5 Marketing Trends In 2023

The evolution of (online) marketing has taken us far, but the pandemic has accelerated our shift towards more digital operations. As we navigate through a recession, our behavior will be further influenced.

With companies expected to tighten their budgets, marketers will need to rely on their creativity to make the most out of limited resources.

This article may shed light on the direction we are heading in.

Here are 5 marketing trends to watch out for in 2023:

Flywheel vs funnel 

The traditional marketing funnel, which many of us are familiar with, has finally reached its end. In contrast, the flywheel model prioritizes customer satisfaction and loyalty to the brand, rather than just attracting one customer at a time with the ultimate goal of selling.

The flywheel model aims to build momentum by consistently enhancing customer service and experience, resulting in increased customer loyalty and ultimately driving growth.

Here are 4 ways to improve your customer loyalty/experience:

1.     Build a customer experience: A great customer experience can be a powerful driver of loyalty and growth. Companies that focus on providing an exceptional customer experience are more likely to retain customers and attract new ones through positive word-of-mouth.

2.     Build a community: Companies can create a sense of community by engaging customers and fostering a sense of belonging. This can be done through online forums, social media groups, or in-person events.

3.     Invest in product development: Companies that invest in product development and innovation are more likely to create products that customers love and that differentiate them from competitors.

4.     Develop a referral program: Referral programs can incentivize customers to refer friends and family to a company, which can drive new business and growth.  Continuously analyze and optimize: To build momentum, companies need to continuously analyze their performance and optimize their strategies. This can involve gathering customer feedback, monitoring metrics, and experimenting with new approaches.

AI will power social media marketing. 

The use of AI is rapidly expanding and is increasingly influencing our daily lives, including our work. In social media marketing, AI can be utilized for a variety of purposes, such as identifying and engaging with your audience.

With AI, you can analyze user data of your target audience, allowing you to identify the types of audiences you currently have and optimize your marketing strategies accordingly. Additionally, ChatGPT will be predicted to be the biggest influence on social media content. It will help save time by scheduling social media posts and writing more engaging copy.

By leveraging advertising data, AI can also identify opportunities to resonate more with your audience and drive up sales. The potential for AI is limitless, and it is likely that we will increasingly rely on it in the coming years.

To fully harness the capabilities of AI, it is important to have a solid understanding of its functionality and how to work with it effectively.

TikTok & Reels 2023

The popularity of TikTok and Reels has seen a significant surge in recent years, and this trend is set to continue in 2023. The effectiveness of interactive videos in engaging with audiences has been well-documented, even on platforms like Instagram, as algorithms continue to prove their worth in organic reach. Moreover, these platforms have been shown to boost people's happiness, and brands that can tap into this positive vibe are likely to enjoy better profitability.

As more and more brands recognize the potential of TikTok and Reels, they are looking to leverage these platforms for growth. In fact, creators are anticipating a 47% increase in ad spending on TikTok in 2023. By incorporating TikTok and Reels advertising into your business strategy, you can further enhance audience growth, and with the help of a PPC manager, take it to the next level.

Employee advocacy will take priority.

The significance of short-term videos and influencer marketing is constantly increasing. Emphasizing the need for a well-trained and affiliated team to ensure that your brand identity is reflected in the content. Investing in this aspect will not only strengthen the Flywheel model we discussed earlier but also boost your brand growth.

Smaller marketing agencies are poised to benefit

With the onset of a recession, businesses are looking to cut costs wherever possible, including advertising spend. This has resulted in larger agencies facing challenges as they tend to charge higher fees. While big agencies have the advantage of a wider internal network with specialized skills, the downside is that their services are less personal and more expensive.

As AI continues to pervade our lives, more and more tasks will become automated, resulting in the consolidation of multiple jobs into one. Smaller agencies are poised to benefit from this trend as they are more cost-effective and provide a more personalized service, while also being able to leverage the advancements in AI technology. It is possible that the role of a social media agency may evolve into that of a marketing consultancy, where less emphasis is placed on technical skills and more on intelligence and insights.

Would you like to know how we can enhance your customers' experience through social media advertising and content?

Schedule a FREE consultation below or e-mail me at floor@floordigital.co.