‘Unpredictable is my prediction for 2023’
Managing Director, Stephen Ardern, discusses what he predicts businesses can expect this year
The pace of change in business is often dizzying, and it seems that every year brings new trends and technologies that shake up the industry.
As we look towards 2023, it’s safe to say that this year will be just as unpredictable as ever.
Major economies are stalling as inflation rises to levels not seen for a generation, mainly due to pressures in supply, compounded by war in Europe and a slowdown in Chinese production. Inflation is having a detrimental impact on disposable income, which, in turn, is impacting most sectors.
Another factor contributing to the unpredictability of 2023 is the rapid pace of technological change.
From artificial intelligence and machine learning to virtual and augmented reality, new technologies are being developed and adopted at an unprecedented rate.
These technologies have the potential to revolutionise the way businesses market themselves and reach their customers.
However, it’s difficult to predict exactly how they will be used and where the value will remain in the long term.
Ryan Jenkins, futurist and keynote speaker, said: "AI is going to change marketing in the same way the internet changed marketing.
"It’s going to be a complete game-changer."
One thing we can say for certain is that the role of social media in marketing will continue to evolve in 2023.
Social media platforms have become an integral part of the marketing landscape, and they are constantly introducing new features and algorithms that businesses need to navigate.
Tiktok, Instagram and the big three streaming giants are beginning to dominate the attention of younger audiences, with less time spent viewing traditional broadcast channels.
“People aged 16-24 spend less than an hour (53 minutes) in front of broadcast TV on an average day – a fall of two-thirds in the last ten years.” – Ofcom
Social channels are also changing how people search and discover, with younger users not tending to type in keywords but rather looking to discover content in new, more immersive ways.
“In our studies, something like almost 40% of young people, when they’re looking for a place for lunch, they don’t go to Google Maps or Search,” he continued. “They go to TikTok or Instagram.” – Prabhakar Raghavan, SVP, Google
In addition to technological and social media changes, we can also expect to see shifts in consumer values and preferences in 2023.
For example, there is a growing demand from consumers for brands to demonstrate how sustainable they are.
Consumers are becoming more conscious of the environmental impact of the products and services they purchase.
Brands need to make clear commitments that people understand and communicate them clearly in their marketing efforts, whether it’s through eco-friendly packaging or promoting sustainable business practices.
“73% of global consumers said they would pay more for sustainable brands. In addition, 66% of respondents said they would switch brands, including from a favourite to one that is associated with a good cause.” – Nielsen
Overall, the pace of change shows no signs of slowing down, and 2023 is shaping up to be another unpredictable year.
Businesses will need to be agile and adaptable in order to keep up with the ever-changing landscape, and those that are able to embrace new technologies and consumer trends will be well-positioned for success.
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When uncertainty and shifting expectations are the new normal, brands no longer need radical transformation. What’s needed is long-term thinking and the ability to adapt quickly.
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