By Pieter Groenewald
Marketing is undergoing rapid changes, and 2023 promises to be an exciting year for marketers. The world of marketing is being shaped by the growth of personalisation, AI and machine learning, and the increasing role of influential people. These trends are expected to have a big impact on marketing strategies in the year ahead.
People of Influence:
Influence marketing has become increasingly popular in recent years and is expected to remain a key part of companies' marketing strategies in 2023. According to estimates, the global influencer market generated $16.4 billion in 2022, four times more than TikTok's advertising revenue. Brands risk falling behind if they don't have an influencer marketing strategy in place. The term 'influencer' has evolved to refer to individuals with a large following, usually more expensive to hire, and with an established platform. They rely on agencies to create content for them, which they then post.
Content creators, on the other hand, have less reach than influencers but produce high-quality, influencer-style content at a lower cost. They are relatable and don't have preconceptions from the audience, making them an attractive option for companies. An Influencer Marketing Factory survey in 2022 found that 58% of respondents followed virtual influencers, and 35% had purchased products promoted by them. Virtual influencers are popular for a variety of reasons, including accessibility, and by partnering with both popular social media personalities and smaller voices who target their market, companies can reach engaged audiences.
Less is More:
Lockdowns made it difficult for brands to produce professional video content, resulting in the rise of unpolished 'raw' video content. This trend has continued and several brands have taken it a step further by using simple methods in unexpected ways. For example, Coinbase's Super Bowl advertisement in 2022 generated over 79,000 online mentions with just a QR code bouncing around the screen. Unpolished content's popularity is expected to continue in 2023, particularly as marketing budgets decrease amid economic hardship.