garnering new customer bases across the globe - with people from different walks of life, ethnic origins, cultures, languages, and religions, feeling seen. A great example of this is the burst in popularity of movies and shows like Black Panther and Disney’s Ms. Marvel.
An inspired idea therefore can be to target underrepresented audiences. This can be done by teaming up with influencers and creators whose content aligns with such perspectives.
An Increase In Marketing Budgets
Although it may seem counterintuitive, with the ever-present threat of recession, most marketers predict an increase in spending toward marketing.
There are business segments where budget cuts might be the way to go, but marketing might not be the most feasible one for them.
Bear markets are known to have high prospects when it comes to increasing market share.
Consequently, marketing spending is likely to see a spike in 2023 with effective marketing strategies coming up on top at the end of the recession period.
Conclusion: 2023 - A Controversial Year For Marketing
As financial concerns continue to grow with a decline in disposable income, businesses will have to be ever-present and agile to catch every curve ball thrown their way in the rapidly fluctuating marketing trends.
Influencers and content creators - predominantly social media - are expected to maintain their mainstream hold on consumers’ spending orientation.
The most acute observation for the marketing trends of 2023 is that successful marketing goes deeper than just knowing what your audience wants. Frequently emerging technologies mean that constant innovation and thinking outside the box have become the rule of the day.
To summarize, the core of an effective marketing strategy is understanding your consumer base. Focusing on personalized and data-driven strategies to up your marketing game could make all the difference in having a successful year in sales.