Win Over Audiences with Effective Finance Content Marketing
Learn how to define, collect and use zero-party data, first-party data, second-party data, and third-party data in your marketing strategy.
Consumer behavior trends are constantly evolving. This is especially true for shopping preferences in 2023 as 90% of consumers are noticing price increases. Consumers are switching brands more than ever before. Brands must be highly adaptive to consumer trends to keep up with these changes and fend off the competition.
So, brands, it’s time to meet (and reintroduce yourselves to) your consumers.
Putting customers first is no longer an added value proposition – it’s an expectation. 19% of marketing executives report ‘fostering relationships with customers and increasing brand loyalty’ is their top priority for 2023. To do so, brands need to find unique ways to engage consumers and authentically insert themselves into their story. As a Netscribes article quotes, brands must, “go beyond the commodity to fuel engagement and advocacy by delivering context-specific interactions at the right junctures of the consumer journey.”
Key takeaway: Brands must build a relationship with consumers in order to break through the clutter. Prioritize first-party data collection to understand your customers and provide a more personalized experience based on their interests and needs.
In the face of an economic downturn, consumers display less brand loyalty. Surveys found nearly 60% of US consumers are less brand loyal due to increasing costs of goods. Household names are losing their power as curious and price-conscious consumers shift towards value, price, and convenience. However, loyalty programs can help. 78% of consumers report that strong loyalty programs make them more likely to purchase from a brand or retailer.
Key takeaway: Create ways to incentivize customer loyalty, either financially or with exclusivity. Remember – it’s more expensive to win over new customers than invest in your existing ones!
Consumers are split between online and brick-and-mortar shopping. 75% of consumers report purchasing and researching products on both in-store and online channels, per McKinsey’s 2022 Consumer Pulse Survey. So, brands must give both channels attention to ensure they work together seamlessly and enhance the consumer experience. Integrations such as click-and-collect shopping help bridge this gap.
Key takeaway: Blend traditional and digital channels to be present at every key customer touchpoint. Then, ensure the shopping process is seamless from exposure to check out to shorten the path to conversion.
Social commerce is on the rise with platforms such as Instagram, TikTok, and Pinterest adding new in-app shopping features and shoppable ad formats. Through these integrations, brands can engage customers in the moment without disrupting their social experience. E-Marketer forecasts over 50% of US users will make a social commerce purchase in 2023. When done well, social commerce promotes quick product discovery, a simplified shopping experience, and less friction in driving purchase.
For more on social commerce, view our full 2023 Social Media Advertising Trends article here.
Key takeaway: Explore different tools to utilize social commerce, making it as easy as possible for a customer to add your product to their cart. Consider retargeting audiences from paid social media or influencer campaigns with shoppable ads to build trust and drive ROI.
Expect greater adoption of smart technologies in 2023, including connected cars, connected TVs, and smart speakers. More responsive technology advances, such as click-to-buy CTV ads or seamless re-purchasing through smart home devices, will pave the way for IoT-driven commerce. As these technologies continue to develop, test ways to use these devices to enhance your customer experience and drive e-commerce.
Key takeaway: Do the research to understand if your consumers are taking advantage of these advanced technologies. If they are, test interactive ad formats on connected devices and explore other IoT integrations such as voice shopping applications with smart speakers.
Influencer is the new word-of-mouth marketing. Authentic and relatable content from social creators drives full-funnel results for brands who do it well. Social media platforms are making it easier for influencers to monetize content and collaborate with brands, further paving the way for the social commerce boom. In 2023, the influencer market is projected to reach $6.16B, with TikTok on pace to gain the largest share of influencer ad spend by 2024.
Key takeaway: Blend influencer marketing into your paid social media strategy to build authenticity, grow trust, and boost e-commerce. Adopt an omnichannel influencer strategy across multiple platforms and lean into useful, entertaining short-form video content to maximize exposure and engagement.
Use these 2023 consumer trends to analyze your current CPG marketing strategy. Take your advertising to the next level by leaning into high growth areas and being the first to adapt to changing consumer preferences in 2023.
For more marketing trends, view our 2023 Digital Marketing Trends and Predictions podcast episode.