In the face of rapid changes, including the market aftershock of the pandemic and continued  economic instability (particularly in the US and UK), consumers are certainly getting much pickier. They are deciding more carefully what they can afford to spend their money on, and also considering, should they spend money on your particular company or service!

Limited budgets and higher deliberation on choices, means consumers are really thinking about if they are getting value for money with you –making your marketing and commercial efforts much more difficult (although truly understanding your customers has always been key). So it really is crucial that you are taking the time to not just do the same old with your marketing funnel, and instead have a real strong look at your marketing strategies and revenues, to ensure that they are as well thought out and researched as ever, as they are likely on as much pressure as ever! However heed caution, don’t just try any new channel for the sake of it – have a sustainable plan and realise that not every new channel will be for your company or the type of customers you have.

Scottsdale-based Accountant Brian Murphy (a senior managing partner of a Chartered Accountants firm in Scottsdale), discusses some quick areas to consider for your company’s marketing strategy and commercial approach. Brian not only draws from his own experience in the field, but also from insights from the recent 2023 Global Marketing Reports from Deloitte and Nielsen. Brian specializes in corporate finance, marketing, accounting, and finance raising. Brian brings his expert lens to current marketing trends. 

Countering instability with marketing investments

Brian Murphy said: “Marketing has undergone significant changes over the last decade, and I fill that we will likely experience many more transformations over the next few years. I think Chat GP will completely transform SEO for one. Both the way marketers can quickly create and optimize relevant content without the need for experienced copywriters, and also the way Google Search Console will work. Where your mass marketing efforts were once considered the best way to get new customers, I would strongly suggest that your business is now dedicated to personalized delivery, made possible by new technologies and data, that target  and reaches the right people at the right time in their buyer journey.”

“The rapidity of technological use and innovation has been accelerated by the global Covid-19 pandemic, which made operating as we once did impossible. This unpredictable situation saw businesses and marketers adopt fast-growing and agile marketing strategies. Unfortunately, brands are not out of the woods yet and market economic stability is likely.”

“Previously during times of financial insecurity, marketers took a more conservative approach by slowing investment and focusing on keeping the status, however rather than making cuts, I think many brands need to adopt a more growth mind set when approaching the recent economic uncertainty – the conscious effort to secure and improve revenues. Ultimately, larger businesses have the capacity to manage and bounce back from more challenging situations. Thus, organizations approaching the coming year with a growth mindset will be more secure against predicted financial instability and unsound corporate finance. Focus in on communications and marketing propositions (price, service levels) that not only give people what they need in these troubling times, but offers the best value for their current lifestyle and wallet.”

How will businesses increase marketing investments in 2023?

Key advice currently seems to be for the best way for marketers to tackle their marketplace change, is to either adopt the latest digital technologies and platforms, diversify and entire new markets (much easier said than done), or improve customer personalization.

Brian Murphy said: “Deloitte and Nielson both say in their reports that your company should try to adopt the latest digital technologies and platforms. Presuming you have tried to effectively reach new customers via Google Ads (PPC), LinkedIn Ads, Facebook Ads, or YouTube Ads (YouTube ads are very expensive), other new platforms and tech would likely mean podcasting, AI customer interaction, or digital Metaverse products such as NFT, cryptocurrency offerings, or other digital experiences”

“Many brands have already begun investing in these areas, but you need to have a serious think before taking an aggressive approach in investing into loads of new digital platforms in 2023. Just because these platforms are available to your business, it doesn’t mean you should just get busy and use all and every one of them just as the means to ‘try something new’. Have a serious think about your entire marketing process, what has worked before, what isn’t working now, are your target customers actually going to benefit from being engaged on these new medias?”

“I think many brands and companies focus too much the front of the marketing funnel, getting distracted by all these wonderful new technologies – trying to be on every channel, the latest platforms, in attempts to get loads of awareness, as suggested by Deloitte and Nielsen. However they do not focus on the entire customer journey. What happens once your customers pays for your service? What is the actual quality of the service you provide comparative to your competitors? What are your follow up communications and customer journey like? What is your understanding of their further wants and needs?”

“There is significant pressure from the media on businesses to adopt new technologies, but you must have a real think first about who your customers are and whether the investment in a new digital marketing channel is actually going to drive more $$$ on your bottom line, and once you get customers through the funnel, what does the entire process look like. Yes, being on TikTok may seem cool, but is it reputable for your company, and does it send the right message? Likewise, do you really need to invest into all the equipment to create a Podcast show that one of your competitors has already created? Yes, many companies are worried about being left behind or missing out on all these new digital options, but make sure you really perfect your email marketing, Facebook Ads, PPC, press relations, and networking opportunities first.”

Sustainability as a marketing pull

Brian Murphy said: “Sustainability and environmental concerns have been in the news agendas for many years (and have actually assisted numerous companies from a branding and reputation perspective). However, there has previously been a trend whereby sustainability takes a backseat during economically uncertain periods of trading difficulties and market unrest. It can seem an exhausting news cycle. But in fact, a lot of consumers, across nearly every market, are really looking for more sustainable and ethical products and services, and businesses who embrace sustainability (and communicate it in their marketing, mission statements, packaging, and overall business practices top-to-bottom).”

We can see this in the Deloitte CMO (Chief Marketing Officer) interviews where there was an overarching theme of CMOs saying their businesses were consciously becoming more environmentally conscious shifting towards increasingly customer-centric marketing (public interest assignments), saying that sustainability and equity can no longer be pushed aside.

It’s not just ethical or customer-focused reasons pushing organizations to take a keener interest in sustainability for growth. Increasing governmental and regulatory restrictions are also playing an important part in this cost rationalisation initiatives.

But Brian Murphy says: “Many brands are focused on elevating internal sustainability practices like reducing energy use. This suggests that environmental concerns will take precedence even when they are not directly related to consumer opinions and attitudes and that businesses aiming for growth, particularly in the longer term, must keep environmentally friendly practices in mind. But being honest, I think how much you really go overboard with sustainability depends on the size of your business. If you are a small practice, you will likely not have much of a brand identity per say. However large companies, say in the public sector or energy-heavy companies (who are impacting the environment a lot), need to do their best to focus on sustainability especially for commercial partnerships, investor relations, public sentiment, and external marketing efforts”

Should brands promote sustainability in marketing communications 2023?

Brian Murphy said “Again, well yes, but have a serious think how important this really is in terms of your ‘marketing’ efforts. It all depends on the size and nature of your firm, as opposed to one size fits all. Focus is probably better to be on internal sustainability (not being an environmentally damaging company) as opposed to going OTT with sustainability in your communications, as if it’s not really meaningful or relevant, it may come across as faux and unauthentic in your communication efforts.”

Drawing on the reports of Nielsen and Deloitte, they suggest your marketing priorities in terms of integrating sustainability into your company would be:

1. Improving internal marketing practice sustainability
2. Providing more sustainable products and services
3. Committing to long-term sustainability efforts
4. Executing international acquisitions

Brian Murphy further said: “It is worth noting, younger generations (or your younger consumers) are especially conscious and interested in environmental issues. Even if they are just doing this to jump on a trend or show faux support for environmental issues, it’s worth considering in your marketing approaches and business practices. A lack of sustainability within a business will likely hurt growth since customers will choose brands implementing these changes now.”

Creativity to drive growth

Brian Murphy said: “For years we have seen optimization and reduced-risk results dominating marketing strategy. For instance, data analysis, which has become easier to achieve and implement, is used by organizations globally to inform decision-making processes. While data and logic will continue to play a pivotal role in businesses, ideals are moving in a different direction. You must try new methods of generating leads – be that a, running webinars, running free guidance sessions, or in-person networking.

“Too often, brands get caught up in following the same path as competitors and making only minor and safe improvements to older methods. However, creativity, the process by which the human brain comes up with new solutions, should not be underestimated. It can drive growth as businesses expand into new markets, services, or products. Furthermore, creativity can propel companies during transitions and even financial difficulties (corporate finance) when many follow the trodden path even more carefully.”

How will brands encourage creativity?

Brian Murphy said: “Here are my top suggestions for encouraging a creative and growth mindset with your marketing mix:

1. Remember that creative ideas can come from anywhere ‒ From internal teams to external partners or customers, you never know where a great idea will appear.
2. Creativity shouldn’t be a one-off project ‒ Continued creativity is more effective and can positively impact your reputation over time.
3. Involve more of your organization ‒ You can ensure everyone is on the same page and promote the reliable commercialization of your creativity.
4. Encourage thinking differently ‒ Make room for mistakes and allow people to take risks.

“Brands with a genuinely progressive growth mindset combine individual and organization-wide creativity to bring transformation.”

Investing in new technologies

Evolving technologies have been a critical part of marketing for several years. Brian Murphy said: “However, there is a delicate balance between being part of the latest trends and investing in unproven technology. Of course, if a business is too slow to act, it may fall behind its competitors. CMOs or a managing partner must view new technologies through a clear lens, seeing how they can transform their business or operations. Focus on testing new things and seeing how they perform instead of just being like ‘we need to be on TikTok, Instagram’. Again it depends on your type of business, your target audience – these types of platforms and messages won’t resonate with every business and their target customers”.

Should your company consider the metaverse or Web3? 

Brian Murphy said: “Predictably, many tech companies talk about their new advancements as being key to informing the strategy of modern marketers. In particular, one drum that keeps being banged is the metaverse ‒ a combination of technologies in the Metaverse 3.0 (blockchain items, NFTs, or digital online worlds) which support engagement or digitized experiences in a range of B2C and even B2B sectors that link the physical and virtual.”

“But again, I don’t know how much merit this will really carry for the marketing department of most companies. It may work for certain brands, but until there is a mass market on the metaverse, I wouldn’t suggest investing any budget here. Stick to where you know your customers actually are. Focus on resonate messages on direct channels and really honing in on your offer, as opposed to creating meaningless ‘digital experiences’ in the airy fairy metaverse. Remember when brands thought crypto and NFT were the future? Focus on what your customers actually care about. The possibilities of this technology are still uncertain, and not all CMOs believe it to be relevant and valuable within their industries, or at least not yet”

“Those considering involving the metaverse in their marketing strategies should ensure they have clearly defined objectives and are attentive to the potential challenges. It’s critical to consider how the metaverse could fit into future marketing strategies, even if your brand isn’t yet ready to invest.”

Brian Murphy Accountant

Marketers across the globe and in various sectors can benefit from developing their understanding of upcoming marketing trends and then implementing strategies. Brian Murphy, an advisory partner and managing partner at a Scottsdale-based chartered accountants, and an expert in sales, income, franchise, and forensic accounting, aims to help companies worldwide reach new revenue heights. Brian has specialized in over a decade in auditing, financial reviews, forensic accounting, consulting, assisting businesses, financial advice, and other related services.