Marketers are facing a lot of uncertainty ahead due to unstable economic conditions. As marketing expert Robert Arloro explains, everything from rising interest rates to inflation to a potential looming recession all are causing marketers to re-think their strategies for 2023.
Just because there is uncertainty, though, doesn’t mean marketers are cutting back on spending altogether. Instead, they are being more meticulous about where they’re spending their money so they can get the biggest bang for their buck.
Here are some ways that marketers are spending their money in 2023.
A few years ago, you might be hard-pressed to find more than a small percentage of companies that understood artificial intelligence enough to be able to use it. Now, nearly every company polled in a recent NP Digital survey say they plan to invest in various AI tools this year.
Whether it’s ChatGPT, Dall-E or GTP-3, 98% of companies said they’d use these tools in the year ahead. By doing so, they believe they can become more efficient in content creation by saving money, reducing time spent creating the content and reducing the number of employees in their content department.
It’s no surprise that marketers are focusing heavily on social media marketing in 2023, specifically organic reach. In fact, 32% of businesses plan to increase their budget for organic social media.
Another 26% said their budgets would remain the same this year, while 42% said they would be decreasing their budget in this area. The main reason why is they believe that organic reach is declining and doesn’t provide an ROI that’s as high as it once was.
Yet, organic social media reach can still be one of the most effective ways of reaching your potential customers.
One potential area for major growth among marketers is podcasting. A whopping 92% of businesses surveyed said they would be increasing their budget for podcasting in 2023.
The major reason for this is that they don’t currently have a podcast but were planning to create a new one. Overall, podcasting is a relatively untapped marketing channel for many companies, but it appears that they’re realizing the massive potential that it provides to them.
By creating their own podcast, marketers can completely control the narrative around their products and services, and build consumer confidence by showing they’re experts in their field.
Robert Arloro points out that another major focus for marketers in 2023 is community building. A vast majority of companies plan on increasing the amount of money they spend in this arena in the year ahead.
A major reason for this is they want to take control of their own destiny, rather than to be beholden to the algorithms that are completely out of their control.
In addition, community building initiatives help companies create a lot of trust among consumers and partners. So, in addition to providing short-term benefits such as more awareness, recognition and extra revenue, community building can also provide long-term benefits to any company.
About Robert Arloro
Robert Arloro is a digital marketer and marketing consultant with more than a decade of experience in the field. He currently works with businesses of all sizes to help them reach their digital marketing goals. Robert’s expertise includes SEO, social media marketing, content marketing, email marketing, and website optimization. When he’s not working, Mr. Arloro enjoys spending time with his family, playing soccer, and traveling.