Top Marketing Trends to watch out for in 2023

With 2023 just around the corner, marketers are staring at the new emerging challenge – a global slowdown. In the year gone by, we witnessed an upheaval that abated shortly and yet again we are shrouded by the challenges of global inflation, increasing interest rates, amongst several others, preparing us for a challenging year ahead. With headwinds to the business growth and restrictions on discretionary consumer spend, marketers need to adopt innovative approaches and adapt to changing conditions.

Contrary to popular techniques, a better and distinctive approach that leaders must undertake is not to cut down on marketing budgets, but to enhance its efficacy to get a bang for a buck! A strategic approach that marketers must take is to maintain visibility and top-of-mind recall, as it doesn’t take much time for tides to turn, and you want to be riding the wave then.

While there has been increased affinity towards online, consumers are also gravitating towards offline. Today’s consumer has a lot of expectation from a brand as they want to be associated with one that takes a more nuanced approach to diversity, equality and inclusion. Hence, brands will need to focus on empathizing with the messaging and have evolved conversations so as to add value to the society. As we start planning for the year ahead, here are some strategies to use, expertise to hone, and trends to watch in the coming year:

Build relationships, increase facetime with consumers                       

While audiences have been gravitating more towards the adoption of online, be it consumption on OTT platforms or shopping from the comfort of their homes, many consumers are returning to outdoor shopping, travelling and social life. According to BCG-RAI study highlights that consumers no longer see boundaries between online and offline channels of consumption, hence making it imperative to create seamless experiences that are integrated across channels. While the temptation to skip in-person may be compelling, it is important to hit the road and meet the consumer in-person.  Such meetings are perceived as more credible and positive which ensure a long-lasting relationship with your partners and consumers alike. 

Language content breaks regional boundaries

According to FICCI-EY media & entertainment report, it is estimated that the share of regional languages will make up 60% of television consumption in 2025. India has a vast native-speaking population and families continue consume native language content. This trend is the very reason why brands need to focus on interacting with their audiences in regional content. Conversations in personalized way and regional language make fosters a sense of belonging, boosting brand loyalty and also create a community, leading to an emotional connect. The big western narrative has now been replaced with an internalising outlook of authentic indie experiences. If recent successes from films are any indicator, regional content has the potential to break boundaries and can help in market expansion, as well.

Short videos : Future of content 

Short format videos have taken the industry by storm and have been a constant growth trajectory, witnessing a surge in such content consumption. As they are attracting more eyeballs, marketers will be looking at allocating more monies towards short-video space.  Thanks to social media and in a world full of messaging, the audience’s attention span has shrunk considerably further making it necessary to leave a lasting impact in a crisp messaging. Hence, it is essential to focus on high-quality content that is relevant, unique, informative and engaging.  

Prime the audience - anticipation marketing to evolve

Remember the last time you were watching a movie which was a cliff-hanger and few years later you watched the first trailer of the release date of the second part. That rush of adrenaline you felt was the culmination of the anticipation build up to finally unravel the plot. Marketers will similarly need to curate such experiences for customers when they are buying, waiting and receiving the product of their choice. The operative word being ‘strategic anticipation’ needs to be weaved into marketing communication. The year ahead will be a pivotal juncture to move from technical- based marketing to anticipation marketing. While data has been enabler in observing behaviors, the new age tech such as AI & ML will empower brands to identify ‘signals’ i.e. indicators of what the customers are actually looking for. Although anticipation marketing in itself may not be a new phenomenon, brands will experiment to create strong marketing moments in their marketing mix.

Brand’s Social values drive consumers 

Social responsibility, especially in the last 2 years, has grown significantly. People want to make a difference, and many of them try it with their purchases. Businesses who use recyclable packaging, spread awareness of societal issues, donate to charities and NGOs, can attract consumers by painting themselves as socially responsible.  Today’s consumer demands brands to showcase how they can bring about a real change in the society by rallying behind socially relevant causes and making their stand clear on issues. Social value defines the brands identify and is the biggest differentiator – it certainly enhances the value you can offer which goes above and beyond customer experience and satisfaction.

Today, customers value privacy, authenticity, diversity, and transparency more than ever. We’ve seen a distinct shift in marketing trends and practices in the last few years and being true to your brand and your consumer takes the cake. Marketing in 2023 has great potential for dynamic impact on the consumers with opportunities for innovative ideas ranging from your SEO to at leisure watching your favourite show. It’ll truly be an interesting year to look forward to.

• Meghna Varma, Director, Marketing, IPM India Wholesale Trading Private Limited (country affiliate of Philip Morris International, Inc.)