Three Things Brand Marketers Need to Pay Attention to in 2023
By Paroma Sen, Director-Strategy, iTechSeries
Most marketers will spend the beginning of a new business quarter or year formalizing plans and structures to use as a framework for the next few months. As brands progress into the next few months of 2023, there will be a greater need to optimize tactics, processes and measurement parameters to ensure that end goals are met without waste – the latter being a more prominent feature in 2023 given the constant economic predictions on 2023 being a tough year because of inflation and stagnated growth due to projected recessions.
What are some of the core pointers and aspects that should stay top of mind for marketers in 2023? Let’s start with 03:
Marketing to the Price-Conscious Customer
With so many industry and economic leaders cautioning the world about a recession and downturn in 2023, marketers need to keep this close to their heart as they try to dovetail efforts and outreach methodologies to cater to a more price sensitive market.
Brands will need to actively work on pivoting their messaging and core positioning to focus on the greater advantages and price benefits of their services/products. Working closely with product and delivery teams to be able to add a succinct value-add to customer deal can help enhance the overall customer experience and drive retention down the line.
In a highly price sensitive market where end users as well as companies are tightening budgets and spends, marketers need to be smarter about their marketing value and strategies while catering more to what customers really need.
Creating customer loyalty through innovative loyalty programs, remarketing to earlier customers and driving retention will have to become the focal point.
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Driving Seamless Online Buying Journeys
Seasoned Marketers and even salespeople are expected to achieve more with fewer resources in most cases during a downturn. This is what marketers can actually use to their advantage by creating online buying journeys and frameworks that are ever evolving and riddled with instant shopping / buying ability.
Live shopping has been turning into a prominent feature for B2C brands and this can be used more effectively as a takeaway for B2B tech marketers too. Using social media channels to drive product renewals and purchases instantly (without the need for a demo), giving the customer the choice to self-purchase or reach out to a live agent more seamlessly, ensuring all digital channels (websites, email channels, social and others) have the right call-to-actions that drive product purchases through custom discounts for instance will need to take up priority at a time when marketers are struggling to increase market share when budgets and spends are not at par with previous years.
Marketers who implement the ‘’right’’ martech like conversational AI, unified platforms that align sales-marketing journeys and processes will be at an advantage. This is the time for marketers to align online buying journeys to suit customer expectations and reduce the complexity that is usually typical of B2B tech customer journeys.
Doubling Down on Marketing Priorities
Marketers who like to jump onto the FOMO bandwagon can’t always be at an advantage.
For instance, over the years, the basics of content marketing changed and how. From ensuring consistent, dynamic blog content, to driving social media presence and now using podcasts and webinars to gain better leads and traffic – content marketing trends of various kinds are becoming a norm. As trends shift over the years, marketers who simply jump onto the newest tactic because their competitors have done so too will not be able to cut it in the long term.
Prioritizing what can be done better based on current resources and near-term goals will have to be the driving force for any future marketing strategy. For instance: knowing whether a podcast channel will help a brand drive revenue or customer growth, understanding whether an event or webinar will be fruitful in tapping into a certain audience set, identifying what channels are performing well for now and strengthening those tactics against those are important. This is what will marketers deepen priorities and give them a chance to focus on only what they can improve and align towards achieving true brand growth and ROI.
In a multichannel marketing ecosystem, optimizing processes to drive revenue and actual growth from channels that can be manned well are more useful than using a ‘’let’s be active everywhere’’ mindset.
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End Note: Creating Value through Evolving Plans
Frameworks and structures can help marketing teams get a kick start but the right measurement and constant tweaks to campaigns and processes in real-time are just as integral to achieving actual outcomes. 2022 was riddled with mass layoffs by some of the world’s largest tech companies. 2023 is being predicted to be a tough economic climate.
Marketers who know how to do more with less, those who can tap into customer sentiments with the right positioning and outreach methods while using better and more creative ways to stand out from the crowd will be the ones to flourish.