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Another year has come and gone. By now, you probably have your 2023 marketing budgets in gear and have some programs rolling out. If you’re smart, however, you have included room for some tweaks and budget adjustments along the way. Because this year, you’re going to need them.
2023 promises to be a year of transition. Search and social platforms are phasing out third-party cookies, undoubtedly changing how we reach consumers. The marketing focus for 2023? Agility. Be ready to adjust, shift, and accommodate. Here are your 2023 marketing trends to watch.
Allocate Marketing Dollars Strategically
So, where should you be putting some of your budget this year? Focusing on the following five areas we’ve identified for minor budget adjustments can help you successfully navigate a more dynamic 2023 environment. Let’s get started!
With multichannel marketing solutions at your fingertips, you can reach more prospects in more places. Multichannel marketing allows you to test more platforms and solutions to determine what really works for your ideal audience. Instead of limiting your audience to one way to meet you, consider letting them choose from two or three. The result? You’re bound to meet with more prospects.
If you haven’t tried performance marketing, you’re missing out. This is the best way to minor and allocate funds for marketing that are working for your business. With performance marketing, you only pay when your goals are reached. Plus, you can set budgets to stay exactly where you want to be. It’s a win-win and a top 2023 marketing trend.
COVID is finally behind us by most standards, and people are ready, comfortable, and eager to meet in person again. There’s no better way to solidify yourself as a leader in your space than meeting with motivated prospects face-to-face. Consider a welcoming educational seminar over dinner or a workshop to educate people about your services and expertise.
Webinars were all the rage during COVID, but make no mistake – they aren’t going anywhere. Attendance in webinars is up 50% and are still a hot 2023 marketing trend. Live webinars create an interactive experience for the viewer to drive a stronger conversion rate. And as webinar network BigMarker explains, a growing number of webinar attendees are signing up to watch after registration ends, so you should record and replay your webinars to maximize results. Ongoing webinars have a significant impact on the success of your event, so don’t skip them!
Think direct mail is dead? Think again! We’re seeing average direct mail response rates of over 1%. Pre-COVID, they were 2.3%. (Typically, 1% to 3% is considered successful.) But you need to make sure your direct mail programs are highly targeted. Not convinced yet? How about this? According to the US Data Corporation, 39% of consumers try a business for the first time due to direct mail. And Small Business Trends discovered that 62% of consumers who responded to a direct mail piece purchased within three months.
What Next? Do an Audit and Make Minor Adjustments
If you haven’t already allocated a budget to the above areas, consider peeling off 5-10% of your existing budget to invest in them. It doesn’t necessarily take a major budget adjustment to realize a significant uptick in your conversion rates and help you stay on target with the marketing trends for 2023.
Where to find that 5-10%? There are undoubtedly savings within your current mix of marketing and sales campaigns. Consider doing a quick audit by calculating your cost per acquisition for each campaign you run. Which ones are working? Which ones are costing you more than you are getting in return?
Be sure to share the results with your team. And be prepared to walk away from lead sources that don’t show a strong conversion rate.
Above all, don’t fall into the trap of reusing old marketing and sales plans. It can be especially dangerous to do so now. Business owners and marketers who take the time to listen to their prospects and adjust their programs accordingly will be rewarded in 2023. Make sure you’re one of them!