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Year after year, January rolls around and everyone wants to start over. New look, new goals, new beginnings, new strategy, new trends. Well, after reviewing all the newsletters in my inbox, attending various conferences, and listening to countless podcast, I’ve outlined SMB Media’s perspective on what the biggest marketing trends of 2023 will be. So here they are in no particular order:
Adapting to a cookieless world!
While Google announced it will start to phase out cookies on Chrome (plan to be completed by second half of 2024), Firefox & Safari have already done so, and Apple has implemented opt out features. So what is everyone’s plan? Let’s look to Google who seems to be leading the charge on this topic:
Google’s plan is to replace cookies with segmented groups who share similar interest. Marketers will have to adjust their targeting efforts to align with segments instead of specific individuals. This is very concerning and, in my opinion, seems like a very basic solution for such a sophisticated company with unlimited resources. How is this their plan after all this time? After they’ve lead and postponed the timeline of the industry going cookieless. I am not sure how this is going to go over, but cookies are eventually going to be leaving us, so we need to get smart with our tactics now! Especially, if the answer is segmented targeting. Let’s take a look at our options here.
The benefits of phasing out cookies mostly favor the consumers – reducing fake traffic, fraud, improved privacy, the ability to be rewarded for their first party data, etc. It also benefits the brand by providing the opportunity to develop more meaningful connection with their consumers, essentially deepening the relationship with their customers. Brands would provide perks in exchange for the consumers first party data. For example: Joining the loyalty program which give access to the customer data, will give that customer exclusive access, experiences, discounts, etc. This will enrich the data, the relationship and how the brand markets to them. It will also allow for a better ad experience with that brand, thus allowing that user to feel more positive toward that brand. A downside is that without first party data, you lose the ability to target and message these individuals, making data incredibly valuable right now. Ensuring you are using this year to build up your first party data as well as develop a data & audience strategy will be key to success beyond the cookie. So, while this change is coming, who is really ready for it? Somehow, I don’t think many….
Omnichannel Audience Strategies
Looking to reach your customers through one media is a strategy of the past. Before you start to comment about ability and budget, you can still make an impact on multiple media types while sticking to a strict budget. Feel free to email me if you’d like to discuss this topic further. It is imperative for marketers to ensure they are leading the customer journey, allowing for multiple touch points, interactions, experience, and communication. This includes everything from a web search to an email, a social media ad, a text message, an influencer promo and/or anything in-between. These are all ways to connect and drive emotion and loyalty to grab the consumers attention and get them to take action/purchase. It is said that on average a person must be exposed to an ad 7 times before taking action. So you better make sure you are in various places, with engaging creative and enticing messaging. Even if it’s 3 different places, being where your users are is imperative to learning, evolving and achieving success. I also see the omnichannel strategy being pushed to the forefront as cookies die and there isn’t as much of a choice. Reaching users and collecting as much info about them is key and will always be a necessity for marketers.
Consumer Connection
Brand loyalty has morphed into many different facets of advertising, but regardless of the measurement, KPI, or what you call it, it is a very important tool and the current and upcoming generations bank everything on consumer/brand connection. Not only that, but younger people are making more money than ever, and as they mature their spending power is getting that much more hefty. So brands, listen up!
- Gen Z – They do not trust ads and need to have connection and feel the brand is trustworthy in order to develop an authentic relationship with the brand. They look to friends and social media for insight, advice and influence on purchases.
- Millennials – Social media has strong purchase influence on this generation, but again, friends and social influencers lead this generation on purchasing power. They also are big with user generated content and ensuring a brand is legit and customers are happy.
- Gen X – This generation is always busy and on the go, so it seems, and they prefer quick, to the point emails and are more loyal than other generations. They love a great deal and use loyalty as a thank you.
- Boomers – I was surprised by this, but this generation is more social then we think! About 82% of boomers belong to at least 1 social site, most likely Facebook. They like to be rewarded and belong to a loyalty program. They want easy simple communication and do enjoy shopping in person.
- Silents – (75+years old) While they may not fit into may brands target audience, this generation is said to be one of the wealthiest. This gives them huge buying power, yet they are the most old school generation who most likely aren’t frivolously spending money. Direct mail, coupons, fliers, or any type of simple and quick written communication is how they prefer to interact.
What matters most here is understanding your audience, how to appeal to them and where to find them. From there messaging is everything.
Connected Television
Every other ad I see these days is for another streaming service. It seems every Tom, Dick and Harry are launching their own streaming TV offering with the promises of exclusive access or original content. According to Kantar, there were 113 million households accessing a streaming service as of September 2022. Other statistics state that around 85% of U.S. households now have at least one subscription to a video streaming service, such as Netflix, Hulu, Amazon Prime Video or HBO Max. On average, U.S. households have four streaming service subscriptions, according to the Deloitte Digital Media Trends Study. Another study found that 7% of Americans have six or more streaming subscriptions (May 2022).
With streaming being everywhere, we are seeing a huge revenue opportunity for the streaming service. It also provides more targeted reach for brands. This in turn, is pushing the industry to demand for more KPIs and better reporting with added transparency and actionable insights. Being able to intelligently reach your target users in a way that appeals to them when they are consuming specific content allows for a better, more relevant ad experience. This can come off seeming less of a nuance and will relate to the user, further deepening the bond between consumer and brand. As we discussed above, this seems important to the upcoming generation. Connected TV will only grow in the upcoming years as will its sophistication, abilities, and spend.
Shoppable Content
I couldn’t have asked for a better segue. There hasn’t been a comeback story quite like the rise of the QR code. We can thank the pandemic for that, because now shoppable content is EVERYWHERE! Almost every brand has an app, is on some type of mobile/digital device/social/influencer media, email and mobile marketing, etc. and is in their users’ faces all day every day. So why not provide a faster, more convenient and easier way to purchase than with shoppable content. I am already seeing ads all over – TV, print, outdoor, etc. with a QR code saying “scan for more info” or “scan to purchase.” Talk about instant gratification. All I have to do is take a photo with my phone and click the link and I can purchase just about anything I want with a finger touch.
This is a HUGE opportunity for brands. It takes about 5 seconds to create a QR code and most of the online generators are free. While I hated QR codes for when they replaced my menu, in my opinion, this is a great idea. How many times do you watch a show or see a commercial and google it, or try to find the item a person in the show is using? However, my bank account may be paying the price in the end! Shoppable content is here to stay, it will be evolving, and more offerings around it will begin to sprout.
I know this is just the tip of the iceberg for these topics. There are also many other trends that could have made this list, like social, personalization, mobile, etc., but I found these to be some of the new kids on the block and a bit more interesting to explore. If you wish to continue the conversation feel free to comment below or email me. It would be interesting to see which of these topics we are still talking about next year.
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