It's a Mad Mad World
2023 is expected to be a challenging one for almost every market. Whether it's the consumer market or B2B market and even e-commerce, the prediction for 2023 is that global growth is currently at a fall, from an estimated 3.4% in 2022 to 2.9% in 2023[1]. According to Forbes Magazine, the recession is very much part of the global market[2]. Is this a gloomy forecast or a marketing strategy goldmine?
As a result, consumer sales will slow down this year, compared to previous years, and this will determine whether we'll enter a recession or not[3]. With the future unpredictable, consumers holding back on buying, and a reciprocal recession to balance this financial cycle of 2023, marketing needs to tune into this environment and strategize accordingly.
Therefore, continuing with regular marketing initiatives such as more content, and more videos may not be enough this year. Consumer hesitation and tighter budgets resonate with all markets, and it is this market hesitation that your 2023 marketing strategy needs to address.
Interactive Marketing
Consumer hesitating is this year's marketer's window of opportunity. This is what marketers need to tap into. How? With an interactive marketing strategy. While customers are holding back as a means of preparing for the upcoming recession, the question for 2023 is how do you keep them tuned to your brand? Interaction.
Developing a marketing strategy that is based on interaction with your customers is key for this year. This is especially true considering that customers demand greater control over their purchasing decision[4]. For 2023, let's give our customers interactive marketing, where they take part in their purchasing decisions. Where they interact with the brand prior to purchasing it. This interaction increases brand credibility and allows customers to determine how they want to engage with the brand while obtaining more information about it.
The Game is On!
Let's give customers what they want. Let's interact. How? By initiative marketing content where customers are very much a part of the content or its outcomes. This includes quizzes, interactive infographics, and marketing tools where customers can try and provide feedback. This feedback, of course, will be addressed by the brand back to the customer. And yes, gamification is back! We're going back to the future to 2010 when gamification was first introduced. Time to dust it off and hit the market.
Summary
It's a mad world this year and continuing with your regular marketing plan might not be enough this year. Yes, the market is tough, however, it's a great opportunity to be creative and bond with your customers even more. Recession too is a window of opportunity, provided you see the opportunity.
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[1] https://www.imf.org/en/Publications/WEO/Issues/2023/01/31/world-economic-outlook-update-january-2023#:~:text=Global%20growth%20is%20projected%20to,19)%20average%20of%203.8%20percent. [2] https://www.forbes.com/sites/qai/2023/01/20/will-there-be-a-recession-in-2023-and-how-long-will-it-last/?sh=488c14630bf2 [3] https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/inflation-weak-demand-to-weigh-on-us-retail-sales-in-2023-74218939#:~:text=S%26P%20Global%20Market%20Intelligence%20economists,2023%20from%208.9%25%20in%202022. [4] https://www.mintel.com/consumer-market-news/global-consumer-trends/
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