The year is 2023 and it’s a perfect time to go against the grain.
Those in the digital industry are busy mapping out plans for the new year. At the same time, the industry is never really set on a formula that works across the board. A game of follow the leader typically ensues.
The impact on bottom-line is always front and center. This tends to place old-fashioned decency at the back of the line, and maybe it’s time for that to change.
As the year turns over, it’s a good time to see things in a new light. But, it’s very difficult to teach an old dog new tricks. For those about to challenge the status-quo, we salute you.
Keeping your finger on the pulse of an ever-changing industry isn’t always easy. But the payoff lies in finding new ways and leaving an ethical mark others will follow.
Uncertainty has become the norm these days so we better get used to it.
What else will we see in 2023? Let’s prognosticate and see what sticks.
Less is more, unquestionably.
Was there ever a time when cost-cutting wasn’t an issue to start a year? Early this year, there’s already tons of chatter about CMO’s shedding market spend. We’re also observing while thousands get laid off in the tech sector. This is going to put a large amount of pressure on ROI at a time when squeezing money out of companies and consumers will be like pulling teeth.
In a slap-in-the-face to quality, the physical brands that haven’t implemented low cost production methods will get with the program in 2023. These companies will also turn to budget friend content as well. As our wallets and attention spans start to dwindle, short content clips are being pushed to the front of the line. (TikTok, YouTube shorts, Instagram Reels).
Speaking of dwindling, marketing budgets aren’t getting any bigger. They’re never really big unless the payout is guaranteed. That said, longer, drawn-out, highly edited productions could find a place on the back-burner.
Cue the unique (or cringy) content and prepare to see a more laid back approach to social.
On the influencer front, the less is more theme should actually be expected to produce. This will benefit established brands because they’ll get to save some bucks. However, look for celebrity endorsements to be used in a more authentic manner. This will be done to strengthen relatability with consumers.
In the meantime, the global influencer market cap is still absurdly high. However, since consumers have a keen ability to see behind the curtain, authenticity will be counted on to smooth over relationships.
Followers don’t equal influence
This is again based off the cost-cutting model. When brands make the choice to partner with an influencer, it’s imperative to focus on the right KPI’s and less on vanity numbers. Bulk posting or large follower counts are definitely a sign of social relevance, but not all influencers are equals and a better strategy is where the payoff can be found.
In 2023, we should expect to see low-cost content creators called on more so than pricey influencers. This is because these content creators (especially those who are new to the game) tend to focus on quality, while influencers favor audience expansion and sponsorship opportunities.
To put it simply, unspoiled content creators are seeking to gain more of an organic following through original content, while influencers prioritize dollar signs.
In the upcoming year, content creators might be the more economical choice and brands looking to make a change should expect to gain high-quality content, if nothing else.
Ethics versus everybody
In 2023, company ethics will matter more than ever. In fact, we’re hoping certain companies can set the model for ROI through placing ethics as a top priority.
Several companies such as Patagonia and Poshmark have set an example of increasing bottom line due to prioritizing ethics. This has also led to increased quality engagement as well as more positive headlines.
Recent studies strongly suggest that not only younger consumers gravitate towards brands that are more socially and environmentally responsible, but older consumers as well. And the results don’t only impact fashion and sportswear, the trend is on the rise across many sectors.
It’s very obvious that there are several layers to displaying ethical behavior from a company standpoint. But by growing a brand beyond products and image while thinking outside the box, a loyal fanbase can be created along with attention to your brand without having to force the issue.
Finding the niche
Since consumers want to get straight to the point with their dollars, they’re becoming more and more adept at sifting through the noise. This had led to the rise of niche forums and targeted communities. This is because we all have a desire to connect and communicate with like-minded individuals.
It’s becoming apparent that social media companies have known this for a while. All the major social media companies (TikTok, LinkedIn, Twitter, Facebook) have incorporated ideas for inter-community connection in their spaces.
These innovations have come in the form of educational programs and live events.
When it comes down to it, successful brands use every available resource to strengthen consumer connection. And there’s no better way to secure loyalty by created unique spaces for interaction.
Summary
As we push into 2023, one thing is becoming more clear than ever. Companies are going to have to stay on their toes to cash in. In an ever-changing industry, gaining the eyes of consumers is never an easy task.
That said, enhancing the same efforts that have already led to success may be the answer. If it’s not, incorporating new ideas in an effort to become more diverse could be the payoff.