2023 Marketing Forecast: Top Marketing Trends to Watch
Updated: Jan 10
In this blog post, we'll look at the top marketing trends to keep an eye on in 2023. With technology changing quickly and society moving toward being more environmentally friendly, it's more important than ever for businesses and marketers to stay up to date and ahead of the curve. There are a lot of interesting things to keep an eye on, like the growth of web3 and the creator economy, the rise of social commerce, and the increasing use of AI in marketing. So come with us as we look closely at the marketing trends that will shape the coming year.
We can expect to see a shift toward earned media and the use of AI in marketing, as well as a continued focus on sustainability and the creator economy. Social commerce will also change the way we shop, and the metaverse is getting easier to use, which will lead to more virtual experiences and more brands using Web3. In the coming year, digital identities and the use of blockchain are also likely to become more important. Keeping these trends in mind, it's important for brands to stay current and adapt to the ever-changing marketing landscape. So, what should we look forward to in 2023? Let's look at some of the most important marketing trends.
Sustainability at the forefront
Consumers are more and more willing to pay more for high-quality products that are made in a sustainable way. This is causing both new and old brands to change how they make their products.
Some companies have tried to take advantage of this trend by making false claims about their efforts to be more environmentally friendly. This is called "greenwashing," and it is done so that companies can charge more for less product. This change in the way people buy things has had an effect on a wide range of industries, from clothing and beauty products to energy and transportation. Because of this, there has been a move in many industries toward carbon neutrality.
Consumers, especially those in the younger age groups, are also holding brands accountable for how they treat the environment and using research and social validation to make smart decisions about what to buy.
The Rise of Earned Media: How Brands are Adapting in a Changing Economy
Because of tighter budgets and a change in the content economy, brands may put more emphasis on "earned media" in 2023. This is media that brands get when their products or services are talked about in the press or on social media. This could be good for audiences, who could benefit from brands spending more time and energy on entertaining and engaging them.
However, brands may face more pressure to make content that does well. In recent years, paid media has become more important than earned media, and social media has become a place where people can find out about brands. Paid media may become a supplement to earned media as social media sites like TikTok become more like places to watch videos than to find new ones.
As algorithms continue to change to help users find and consume relevant content, brands may find it more important to have in-house content creators and support staff than a team that only works on paid media.
AI Marketing: The Future of Efficiency and Productivity
In the field of marketing technology, artificial intelligence (AI) is becoming more common and important, especially as teams get smaller because of budget cuts. AI tools like Chat GPT can help smaller teams keep up their output and productivity without lowering the quality of their work.
It's still too early to tell if AI will play a big part in the design process, but it's possible that it will help designers quickly come up with ideas and try them out. People using AI tools in large numbers could have a big effect on the creative industry. This could lead to the rise of new social media stars and the use of AI for deep-faking.
From E-Commerce to Social Commerce: The Evolution of Shopping Online
Social commerce, which is when shopping is built into social media platforms, is becoming more popular and is likely to change the way people shop in the same way that e-commerce did when Amazon came out in the 1990s. Many social media sites, like TikTok, YouTube, Pinterest, and others, have added shoppable features.
At the same time, e-commerce sites are adding more content to their pages to make shopping more about the content. Live streaming, which lets users interact with content and buy things in real time, is also likely to become more popular. These changes will probably make it harder to tell where commerce, content, and community end and where commerce, content, and community begin. This will make the customer journey easier by letting users find, verify, and buy products all in the same content feed.
The Metaverse: The Future of Virtual Reality and Marketing
The metaverse, or a shared virtual space where people can talk to each other in real time, is becoming easier to access and more popular as VR hardware like the Meta Quest 2 becomes more widely available. Since it came out in 2020, this device has sold 14.8 million units, making it as common in homes as traditional game consoles. As VR hardware becomes more common, brands are likely to use the metaverse to engage and find new customers by making virtual experiences and social shopping options. This is similar to how experiential marketing was used in the past 10 years to reach new audiences and leave lasting impressions on communities.
Web3 Goes Mainstream: Brands Embrace Digital Ownership
In the coming year, more and more people are likely to start using Web3 technology, which lets people make and trade tokens that represent ownership of digital assets. Brands will probably put a lot of effort into using Web3 and blockchain technology to give digital ownership of collectibles and other items with their logos on them.
The popularity of the metaverse, a virtual world that can be accessed through virtual reality technology, will help Web3 grow. As digital identities become more important in society, the metaverse and Web3 will help each other out. People are likely to want digital identities more as hardware gets better and more people have access to it.
From Hobbies to Businesses: The Growth of the Creator Economy in 2023
In 2023, the creator economy will continue to grow and expand, just like the metaverse and Web3 will continue to grow and become more popular. With platforms like TikTok and Instagram leading the way for creators to not only make content but also make money off of it, the creator economy has become a legitimate way for people to not only make a living but also build businesses and brands.
The rise of social media and the fact that smartphones and other easy-to-use tools have made it possible for anyone to make content have sped up this shift toward the creator economy. It has also grown because people want more real and real-to-life content and want to connect with creators on a more personal level.
So, we can expect the creator economy to keep growing and changing in 2023, with more and more people making content as a way to make money and more brands and businesses looking for creators to work with.
The Search Showdown: TikTok vs. Google in 2023
As the competition between Google and TikTok for search traffic heats up, Google is likely to keep improving its search results to include more video content and make it easier to shop on its platform. On the other hand, TikTok has grown in popularity as a place where users can get quick answers to their questions that have been approved by other users.
But Google has a large community of creators and users, so it might be able to get back to being the best search engine by adding more video content and making it easier to shop on its platform. The search war is far from over, and it will be interesting to see how these two companies continue to compete in the coming year.
In conclusion, 2023 is shaping up to be an exciting year for marketing, with a number of trends to look out for. These trends include the growth of sustainable startups and the evolution of venture capital, the shift toward earned media and the use of AI in marketing, the rise of social commerce and the rise of the metaverse, the adoption of web3 by brands and the growth of the creator economy, and the increasing use of visual search. As technology keeps getting better and people's tastes and habits change, it's important for brands to stay up-to-date and adapt to these changes so they can stay competitive and meet their customers' needs.