what MarComms think: 2023 predictions
Director, Digital Marketing
Director, Digital Marketing
As we step into 2023, the digital marketing world is buzzing with new prospects and obstacles that businesses can look forward to tackling. With technology evolving at a breakneck speed and consumers evolving their behaviours, marketers must stay ahead of the curve and embrace change. In this article, let’s dive into five essential trends that are paving the way for the future of digital marketing and how they impact the industry.
The Evolution of Consumerism Through the Digital Lens
Excited to kick off our list with the digital revolution of the retail industry. Retailers are focusing on improving the digital shopping experience and creating a seamless journey for their customers. To achieve this, they are investing in cutting-edge technologies like virtual and augmented reality and utilizing data and analytics to personalize the shopping experience. For instance, chatbots powered by AI can offer 24/7 customer service and product recommendations based on a customer’s purchase history. The digital transformation of retail is a game-changer that will reshape consumer behaviour and shopping habits for which all brands will need to consider in their business strategy and marketing activities.
In-Demand: Technology that Drives Positive Change
Next up, we have “tech for good” – an encouraging trend where businesses are using technology to drive positive social and environmental change. The concept is hopefully here to stay as it will be ingrained in any new business uprising as well as an addition to existing strategic plans. According to Nielsen, 66% of consumers are willing to pay more for purpose-driven products and services. Companies are incorporating sustainable practices and using technology to tackle global issues such as climate change, inequality, and social justice. For instance, companies can use AI to reduce their carbon footprint or blockchain technology for ethical sourcing and supply chain transparency. Little steps can be taken as a collective along with the growing technologies as our allies to create a more ethical future.
AI and its Powerful Entrace: Will AI Take Over
GenerativeAI is set to play a crucial role in digital marketing in 2023, its uprise is a never-ending conversation around it and is blowing up the internet. This type of AI can generate original content and designs, freeing up time for marketers to focus on strategy and customer engagement. This AI can create personalized product recommendations, dynamic website designs, and ad campaigns, but it’s crucial to keep in mind that human interaction remains an essential part of the customer journey. We need to strike a balance between the benefits of AI and the significance of human interaction, to achieve the most efficient and productive outcome without taking away our unique marketer’s touch.
Finding the Brand Balance
The fourth trend we’ll delve into is the ongoing competition between branding and conversion in digital marketing. While branding aims to build awareness, loyalty, and reputation, conversion strategies focus on driving sales and revenue. Finding the perfect balance can be challenging, but it’s vital for success in today’s digital landscape. The digital advertising market is oversaturated with heavy competition, making it very important for brands to establish a strong identity to differentiate themselves to stand out in the sea of noise as well as from the crowd. By leveraging data and technology, businesses can understand and engage with customers on a personal level, balancing the need for building a strong brand and driving conversions.
Newsletter: The Comeback Kid
And finally, newsletters are making a comeback as businesses understand the value of owning their customer data and communication channels. By sending newsletters directly to customers, businesses can establish a direct and personal relationship with their audience and bypass third-party platforms. Newsletters provide valuable data and insights into customer behaviour, allowing businesses to make informed decisions about their marketing strategies. With the loss of 3rd party data due to tighter restrictions for ad platforms and cookie blockers, 1st party data becomes even more valuable. For instance, businesses can track open rates, click-through rates, and subscriber engagement to optimize their newsletter strategy.
2023 is shaping up to be an exciting year for digital marketing, full of opportunities and challenges. Embracing new technologies and innovative ideas is the key to driving the future of digital marketing. Don’t get left behind!