Here's Why You Must Rethink Your Marketing Strategy In 2023

Here's Why You Must Rethink Your Marketing Strategy In 2023

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With less than a month to go until 2023, we've already seen a lot: big changes and cuts in technology, ChatGPT, and a growing storm of economic uncertainty. There is no doubt that inflation is the dominant player here. 47% of entrepreneurs believe that inflation will be their biggest business concern in 2023. Despite this, new research shows that more than a third of business owners and entrepreneurs (perhaps surprisingly) are still planning to increase their marketing budget. However, economic uncertainty will drive marketing innovation with increased efficiency and profitability as brands and marketers adapt their marketing approaches 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 Use in 2023

Gesture: transformation

With media and acquisition costs on the rise, now is the time to build or hire a SWOT (Strengths, Weaknesses, Opportunities and Threats) team solely focused on transforming your database, traffic, and your existing leads.

We are currently working with all of our clients to refocus them on optimizing their leads, controlling spill areas, and identifying ways to increase conversion rates across the funnel.

Even a 0.5% lead-to-customer conversion rate increase often has a significant impact on a business.

Media expectations

As new streaming channels emerge in an already crowded media landscape, expect more audience fragmentation. In 2023, this should be good news for ad-supported advocates, especially as more and more streaming channels (like Netflix and Disney+) are starting to offer ad-supported packages to their subscribers. Therefore, marketers need to run more detailed and targeted campaigns where return on investment (ROI) can be easily measured, which is a critical factor in closely monitoring advertising performance.

For those who are satisfied with the performance of their "linear" advertising model, television will remain a product that delivers results, especially for consumers, healthcare and retail. Some analysts expect cable and linear television (CTV) advertising spending to increase this year. For what? Because they continue to deliver great results for many businesses.

Related: How to Adapt Your Marketing to Survive the 2023 Recession

Maximize your social media ROI

For your brand to maximize your social media ROI, 2023 needs to be the year of quality, not quantity. This requires strategically choosing a platform that will reach your target audience, regardless of the overall popularity of the platform or the number of subscribers.

The TikTok algorithm shows how this works as it categorizes large audiences into specific areas of interest. Essentially, this creates a small world of like-minded users. Many of these small worlds will become potential content objects for you. Your brand just needs to create content that connects with them.

And content creation just got easier. TikTok recently increased the length of video descriptions to 2200 characters. This makes TikTok video content more searchable, which is a huge plus for a channel that already rivals the dominance of the Google search engine, especially among young people.

As a marketer, you'll be happy to know that this is one way to introduce your brand to thousands of new consumers. The key is to create captivating and concise content, as well as a good description of this content. (The TikTok algorithm uses video descriptions to determine who shares certain content.)

Even if you don't have a TikTok strategy yet (and you should definitely have one in 2023), use the short video model and apply it to the social media platform you use. Abbreviated video rules, so use them (shhh, don't tell YouTube).

Review Analysis

You know the old adage "Numbers don't lie". This is very true when it comes to analysis. By using your website analytics to inform your marketing strategy, you can evaluate what is working and what is not. For example, if you launched a TikTok campaign to boost sales in 2022, you can justify higher ad spend in your 2023 social media budget.

As your brand gets more data from multiple touchpoints, use analytics to better understand your customers' needs, design products and services that are more relevant to them, and grow your business where they don't find them irrelevant.

In 2023, look to expand your data sources by focusing on anything that can provide real-time data. Even with a limited budget, simple steps like completing a survey or collecting information from your online chat can help your marketing team gain a better understanding of your customers and the best way to communicate 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. The demands of today's consumers are much greater. According to reports, the average American watches 80-120 minutes of online video per day, which is why video calling has become a necessity for successful brands in 2023. Besides short entertaining videos like TikTok or Instagram Reels, we are also seeing an evolution towards educational content. videos and instructions. High-quality search content that informs and inspires has become a popular feature on the platform, as evidenced by over 12 billion #TikTokTaughtMe video views.

With so much content being created by just about everyone these days, no one has time for mechanical or unwanted content. Again, in 2023, the focus will be on developing 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 your budget and results will be under significant pressure to achieve results. Use new artificial intelligence (AI) and automation tools to become a more effective marketing machine, using data to improve campaigns and increase sales. Move into the content marketplace, but better understand where your potential customers are and what content options they like. Finally, be flexible. More changes are coming, and you'll want to incorporate the ability to spin quickly into your new balance exercise.

Account Based Marketing at HubSpot ABM

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