This year, the marketing industry has seen some exciting new trends: content integration, CTV, CGOOH, AI integration, influencer marketing, and programmatic advertising. Apart from technological advancements, data has also become a crucial part of marketing in 2023.
According to Shashank Srivastava, Senior Executive Director, Maruti Suzuki, social responsibility has become an innate part of marketing. “It seems like the major change you’ve seen post-COVID is a shift in how businesses approach marketing. Rather than focusing solely on ad spend and brand placement, the focus is now on social responsibility as a fundamental aspect of making marketing impact.
Srivastava also noted that marketing executives are considering issues such as climate change, emissions and the environment, particularly in the automotive industry. Broader societal issues like gender inequality are also being considered, he said.
As for Somasree Bose Awasthi, CMO of Marico Limited, 2023 has been a year of agility and adaptability. “Looking back at the past year, we have once again realized the importance of being nimble and adaptable to rapidly changing consumer preferences. Given increasing digital interconnectivity over the past decades, consumer expectations have evolved beyond just the desire for good products and good customer service. The new generation of consumers is driving the redefinition of the customer experience in the FMCG sector. They are demanding much more seamless, convenient and personalized experiences spanning all touchpoints to build a deeper connection with the brands they buy from. So, future-ready CMOs are adopting new-age tools to meet progressive consumer expectations.
Building community has become a crucial part of marketing, experts shared. The creation of collaborative content, not only with ambassadors but also with influencers and the public, dominated the year 2023.
Sharing more about this, Kaushik Mukherjee, Co-Founder and COO, SUGAR Cosmetics, said, “Collaborative content marketing has become essential to improve engagement and deliver personalized experiences. Community building took center stage as brands actively engaged in online communities through social media challenges and user-generated content, fostering brand loyalty and a sense of community. ‘membership.
AI campaigns were also in vogue with campaigns like BOAT’s “India India”, Dark Fantasy Sun Festival‘Har Dil Ki Fantasy’, among others. Abhishek Gupta, Chief Marketing Officer at Edelweiss Tokio Life Insurance, said: “The integration of AI enables more strategic and efficient creative work, leading to increased investment in this technology. AI-powered conversational marketing is poised to transcend its traditional boundaries with predictive analytics that will play a crucial role in anticipating customer preferences and behaviors in real-time. It will analyze large amounts of data, including past interactions, purchase history and online behaviors, to deliver hyper-personalized content that resonates with each customer. Voice-enabled (local language) interfaces and natural language processing will become standard features.
The year 2023 was also marked by significant growth influencer marketing. This has also led to regulatory bodies such as ASCI and SEBI to introduce approval guidelines, aimed at combating unfair trade practices and misleading promotions.
According to Neelesh Pednekar, co-founder and head of digital media at Social Pill, “the influencer marketing category as a whole has grown from $4.99 billion in 2022 to a projected $6.16 billion in 2023. In India, Instagram has led this change from the beginning. in front, followed by YouTube. Overall, we have seen many micro and nano influencers pop up this year.
“A report from Neilsen from July showed that the ROI of influencer marketing is comparable to that of mainstream media, and that the industry is poised to grow at a CAGR of 25% to reach 2,200 crores of rupees by 2025. It is good to see brands allocating dedicated budgets for influencer marketing campaigns. Influencers’ share of budget increased by around 20% in 2023 compared to 2022.”
Advancing the marketing game has been an omnichannel approach. Tushar Malhotra, Head of Marketing at Bisleri, says, “You need to have an integrated marketing campaign plan that spans across all channels. There needs to be a 360 degree approach. You cannot assign a message to only one channel. Just keep doing the simple things multiple times and in multiple formats for consumers to get the message.
Brands also recognized the power of GenZ this year, brand experts noted. “GenZ will shape the future of our business. But every day is a delicate balance between building the future and keeping our experienced users happy. What’s interesting is that in fashion – even power users, millennials are inspired by the same trends that Gen Z attracts – more experimentation across trends, brands and styles, so being the first generation is helping us,” said Vijay Sharma, Senior Director – Brand Marketing, Myntra.
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