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With less than a month to go until 2023, we've already seen a lot: big tech, ChatGPT, and storms of economic uncertainty shift and close. There is no doubt that inflation is the dominant player here. 47% of entrepreneurs believe inflation will be their biggest business concern in 2023. Regardless, a new study concludes that more than a third of entrepreneurs and entrepreneurs (perhaps surprisingly) are still planning to increase their marketing investment budget. However, economic uncertainty will drive marketing innovation to improve efficiency and profitability as brands and marketers adapt their marketing methods to current conditions.
As a foundation, here are a few principles you should consider implementing in your 2023 marketing strategy:
Related: 3 Marketing Trends to Take Over in 2023
Karma: Transformation
With advertising and acquisition costs on the rise, now is the time to create or hire a SWOT (Strengths, Weaknesses, Opportunities and Threats) team that focuses solely on database conversions, traffic and existing leads.
We are currently working with all of our clients to find ways to get the most out of leads, control the "flow" area, and improve conversion rates throughout the funnel.
Even a 0.5% increase in conversion rate often has a significant impact on a business.
Media expectations
As new streaming channels emerge in an already crowded media landscape, expect further audience fragmentation. This should be good news for targeted advertising drivers in 2023, especially as more streaming channels (like Netflix and Disney+) start offering ad-supported plans to their bored customers. As a result, marketers need to run more precise and targeted campaigns where return on investment (ROI) can be easily measured—a very important factor at a time when advertising effectiveness is under scrutiny.
For those satisfied with the performance of its "linear" advertising model, TV will remain a niche service channel for consumers, healthcare and retail. Some analysts predict that cable and linear television (CTV) ad spending will increase this year. Why? Because they continue to deliver great results for many companies.
Related: How to Adapt Your Marketing to Survive the 2023 Recession
Maximize your social media ROI
For your brand to increase your social media ROI, 2023 must be the year of quality, not quantity. This requires strategically choosing a platform that will reach your target audience, regardless of the platform's overall popularity or number of subscribers.
The TikTok algorithm shows how it works as it segments the mass audience into very important areas of interest. Basically, it creates a small world of like-minded users. This small world will present you with many possible content goals. Your brand just needs to create content that connects with them.
And creating relevant content has become easier. TikTok recently increased the video description length to 2200 characters. This makes TikTok's video content more searchable, which is a big plus for a channel that already competes with Google's search engine dominance, especially among young people.
As a marketer, you'll be happy to hear that this is a way to introduce your brand to thousands of new customers. The key is to create compelling and concise content, as well as explain it in detail. (The TikTok algorithm uses video descriptions to indicate who is sharing what content.)
Even if you don't have a TikTok strategy yet (and you'll definitely need one in 2023), take the short video model and apply it to any social media platform you use. Short videos rule, so use it (sh, don't tell YouTube).
Review analysis
You know the old saying. "Numbers don't lie." This is especially true for analytics. By using your website analytics to inform your marketing strategy, you can assess what's working and what's not. For example, if you launch a TikTok campaign to increase sales in 2022, you can justify the increase in ad spend in your 2023 social budget.
As your brand collects more data from countless touchpoints, use analytics to better understand your customers' needs, design products and services that are more relevant to them, and reduce their inappropriate actions.
In 2023, expand your data sources by focusing on anything that can provide real-time data. Even on a tight budget, simple steps like running a survey or collecting data from an online chatbot can help your marketing team get to know your customers more deeply and better engage with them.
Related: The Complete Guide to Success with Marketing Analytics
A new era of content marketing
Content marketing is no longer limited to blogs and newsletters. Today's consumer demands are huge. The average American is said to watch 80 to 120 minutes of video online per day, which is why video calling will become essential for successful brands in 2023. Apart from short funny videos like TikTok or Instagram Reels, we are also seeing changes in the educational aspect. . and practical video content. High-quality investigative content that informs and inspires has become a popular feature on the platform, as evidenced by the 12 billion #TikTokTaughtMe video views.
Almost everyone creates so much content these days, no one has time for content. Again, in 2023, the focus will be on creating engaging content that resonates with users and adds value to the time they spend with you. Focus on becoming an expert in your field by providing useful content.
Due to external forces such as inflation and an unpredictable economy, marketing in 2023 will present both challenges and opportunities. Build your strategy around these strengths, knowing that you will be under significant pressure to achieve budgets and results. Use new artificial intelligence (AI) and automation tools to create a more effective marketing engine that uses data to improve campaigns and increase sales. Have marketing content, but better understand where your potential customers are and what content they like. Finally, be flexible. More changes are underway right now and you'll want to build in the ability to make changes on the fly to your new balance.