As we enter the second half of 2022, B2C marketers are facing dramatic changes in the marketplace: supply chain challenges, economic uncertainty, and disruption of the marketing ecosystem due to data distortion. Recent headlines show a mixed reaction. There have been mass layoffs in the technology sector. In early July, major tech companies such as Google, Meta and Spotify reported weakness in their advertising business. CMOs affected by supply chain issues are cutting back on advertising, while others are increasing marketing spend to increase brand equity. Before you make radical marketing investment decisions, remember that growth can happen even in times of systemic risk, including recessions (think Airbnb and Uber, which were founded in the 2008 recession). Forrester's 2023 Planning Guide: B2C marketers have detailed advice on where to invest, where to withdraw and where some experiments could work in 2023.
Invest in a customer-centric marketing strategy
According to Forrester's Q3 B2C Marketing CMO Pulse 2022 survey, 95% of respondents plan to increase their marketing budget in 2023, of which 52% plan to significantly increase their marketing budget. Keep in mind that not all marketing investments are created equal; consider supporting or investing in areas such as paid media and actual content development. Redirect your paid media investments to measurable and reliable touchpoints where you can increase customer engagement, such as connected TV and digital audio. For example, Outrigger Hospitality Group is focused on creating a unified and authentic content strategy for all touchpoints to build trust and connect directly with customers.
Cut unnecessary marketing investments
Reduce marketing investments that create barriers to flexibility and authenticity. For example, rethink your cut-and-paste marketing program by analyzing your channels for anything that goes against your marketing goals. This may include identifying digital resources displayed on the websites of third-party publishers. Identifying these pain points will help you further reduce unnecessary targeting methods.
Experiment with innovative customer connection points
Experience can identify new opportunities to connect with new audiences and better serve existing customers. As tempting as it may be, don't give up on experience – it will help your brand stay at the forefront of new touchpoints and strategies to connect with your customers. Consider experimenting with new media channels like TikTok to create a new kind of engagement that is more engaging and measurable.
For more information on what to invest, sell, or continue to experiment with, see Forrester's planning guidelines here.
This post was written by Senior Analyst Tina Moffett and originally appeared here.