Marketing trends are evolving but definable! Achieving an organisation’s next growth level depends on how best it can explore and maximise marketing trends.
In a webinar conducted by our Principal Consultant at PANDORA, Kehinde Ruth Onasoga held on Friday, 16th of December 2022, she explained how Nigerian businesses could leverage marketing trends to improve customer service and profitability in 2023.
In her words, “marketing trends are meant to serve as guides based on previous experiences and are not cut on stones or 100% accurate.”
In 2022, 3 marketing trends were consequential to organisations’ growth and failure, including data protection and first-party data, meme marketing and crypto influencer marketing.
Most organisations utilise meme marketing for one campaign or another, while notable technological companies face lawsuits for privacy and third-party data violation. Google paid $600M in privacy settlements across the US in 2022; likewise, Apple and TikTok were charged for consumer data violations.
She noted that data will always be helpful for businesses aiming for growth, but the type of data and usage is changing. 81% of enterprises would now depend on first-party data to determine customers’ preferences and buying behaviour and optimise their products and services. A Twilio report found first-party data as the answer to better privacy for customers.
Speaking on the impacts of meme marketing in drawing customers’ attention and engagement by influential brands, using an imitation of musicians and so on, she believed this would continue into 2023, as the year would be a year of sharpening focus.
Based on these dynamics, she made predictions under five headings. They are:
- Marketing Economy
- Content Marketing
- Reporting and Measurement
- Digital Advertising Platforms
Marketing Economy: During this uncertain time, when supply shortages and inflation are the order of the day, coupled with the impending national election in Nigeria, organisations would aim to reduce their marketing spending. Marketing within the last few years has been experiencing a downhill due to various disruptions in the global and Nigerian economy, which has caused slow business growth.
To achieve marketing objectives in 2023, organisations must prop themselves against the competition by spending more than their competitors and accounting for every spend. This marketing strategy should also be inclined towards the company’s profit level to stay above the noise in the market.
Advertising agencies looking to maximise this period must also be transparent and be ready to explore new channels and processes.
Marketing Visibility: Brands looking to expand their visibility and thrive on the latest technologies in 2023 would need to invest a lot more in their brand values regarding sustainability and privacy policies. These high values doubled with the company’s social monitoring would help them connect better with their target audiences, streamline them and serve them customised products and services.
Apart from social media, voice-powered technologies and other communication channels, businesses must host offline events to improve credibility and trust.
Content Marketing: The future of content points to artificial intelligence and the metaverse. This means that marketers must immerse themselves in the latest technologies to ensure understanding and full maximisation of the platforms for marketing and business growth. In the last few years, AI has been integrated into all social media platforms as an algorithm for content ranking and online visibility.
However, its function is evolving to content development, engagements and audience targeting. This new development is making content marketing easier and faster to create. Examples of AI and metaverse platforms that will inform content marketing decisions are Copy.ai, ChatGPT, Krisp, Beatoven.ai and Nikeland.
Marketing Reporting and Measurement: Reporting and measurement are the best way to check for successes and learn from failures. Our principal consultants highlighted various ways reporting and measurement can impact organisations’ advertising spend and campaigns in 2023.
These ways include advertising campaign strategies, return on investment and advertising timing. Businesses would need to monitor when they have the majority of their customers online as well as their preferences of content to strategise the best approach to connect with the customers. Examples of reporting and measurement platforms are Google Analytics and Similar Webs, enabling businesses to review their website performances and work on improvement.
Digital Advertising Platforms: Instagram Reels and TikTok dominate social media feeds and capture users’ attention within 5 seconds. How do you ensure that your business maximises this evergreen platform? This time is overripe for companies yet to develop their short-form video skills to improve and leverage them across social media platforms to avoid becoming latent.
Conclusively, Pandora Agency as a marketing agency has been staying ahead of the marketing curve since 2015. Contact us for marketing consultancy, strategy development and implementation via mail at [email protected].