Even in the face of major external challenges such as geopolitical conflict, economic instability and the threats related to climate change, Chief Marketing Officers (CMOs) are well positioned to create new levers for organizational growth. At least that’s what the authors of the 2023 Global Marketing Trends study, released by Deloitte and based on executive surveys and conversations with brand leaders, conclude.
The report came up with four trends that could help marketers elevate their contributions to brand success, and guide CMOs as they set priorities for 2023:
Brands answer economic instability with marketing investments
CMOs surveyed are prioritizing new technologies, expanding markets, and customer personalization to help their brands endure—and thrive—in uncertain times.
When asked what they are doing to protect their companies against economic instability, CMOS respondents indicated the following top three priorities:
- Accelerating the move to new digital technologies or platforms
- Expanding into new markets, segments, or geographies
- Implementing systems or algorithms to enhance customer personalization
Chief Marketing Officers drive growth through internal sustainability efforts
As consumers stress sustainability as critical to their brand choices, marketers are recognizing equity and environmental impact from the inside out.
Brands reported that their top three priorities for sustainability efforts this year include:
- Improving sustainability of internal marketing practices
- Promoting more sustainable product and service offerings
- Establishing long-term sustainability commitments
Creativity as a force for growth
Common among high-growth brands surveyed are processes and thinking that encourage creativity, risk-taking, and cross-functional collaboration.
CMOs might consider the following strategies to encourage creativity in their organizations:
- Redefine what creativity can offer
- Bring the rest of the organization along for the ride
- Inspire the organization to think differently
Rising technologies for marketers to watch
The adoption of emerging technologies can create competitive advantages, and marketers are looking at the metaverse and blockchain as particularly promising.
Brands across industries should start to consider the role the metaverse might play in their marketing strategy in the medium to long term. For the year, based on the fieldwork with CMOs, the authors recommend:
- Look before you leap
- Weigh brand priorities in developing your adoption strategies
- Start laying the groundwork for a metaverse strategy
Source: Deloitte Insights