Editor’s note: Pete Denman is marketing and client services manager at Observation Baltimore. This is an edited version of an article that originally appeared under the title, “Marketing trends to look for in 2023.”
Marketing trends are constantly changing. With the emergence of technology such as VR and AI, and with algorithms in flux, it can be difficult to predict what’s next in the marketing world. Here are some marketing trends to look for in 2023.
For years marketers have viewed their process as a funnel, using marketing as a means to close the sale and repeat, making the customer an afterthought post-sale. Current studies consistently demonstrate that existing customers are 50% more likely to try new products from a known brand and spend 31% more compared to new customers.
Marketers are now seeing their process as a fly-wheel – prioritizing the relationship with customers well after they’ve made their purchase. Not only does this build trust that will lead to more interaction, but marketers are able to assess Net Promotor Scores of their consumers, allowing marketers to target those consumers that are likely to recommend the product to others.
Influencer marketing has experienced massive growth in the past few years. The industry has grown from $1.7 billion in 2016 to a $16.4 billion industry in 2022, and it only seems to be picking up more steam. With 61% of consumers reporting that they trust influencer recommendations compared to the 31% that trusts branded social media content, it proves to be one, if not the most, effective method to reach your desired consumer base.
You may not have to worry about breaking the bank when finding an influencer to partner with when marketing your product. Micro-influencers (accounts with 5,000-20,000 followers) account for almost half of all influencers, with nano-influencers (accounts with 1,000-5,000 followers) showing the highest regular eng...