We’re halfway through the year, so it’s a good time to check in on 2023 marketing predictions. What did industry leaders predict in January, and what does the landscape look like now?
In January, the economy was projected to slow down. To engage cost-conscious consumers, businesses were forecasted to rely on value-based messaging (ie., “Here’s all the bang you’ll get for your buck!”). One marketing expert noted, “Amid uncertain times, conscious consumers will pivot their purchasing patterns in 2023 to choices that maximize impact, utility, and convenience.” Inflation is still an issue for consumers, and businesses continue to focus on the unique value proposition of their products or services. We recommend dialing in your positioning to accelerate the process of getting your product or service into the hands of your target customers.
As marketers ourselves, we know the importance of every stage of the marketing funnel. “Working on your authority takes a longer approach, like a slow burn,” said one marketing expert. “Once the digital embers light, that position will last for a long time.” But proving the efficacy of “slow burn” marketing is not an easy feat. That’s why we think that 2023 is the year of providing reporting and utilizing that data to improve performance. Crunching numbers helps execute marketing strategies that maximize ROI, so in our opinion, performance marketing will be the “It Girl” for the remainder of the year. We recommend getting started with Google Ads, which allows you to target your ads to the right people, control the cost, measure the success of your campaigns, and walk prospects through the stages of your sales funnel.
With the headway that privacy legislation is making, as well as the phase-out of third-party cookies, businesses were predicted to enhance their first-party data collection strategies. Although the cookie-pocalypse hasn’t happened yet, we suggest starting to rethink your creative strategies to make them resonate more with your customer base. Test new platforms and channels. With so much uncertainty about the effectiveness of digital advertising, we could be looking at a return to more traditional advertising platforms — or at least more diversification. Here are some ways you can balance your marketing portfolio.
Not sure what first-party data is? Read this article to get the scoop.
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