As talked about in last months insights on advertising trends, supply chain, and inflationary issues that stem from the COVID-19 pandemic, the constant concern about climate change, the conflict in Ukraine, and, most recently, rising interest rates have all had a trickle-down effect that has dampened consumers’ spending power while also increasing anxieties about the future.
During inflation, companies must adjust their pricing and marketing strategies to appeal to consumers who are feeling the financial squeeze. Advertisements may focus on the value and affordability of products, highlighting sales and discounts, and promoting the durability and long-term savings of products.
Interactive and personalized content will become an essential part of the advertising strategy, as it allows brands to connect with their audience in a more meaningful way. Advertisers will create content that is tailored to specific groups of people, whether that be through personalization, gamification, or interactive elements. Additionally, with the growing awareness of the power of advertising, consumers are demanding more transparency and accountability from brands. Expect to see a greater focus on honesty and authenticity in advertising in 2023.
As advertising strives to become more targeted and personal to consumers, technology continues to evolve beside it. Big brands like Google, Microsoft, and Apple, have already begun to explore the use of immersive technologies such as virtual and augmented reality to create more engaging and interactive experiences for their audiences. This could include virtual product demos, virtual store tours, and other interactive elements that allow consumers to fully engage with a brand. Artificial Intelligence (AI) has also played a major role in the way brands and advertisers create, target and optimize their campaigns in 2023. The use of AI-powered tools will help businesses to personalize their advertising efforts and increase efficiency. With the accelerated use of tracking technologies and data collecting, companies can expect a big push for more stringent regulations to protect consumers and their privacy. Companies will need a healthy balance of initiatives showing social, economic, and environmental awareness to keep consumers at ease.
Consumers have become more environmentally conscious throughout recent decades, advertisers will need to place a greater emphasis on promoting sustainable and environmentally friendly products and practices. However, with the use of AI technologies companies may be able to drastically reduce their carbon footprint in the years to come. This year will prove who stays committed to sustainability despite inflation and supply chain issues.
Overall, these trends reflect the changing values and preferences of consumers, who are looking for more ethical, sustainable, and authentic products and services. Companies that embrace these trends and adapt their marketing strategies accordingly are more likely to succeed in today’s competitive marketplace. For businesses looking to remain competitive in their respective markets visit Entech’s monthly blogs to stay up-to-date with new insights and analysis, expert opinions, and relevant industry news. For more information, contact me directly at gdambra@entechnetworks.com for a free consultation on real time marketing insights.
