Emerging market trends to watch in 2023
Attention has become the new currency in our world today. In a fast-paced world where the attention span of many has dwindled to the span of a TikTok clip, it has become imperative for brand marketers to connect with their customers in ways that resonate with them in such an amazingly short time.
Coupled with the fact that the digital space has become a virtual home for many, brand marketers need to curate well-thought strategies that will speak to the needs and desires of customers, no matter the angle or perspective taken with regard to the digital space. These are the major trends already emerging this year:
Innovative penetration of TikTok: TikTok has become a big game changer in marketing. Undoubtedly, after generating more than $4.6 billion in 2021 and over a billion monthly active users at the end of 2022, TikTok’s dominance will not dwindle in 2023.
Regardless of the alleged security risks, the platform has not only carved a path for both consumers and creators on the platform but has further concentrated on its usability for business.
Additionally, the platform improved its targeting options, which will make TikTok one of the biggest platforms for brands in 2023. From niche dance styles and street pranks to auto-tuned performances blowing up on Nigerian TikTok and street pranks to e-girls making auto-tuned performances in their bedrooms, plenty of new genres remain.
The significant development of the ‘creator economy’: In recent years, the marketing world has seen more exclusive, top-tier creators, including a new class of career creators with access to reach and teach local communities.
These purpose-driven creators are meeting a growing demand for informative content and leveraging diverse ways to monetise their work and chart a new course for career sustainability.
Marketers are also keener on sourcing creators who have already curated a fanbase. For brands, creating content may not be their fortè due to time and other logistical constraints. However, by engaging with content creators, these brands ensure stronger visibility in reaching their target audience, building a larger fan base, and in turn, a successful product.
Social Selling as a way of Team Empowerment: It is firmly established that social media has become one of the most effective ways for many sales teams to connect with their customers.
For B2B companies that rely mainly on digital channels to provide relevant information, social media is a surefire way of connecting with customers. This is because the world has become a global village where information is easily disseminated.
Redefining Creator/brand partnerships: In 2023, there is expected to be a realignment of brand partnerships between content creators. Many content creators seek to expand exponentially this year and, in turn, seek brand partnerships that align with their content. However, recent statistics have shown that many other factors play a significant role in driving meaningful engagement.
According to research conducted by Deloitte, while money is not the only primary concern for creators, the ease of collaboration and the relevance of the brand to the audience has become more critical.
YouTube and long-form video content will attract more interest: One of the biggest news from 2022 was YouTube’s announcement that it would include Shorts creators in the YouTube Partner Program, allowing short-form creators to earn ad revenue for the first time. Starting in early 2023, creators can apply to the YouTube Partner Program if they meet a new Shorts-specific threshold of 1,000 subscribers and 10 million Shorts views over 90 days. As members of the Partner Program, these creators will earn 45 percent of ad revenue from their videos.
Remember these stats: 73 percent of consumers prefer to watch a short-form video to learn about a product or service. In addition, 59 percent of short-form videos are watched for 41-80% of their length, while 30% have an average watch rate of over 81 percent.
Short-form video will see the most growth among different marketing strategies in 2023, with marketers planning to invest more in it than other formats or tactics. In particular, 21 percent of marketers plan to tap into short-form videos for the first time in 2023.
Live streaming: After serving as a salve for isolation during COVID lockdowns, live streams became ubiquitous in marketing. Video gaming made the concept famous, but it has evolved to include all sorts of content, from eSports competitions and concerts to interviews and tutorials. Marketers have noted and will invest big in live streaming in 2023, especially in Twitter Spaces and Instagram Live Rooms.
Building long-term influencer partnerships: Influencers are excellent at fostering parasocial relationships in which their audience feels like part of their lives. Marketers wanting to capitalise on those connections have started to tap into the real potential of influencer marketing by weaving their companies into the fabric of those relationships.
Rather than paying influencers to post about the business a couple of times, brands will invest in long-term partnerships with fewer influencers. They also prioritise quality over quantity when deciding which influencers to work with.
Greater Focus on Customer Experience (CX): 17 percent of consumers say they would stop doing business with a company if another company provided a better customer experience. 45 percent of consumers globally also say they are somewhat likely to stop using a brand if they do not personalise its customer experience. Businesses compete on multiple fronts – price, quality, speed of delivery – but it is all about customer experience.
Omnichannel marketing is essential for brands that want to stay competitive in today’s digital landscape. By integrating online and offline channels and consistently delivering high-quality experiences across all touchpoints, brands can build stronger customer relationships and drive more sales.
Whether offering superior customer support, incorporating personalised recommendations in your marketing campaigns, or delivering timely promotions via email and SMS, omnichannel marketing can help you create personalised experiences that keep customers coming back for more.
In conclusion, 2023 looks to be the year of the continued relevance of social media platforms, content creators, and the need for content creation across all brand marketing strategies. Therefore, it is pertinent for all brand marketers to ensure that they are abreast of the recent tools and information that will catapult their brands toward success.
*Onyebuchi Allanah is currently the Senior Brand Manager, Maltina, one of Africa’s iconic malt drinks under Nigerian Breweries. She is a graduate of Law from the Igbinedion University, Edo State, and owns a Master’s Degree in Law from the University of Aberdeen, Scotland.
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.