The “2023 Global Marketing Trends” report by Deloitte offers guidance for business leaders and marketers by presenting recommendations for embracing trends and solutions that can set them up for success.
Why this matters
In 2023, as economic indicators remain uncertain and new platforms disrupt digital marketing models, marketers are investing in strategies to help their organization’s better adapt to change. The “2023 Global Marketing Trends” report offers insights and inspiration for brands seeking to have a lasting impact amidst slipping consumer confidence. This curated report from industry leaders and CMOs provides valuable guidance for marketers and executives to navigate the ever-changing business landscape in 2023.
Key Takeaways
Brands are acknowledging economic instability and inflation as a significant concern in 2023. However, instead of cutting costs, brands are taking an investment-oriented approach to increase their capacity and resilience to cope with the rapidly changing economic conditions. They are focusing on developing their capabilities to address these challenges.
As businesses face potential economic downturns, CMOs have identified their top three priorities to drive growth. The first priority is to accelerate the adoption of new digital technologies or platforms, such as the Metaverse, AI, AR, and digital currencies. The second priority is to expand into new markets, segments, or geographies. The third priority is to implement systems or algorithms to enhance customer personalization.
Brands surveyed are also concentrating on their internal sustainability practices to build trust with consumers. The top three priorities for sustainability efforts in 2023 include improving the sustainability of internal marketing practices, promoting more sustainable products and service offerings, and establishing long-term sustainability commitments.
With the growing creativity gap in the C-suite, declining creativity skills among CMOs and their marketing talent, and the need for brands to rise above the competition, there is an opportunity for individual brands to be more creative. CMOs might consider redefining what creativity can offer, inspiring the organization to think differently, and bringing the rest of the organization along for the ride to be the creative leader in their own organizations.
Marketers are faced with big decisions about when and how to invest in adopting cutting-edge technologies. Blockchain, 5G, virtual and augmented reality, and artificial intelligence take center stage as top trends for marketers to watch in 2023. By keeping these top priorities in mind, and investing in the right technologies, businesses can stay ahead of the curve and drive growth in 2023.
Summary
The report by Deloitte provides valuable guidance for businesses and marketers to navigate financial uncertainty, sustainability, creativity, and tech trends. Despite economic instability and inflation, brands are investing in strategies to increase their resilience and capacity to cope with rapidly changing economic conditions. Businesses can prioritize accelerating the adoption of new digital technologies, expanding into new markets, enhancing customer personalization, and improving their internal sustainability practices to build trust with consumers. Investing in the right technologies can keep businesses ahead of the curve and drive growth in 2023.
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