As marketers, we must do our best to plan for the year ahead. Partly, this consists of being prepared for the unexpected. Amidst, a recession, a pandemic, social justice issues, and war, we must continue to grow our businesses. What will be the next challenge for marketers in 2023? We don't have that answer quite yet. However, from what we are hearing, these are marketers' biggest predictions and concerns for 2023:
We’ve all heard it; a recession is headed our way. Unfortunately, we cannot control that. However, we can prepare for it. Some marketers began pulling back on spending last year ,as they tried to preserve margins while raising prices slower than costs. Instead of cutting off sides of your business, like marketing, consider being more strategic with your plans. Effective timely tracking will also help you see what’s working, what's not, as you pivot accordingly.
Climate & Sustainability
Economists never had much success getting the world to manage pollution by taxing it. However, the marketing industry might have found a way to make an impact. Unlike previous generations, Gen Z is looking for change. They want to invest their time in money into companies that are making a difference in the world. Businesses must present themselves to Gen Z as the change they are looking for. Keep in mind, actions speak louder than words. Saying you are sustainable and not following through can hurt your business dramatically.
Data & Measurement
Google’s third-party cookies are still expected to be wiped from our browsers. Nevertheless, the search for better data and measurement becomes even more important as economic challenges increase. Nielsen’s Media Rating Council suspension has not been lifted and continue to pose a threat to TV ratings. Both traditional and digital media need to be effectively tracked in order to be successful. Who will take over those two roles? Now, more than ever, advertisers are looking for attribution. They want to know what is working and what is not working.
For many businesses, there is a lot to consider when building a successful marketing strategy. At our company, we prepare for the unexpected by building holistic marketing plans. Is this something that could be a resource for your company?
Carolina Macedo, the author, is Project Coordinator of Marketing Keys.