Skill shortages, economic uncertainties, privacy concerns, and an upcoming cookie-less world saw significant innovations across the marketing and technology (MarTech) landscape in 2022.
As we move forward in the second year of the post-COVID era, MarTech will continue to be critical to business operations, brand, and revenue growth in 2023. Here are four trends that will impact businesses in a big way this year.
Generative AI competes on quality with human marketers
Generative AI will be the technology trend of 2023. It’s true that the output quality of currently available AI tools leaves something to be desired, but you’d be wise to expect the gap between human-created and AI-generated content to shrink rapidly. In fact, AI is advancing at such a rate that by the end of the year, you’ll be hard-pressed to tell the difference between the two methods of creation. All this upheaval will lead to marketers spending less time and resources on content production and more time strategising for campaigns and analysing results. If you’re serious about stretching your marketing budget further this year, spending the time honing your prompt writing skills now will get you ahead of the curve when AI content quality really takes off.
Data privacy and protection become law
As more countries around the world pass data privacy legislation, consent-driven marketing will no longer be a nice-to-have, it’ll be law. These new laws, coupled with positive consumer sentiment towards data privacy and Google’s sunsetting of third-party cookies, will make this the year when marketers get serious about data privacy. Businesses will need to find new sources of reliable customer data, implement technology to securely collect and use it, and upskill their team on best practice data management, all while maintaining service quality and doing everything else that businesses need to stay afloat. Lucky for us all, there’s still time to plan for the impending changes. Start by analysing your current data needs and identifying which data sources you’ll need to replace, then put a plan in place so you can handle the transition as smoothly as possible.
Smaller brands start capitalising on Web3 familiarity
Consumers are becoming more comfortable with Web3 technologies and this year we’ll start to see smaller brands capitalise on that familiarity. Thanks to the efforts of global brands like Starbucks, Gucci and McDonald’s, key Web3 components such as the metaverse and NFTs are now more widely understood by audiences around the world. That understanding will make it easier for smaller brands, who no longer have the burden of education, to run Web3-integrated campaigns for their customers. Rather than branded cryptocurrencies or digital art NFT collections, these campaigns will take the form of NFT-enabled loyalty programs or bundles of physical products that provide access to exclusive digital events. It won’t be a straightforward road for brands who choose to run Web3 campaigns, but those that do will benefit from increased engagement from their audiences.
Short-form content monetisation expands the Creator Economy
Monetisation of short-form content will attract new influencers to the Creator Economy and provide cost-effective sponsorship opportunities for marketers. TikTok revealed its creator monetisation program for short-form content last year and YouTube has just expanded its Partner Program to include YouTube Shorts, meaning there are now more ways for influencers to earn a living online. These extra revenue streams will lower the Creator Economy’s barrier to entry and attract new influencers to the platforms, many of whom will be entering the industry for the first time. What this means for businesses is that there will be a new wave of content creators entering the market with small, highly engaged audiences who are perfectly positioned to broadcast sponsored messages in a cost-effective way. If you have a sophisticated understanding of your target audience and the right product to sell, 2023 will be a great year to invest in influencer marketing.