The Top Marketing Trends in 2023
Over the past two years, the marketing industry - alongside many others - has faced a lot of changes. We have all had to adapt to some extent to keep our businesses thriving. Consumers today expect brands to provide them with an exceptional and personalised experience across all channels, from your website, social media to the customer service you provide.
It is paramount, that marketing agencies adjust to the ever-evolving consumer spending habits. At Business Success Marketing, we stay up to date with the latest trends, customer behaviour and are proactive in our approach. We also work across many different industries, giving us the advantage of a 'big-picture' view.
We've put together some of the key trends within the marketing space in 2023 and what these mean for you and your business:
HubSpot's 2023 Report - “influencer marketing will continue to grow its high ROI”
The report indicated that over 1 in 4 marketers currently use influencer marketing, which provides the second highest ROI of any trend. The report predicted that influencer marketing will see significant growth in 2023 with 17% of marketers planning to invest in it for the first time and 89% already using influencers will increase or maintain their investment. ROI for influencer marketing has proven stronger than traditional digital media, and will be further cemented by a recession.
Brands now have the proof points they need to move budget to influencer marketing as a more effective and accessible means of communication with consumers. However, the word ‘influencer’ has shifted to a ‘creator’. We have seen an erosion of trust in celebrity type influencers who will partner with any brand that pays regardless. With an increased focus on authenticity, creators will be a big part of brands’ future.
What does this mean for you? Identify your target market and find creators that align with your values and will resonate with your audience — it is worth investing in some creator-led marketing and creating lasting partnerships.
Searches for businesses “near me” have increased exponentially
From 2016 to 2018, Google statistics showed that searches for “shopping near me” had grown over 200%.The importance of local marketing has never been greater and, in 2023, the focus on local will continue. Even the big brands are trying to gain traction in local markets and compete against local businesses that, perhaps surprisingly, have an edge because their content can be more specific and relevant to local geographies and, therefore, rewarded by Google.
What does this mean for you? Make sure your Google Business Profile is up to date and think about investing in some local Search Enging Optimisation (SEO). Don't forget the importance of networking and building business connections within your local area too!
Social Media Marketing Becomes More Important
In 2021, over 4.26 billion people were using social media worldwide, that number is projected to increase to almost 6 billion by 2027. This makes social media a promising opportunity for every single business. Many people, especially those in Generation Z, are using social apps such as TikTok to look up product reviews and endorsements, find local businesses and restaurants, and even look for jobs or to learn something new.
Social media is where brands can reach customers in the medium of their choice by contributing relevant, informative posts and advertising. Brands of all shapes and sizes are turning to social as a primary means to e-commerce, giving their customers a direct avenue to make purchases — without navigating away from the app. In other words, the platforms themselves include built-in browsers that act as virtual storefronts. With the recent surge of in-app shopping, social commerce is expected to be another vital sales driver in 2023. When coupled with hyper-targeted ads, this creates a conversion-centric ecosystem right within people’s favourite socials.
What does this mean for you? Investing in your online presence, whether with money, time and / or resources, is more important than ever to stay ahead of your competition. Don't let your social media go to waste. Outsourcing your marketing to a trusted agency is a popular choice as you reap the benefits of their expertise, knowledge and proven strategies, usually at a lower cost than employeeing one full-time marketing employee.
Customer Retention Becomes More Important Than Acquisition
It is easier and less costly to retain customers than to attract new ones, and that’s never been more true. Research has shown that existing customers are 50% more likely to try new products, and spend 31% more when compared to new customers. With a potential recession coming in 2023, retaining customers has taken on a new sense of urgency. Customer retention will become a critical focus for businesses in 2023 as they continue to navigate inflation and fluctuating spending.
Loyalty programs will make a comeback - but they won’t necessarily drive customer loyalty. Loyalty programs have always been a part of most marketing strategies, in 2023 brands will look to further invest in these programs - but today’s shoppers want more than loyalty points and free birthday gifts. Customer retention and brand loyalty are becoming top objectives for marketing teams historically tasked with new business growth.
What does this mean for you? To achieve higher customer retention, shift your focus to your existing customers and invest in technology that allows you to create personalised, engaging experiences. Read our blog post on 'How to KEEP Your Customers in 2023 - Retention Strategies' here.
Brands Will Invest More in Marketing
It may seem that with an impending recession on the horizon, brands would make budget cuts across the board to remain operational; however, this would not be the wisest course of action. Although there are certainly areas where budget cuts make sense, your marketing is not one of them. In fact, in 2023, brands would be wise to increase spend on marketing with a focus shifting toward measurable results and ROI.
What does this mean for you? Maintaining and accelerating your marketing efforts in 2023 will give you a greater chance of coming out on top when the market inevitably improves (because what goes up, must come down, and vice versa).
Conclusion: 2023 Is a Year of Adjustments in Marketing
As consumers’ wallets get tightened over growing financial concerns, marketers will have to adjust their methodology and focus in 2023. 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, and customer retention, rather than conversion, will take the lead. Although it may seem counterintuitive, instead of pulling back, brands will make greater investments in marketing with a focus on measurable results and ROI.