What are marketers' main challenges and priorities in 2023? And how can we as agencies solve them?
First things first: It will be even more important for marketers and agencies to work together this year due to the rapidly changing landscape. The cost-of-living crisis has forced consumers' behaviours to change and businesses to scale back certain activities.
Secondly: The post-pandemic years have created challenging environments for some industries - but presented opportunities to others.. The key is to continuously observe market trends and shifts in consumer behaviours, grasping the concerns of clients and prospects and adjusting strategies accordingly.
So with this in mind, what are marketers biggest challenges for the year ahead? Propeller Group has identified five that relate to all sectors.
Marketing Challenge #1: Proving ROI on Marketing Investment to the C-Suite
Proving marketing ROI has always been high on CMO agendas. But even more so now. Marketers will need to shift the focus away from ROI and more towards stressing the value of brand equity and customer experience (CX). Agencies can help by suggesting the right balance of Performance and Brand marketing.
Marketing Challenge #2: Understanding Customers Behaviours
With inflation and the cost-of-living squeeze, customers' behaviours are bound to be affected. The question is: how? Will they give up certain luxuries? Will they cancel certain monthly subscriptions? Has their media consumption changed?
Everyone reacts to economic situations differently - meaning brands will have to gather fast feedback and intelligence directly from consumers - a task agencies should take into account.
Marketing Challenge #3: Showing Empathy
Consumers and employees alike will expect brands to show empathy during uncertain economic times. They want brands to understand their difficulties and present offers to help. Introducing a considered tone-of-voice and implementing money-saving systems or advice are both effective ways to show this empathy.
And it’s not just about considering money-saving. It’s taking into account representation in advertising, diversity in the workplace and environmental impact. Brands will be highly likely to value agencies that can help them be more empathetic in their comms.
Marketing Challenge #4: Understand Shifts in Operational Thinking
The current economic situation could force businesses into changing how they operate. Bringing some services in-house could prove more cost-effective. Therefore agencies will need to prove their worth, strengthen processes and ensure they’re set up to work with in-house teams.
Marketing Challenge #5: Finding Ways to be Flexible
Businesses and their marketing teams will need to be as agile as ever as they explore new revenue opportunities, and with this, changes to their marketing plans. Businesses will be looking to agencies to adapt quickly and be as flexible as possible.
Solving these Challenges
Now you know the five key marketing challenges, how can you adjust your strategies and processes and help clients with these? We delve into this, plus share insights from new business experts, in our 2023 playbook.