With rapid change, including the post-pandemic market shock and continued economic uncertainty (especially in the US and UK), consumers are actually becoming more selective. They carefully decide what they can afford and also consider spending money on your business or service!
Tight budgets and more thoughtful choices make consumers wonder if they're getting their money's worth, which makes marketing and sales efforts difficult (although understanding your customers is always important). That's why it's important to not only do the same with your marketing funnel, but also take the time to carefully review your marketing and monetization strategies, making sure they're as well-thought-out and tested as ever. Because they may be under more pressure than ever before! But be careful, don't try a new channel for fun - have a sustainable plan and understand that not all new channels are right for your business or your customers.
Scottsdale-based CPA Brian Murphy (senior managing partner of a Scottsdale accounting firm) discusses some of the pressing issues to consider in your firm's marketing strategy and business approach. Brian uses not only his expertise in this field, but also the latest Global Marketing Reports for 2023 from Deloitte and Nielsen . Brian specializes in corporate finance, marketing, accounting and fundraising. Brian brings his expertise to current marketing trends.
Avoid volatility in trading investments
Brian Murphy said: "Marketing has changed dramatically in the last decade and I think we will see more changes in the next few years. I believe Chat GP will completely change your SEO. How marketers can quickly create and improve valuable content without having to be experienced copywriters. ?And how Google Search Console works.While your mass marketing efforts may once have seemed like the best way to attract new customers, I recommend that your business now embrace the personalized delivery that new technology and data make possible.The buyer journey.
"The global Covid-19 pandemic has accelerated the pace of technology diffusion and innovation, making it impossible to work as before. This unexpected situation has forced businesses and marketers to adopt fast and flexible marketing strategies. Unfortunately, brands are not out of the woods yet. Economic stability in the market can be.
“In past financial crises, marketers have taken a conservative approach, deferring investment and focusing on maintaining levels, but I believe many brands need to adopt a more growth-oriented mindset in the face of recent economic uncertainty. By striving to maintain and improve earnings, the great companies of the past will finally be able to overcome and recover from the financial instability and unhealthy corporate financing that is expected in the coming years.
How will companies increase their marketing investments in 2023?
The number one tip for marketers today seems to be the best way to deal with a changing market is to either embrace new digital technologies and platforms, diversify and create new markets (easier said than done), or improve customer personalization.
Brian Murphy: "Deloitte and Nielsen report that your company should be looking to embrace new digital technologies and platforms. If you're trying to effectively reach new customers through Google Ads (PPC), LinkedIn Ads, Facebook Ads or YouTube Ads (YouTube Ads more expensive), other new platforms and technologies may mean podcasting, AI-powered customer interaction, digital display of products such as NFTs, cryptocurrency offerings or other digital experiences.”
“Many brands are already investing in these areas, but you should think twice before aggressively investing in several new digital platforms in 2023. Just because these platforms are ready for your business doesn't mean you're busy. Use each one as an opportunity to “try something new.” “Your whole marketing process, what worked in the past, what's working now, what's not working, can your target customers really benefit from engaging these new media? recruiters?
I think a lot of brands and companies are getting sidetracked with this amazing new technology and focusing on the marketing platform front – trying to be on all channels and the latest platforms, trying to brand themselves as Deloitte and Nielsen point out, but they're not doing that. focus on it throughout the customer journey. When your customers pay for your services. what happened next How does the actual quality of your services compare to your competitors? What is and does your ongoing relationship look like? Is this what the customer journey looks like? What ideas do you have about their additional needs and wants?
"Companies are under a lot of pressure to adopt new technology in media, but whichever customers you invest in a new digital marketing channel first will add more money to your bottom line and you should think twice. phone, the whole process is one thing. It's good to be on Tik Tok it seems, but it's good for your business and sends the right message.Optimize your email marketing, Facebook ads, PPC, public relations and networking opportunities first.
Persistence as a marketing tool
Brian Murphy said : "Sustainability and environmental issues have been on the agenda for many years (and have already helped many companies in terms of brand and reputation). However, they have taken a back seat during times of economic uncertainty and market turmoil. It may seem like a cycle. Cracking news. But the reality is that many consumers in almost every market want more sustainable and ethical products and services, and companies that embrace sustainability (and do so in their sales, mission statements, packaging, and global sales practices).
We can see this in the CMO (Chief Marketing Officer) interviews at Deloitte, where a common theme for CMOs is that their organizations are becoming more environmentally conscious and shifting towards customer-centric marketing. And it is no longer possible to avoid justice.
It is not only ethical or customer-centric reasons that drive organizations to focus more on sustainability in order to grow. Increasing government and regulatory constraints play an important role in these cost optimization initiatives.
But Brian Murphy says: "Many brands are focusing on improving their internal sustainability practices, such as: b- Reducing energy consumption. This shows that environmental issues, even if not directly related to consumers' opinions and views, are dominant and companies should do so . Especially those aiming for long-term growth should consider green practices. But honestly, I think how much you focus on sustainability depends on the size of your company. If you're a small business, you may not have a brand identity to speak of. But those in the public sector or energy-intensive companies (approx. Large companies such as those that have a significant impact on the environment) should do their best to focus on sustainability, especially in business partnerships, investor relations, public opinion and external marketing efforts.
Should brands promote sustainability in their marketing communications by 2023?
Again, yes, but seriously consider how important it is to your "marketing" efforts, says Brian Murphy. It's not one size fits all, it all depends on the size and nature of your business. Focus on internal sustainability (not the polluting Company) may be better Embrace sustainability in your communications because if it is not truly meaningful or appropriate, your communication efforts may come across as false and unrealistic."
According to reports from Nielsen and Deloitte, your marketing priorities for integrating sustainability into your business are:
- Increasing the sustainability of internal marketing practices
- Provide more sustainable products and services
- Engage in long-term sustainability efforts
- Shop internationally
Brian Murphy added: "It's important to note that younger generations (or younger consumers) care about the environment and care about environmental issues. Even if you're doing it just to follow a trend or show false support for environmental issues, you you need to factor this into your marketing strategies and business practices. A lack of in-store continuity can stifle growth as customers prefer brands that embrace these changes.
Innovation to stimulate growth
"We've seen improvement over the years and seen display results dominate the marketing strategy," says Brian Murphy. For example, data analysis, which is easier to perform and implement, is used by organizations around the world to inform decision-making processes. As data and logic continue to play a central role in business, ideas are evolving in a different direction. Whether you're hosting webinars, hosting free trial sessions, or meeting in person, you need to try new ways to generate leads.
"Too often, brands act like their competitors, making only small, reliable improvements to old methods. But innovation, the process by which the human mind proposes new solutions, cannot be underestimated. When companies expand into new markets, services, or products, this can lead to growth. Moreover, when many take a more cautious path, innovation can lead companies into turmoil and even into financial crises (corporate finance).
How do brands inspire creativity?
Brian Murphy says, “Here are my top tips for developing an innovation and growth mindset in your marketing mix:
- Remember that creative ideas can come from anywhere - from internal teams to external partners or customers, you never know where a good idea will come from.
- Innovation doesn't have to be a one-man project—continuous innovation is more effective and will improve your reputation over time.
- Get your organization more involved - you can make sure everyone is on the same page and encourage your creatives to earn reliable money.
- Encourage divergent thinking - allow room for error and allow people to take risks.
"Brands with a truly incremental growth mindset combine individual and organizational innovation for transformation."
Invest in new technologies
The evolution of technology has been an important part of marketing for many years. However, there is a delicate balance between being part of the latest trends and investing in unproven technology, said Brian Murphy. Of course, if a company is too slow, it can fall behind its competitors. they should pay attention. With a clear vision and knowledge of how technologies can transform their business or operations. Instead of saying, "TikTok, we should be on Instagram," focus on trying new things and seeing how they work. Again, your target audience will depend on it. by type of business - these types of platforms will not have Messages that resonate with all companies and their target customers.
Should your company consider Metaverse or Web3?
Brian Murphy said: "As you can imagine, many technology companies are talking about their new developments as the key to the strategy of the modern marketer. One of the whirring cylinders is especially Metaverse, which supports Metaverse 3.0 technologies (blockchain elements, NFTs or online digital worlds) B2C and even experiences that connect physical and virtual in B2B.
But again, I don't know how useful this is for the marketing department of most companies. It might work with some brands, but I wouldn't recommend investing your budget here until there's a big market for the range. Stay where you know your customers. Instead of creating pointless “digital experiences” in the air, focus on spreading messages on live channels and effectively optimizing your offer. Remember when brands thought crypto and NFT were the future? Focus on what really speaks to your customers. The prospects for this technology are still uncertain, and not all CMOs believe that it is relevant and useful in their industry, or at least not yet.
"Those considering integrating MetaVas into their marketing strategies should have well-defined goals and potential challenges. Even if your brand isn't ready for investment yet, it's important to consider how MetaVas will fit into future marketing strategies."
Accountant Brian Murphy
Marketers around the world and across industries can benefit from developing their understanding of upcoming marketing trends and implementing strategies. Brian Murphy, consulting partner and managing partner of a Scottsdale-based accounting firm and expert in sales, revenue, franchise and forensic accounting, is dedicated to helping companies worldwide reach new heights of revenue. Brian has specialized in auditing, financial auditing, forensic accounting, consulting, business support, financial advisory and other related services for over ten years.
