CHANGE IS HERE: BIG TRENDS IN 2023 THAT WILL CHANGE THE FACE OF MARKETING
New year, new opportunities! The marketing landscape is constantly growing as consumer preferences evolve and new technology emerges. In 2023, there will be many ways that marketers can reach and connect with their audiences. Due to economic uncertainties within the last year, now more than ever, consumers are craving a personalized experience and products that provide value to them.
We have highlighted 5 digital trends for marketers to be aware of as they prepare their strategies in the new year.
Keep it short! Short-form videos are on the rise, especially on social media
Every day, consumers are exposed to a plethora of content. As attention spans decrease, short-form video has been the key to reaching consumers, capturing their attention with digestible 15-second to 3-minute videos. From a recent Hubspot survey, short-form video has been identified as the marketing trend with the highest Return on Investment (ROI), and 21% of marketers plan to implement these videos for the first time in 2023.
The beauty of video marketing is that content can be shared across social channels. We have seen considerable growth in the social platform TikTok, with in-feed video ads providing high engagement among viewers. In addition, YouTube Shorts has driven website traffic and engagement, in which marketers can share stories about their brand, educational content, how-tos, and more to reach a wider audience.
Stay connected! Connected TV/OTT growth increases
eMarketer reports that in 2023, US residents will spend more than an hour and a half per day with subscription over-the-top (OTT) services. Pre-pandemic, people spent just under an hour per day watching these services.
Top streaming services like Netflix, Disney+, and HBO Max, have an ad-supported platform to allow a lower price for their services while allowing brands to reach their audience when they are consuming content. Brands can then continue their messaging across different platforms to keep it consistent and cohesive. With new advancements like shoppable ads, granular targeting capabilities, and more accurate data measurement, marketers can reach new ad-supported subscribers through CTV.
Consumers continue tuning into digital audio, radio, and podcasts
Between platforms such as Spotify, Apple Podcasts/Music, Pandora, YouTube Music, or Amazon Music, consumers have an extensive list of podcasts or music options to listen to throughout their day. In 2023, there are forecasted to be 141.7 million digital audio subscribers in the US and 225.8 million overall US listeners. Consumers, especially younger generations, are able to listen to music and podcasts while doing other activities, whether that be exercising, driving, studying, etc. For podcasts in particular, many companies advertise for brand awareness, for 69% of listeners claim to have been exposed to new brands and products as a result of ads from a podcast. As usage increases, brands have the opportunity to reach a larger audience in 2023.
Influencers provide unique targeting opportunities
In the past 3 months, it was found that 33% of Gen Z have purchased a product after viewing a recommendation from an influencer. Especially with the rise of micro-influencers, marketers can cut through the noise of celebrity endorsements and utilize influencers that share your brand’s vision and values and further spread awareness to a niche audience group. With micro-influencers, viewers can watch content that is more authentic and relatable to them, especially on apps like Instagram, Facebook, TikTok, etc. Influencer marketing spend is projected to increase by 23.4% in 2023, and this growing trend will propel brands moving forward.
Growth of First-Party Data
When browsing the internet, consumers often come across ads that are relevant to the content they have viewed. For example, if searching for a beach vacation in Florida, you may see a Florida vacation ad on a different site. This is due to cookie tracking.
To ensure data privacy, Google plans to remove third-party tracking cookies from its Chrome browser in the second half of 2024. While this may seem daunting for marketers, companies like The Trade Desk are creating first-party data platforms and strategies in order to help advertisers succeed. Half (50%) of US publishers believe the depreciation of third-party cookies could be an opportunity to differentiate via their own first-party data. With opportunities on the horizon, we expect to see more companies testing out first-party data strategies in 2023.
What are you including in your 2023 strategy?