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Grand Potential Podcast

14Nov

Every year around this time, I put on my predictions hat.

While I monitor trends throughout the year full time anyway, usually by November there are some patterns developing worth noting.

It’s also the time of year I am preparing my annual “Marketing trends predictions” for the Grand Connection – an online presentation, now in its 3rd year, to that fabulous global online community.

If you’d like to join us on Nov 17th at 11am, here’s the link

This week’s newsletter lays out 5 consumer trends and 5 global marketing trends that I think will have relevance going into 2023.

I’ve made a few brief notes under each, but I don’t want to completely steal the thunder from my presentation, so watch for next week’s newsletter and blog post at www.fiveminutemarketing.com where I’ll dive into more details and application examples!

Five Consumer Trends

1. From WE to ME
It may not be where we wish society would go, but it’s where we likely need to go first, following such a pivotal event as a pandemic. Concern for the collective is out, and it’s all about “ME”.

If that sounds like talking to a toddler, there are some ugly parallels in terms of self-centered attitudes.

But the flip side is a focus on personal growth and reflection.

Expect the negative side of this to show itself in short circuit customer anger, or concern for oneself over others. The positive side manifests with those who helps people realize their inner potential, or travel desires, for example.

2. Fatigue and rebellion
Consumers have been bombarded with crisis after crisis – pandemic, political unrest, war, extreme environmental events, and now an economic downturn.

They are feeling overwhelmed and rebellious. They’re resisting authority, restraint and digital surveillance. They’re also resisting the need for personal perfection.

Anything that you can do to ease the customer experience would be welcome.

3. Reconnection
Consumers are craving reconnection – both in person, and with local businesses that were there for them the last several years.

They’re willing to spend on homegrown brands, support community, local manufacturing, and generally anything that triggers “intentional spending.”

Above all they are seeking human connection and interaction. Remember that in your customer service, and think long and hard about what to automate and what to keep as a human touch point.

4. Segmented and divided in new ways
Consumers are segmented and divided in all new ways. The divisions started during the pandemic, and 2022 solidified them. Many of those division will remain into 2023 because they have become permanent.

We’re divided on risk tolerance, comfort with ambiguity, state control, climate change and politics.

We’re divided over virtual and back to the office work.

We’re divided into all new segments of needs following the pandemic. While division can be negative, there is opportunity in new segments and unmet needs.

5. Live for the moment
After 2+ years of constraint, consumers are now all about freedom.

For many, that is defined as “personal freedom” (think ME to WE). Live for the moment manifests as taking risks and chasing new experiences.

Travel and entertainment should flourish, since they are still in catch up mode after disruption. Small pleasures will also have their day, especially if the economy falters.

Five Marketing Trends

1. Digital media regulation
Increased disinformation, personal data use for financial gain by social media platforms, and the growth of platforms with ties to China (think TikTok) and governmental influence, have all lead to cries for more regulation around digital media.

There’s also Twitter, under 100% control by Elon Musk, with a huge global reach distributing information.

When combined with the consumer trend of We to Me and Fatigue and Rebellion, it makes for a potentially caustic mix. Expect increased regulation all round. Perhaps even a ban on TikTok in the US.

2. Changing nature of social media
Blame it all on the massive growth and popularity of TikTok, but pretty much all social media platforms have shifted towards “discovery-based content” first made popular there.

Discovery content is the algorithm serving up content that it thinks you will enjoy, based on your interactions, comments, dwell time on posts and searches, but also on your entire digital profile gathered through AI.

The bottom line is that this has little to do with who you are following, or your number of followers, if you’re a content creator. That massively impacts organic reach and how you go after it, as well as the type of content which is created.

3. AI omnipresent
Artificial intelligence is already everywhere, we just don’t see it.

AI is used for audience targeting, audience engagement, and even for content creation.

AI assisted content creation is likely to be the biggest break out area in 2023, with copywriting tools like Jasper.ai being able to automate the writing of marketing copy, sales copy, web content, Facebook ads, blog posts, SEO content, captions and video scripts.

Although it feels like the early days of putting Photoshop in everyone’s hands and telling them they are now designers, I do think it will serve a purpose as a pre-writing tool, to which you add personality.

Jasper.ai can also generate original images from descriptions, allowing easy access to custom images, without copyright infringement or payment to use. Used well AI holds promise for creativity, but I suspect it will just generate a deluge of mediocrity initially.

Augmented reality (AR) also continues to grow, and will likely be the juncture where the Metaverse and Web 3.0 starts to feel more real in a cross over and meshing of our real life and digital life.

We’re still a ways off on the whole Meta thing, but viewed in the rear-view mirror, 2022-2023 will be a pivotal year in crystalizing how it will form.

4. Customer service void
A positive customer experience can be some of our best marketing. But much of the last 2 years during the pandemic it has been lacking.

Blame it on broken supply chains, shifts in consumer behavior, shut downs, regulations… but many of the economies realized in the name of the pandemic, impacted customer service severely.

And now as normal demand resumes, we have labor shortages and a shaky economy, which are being used to further justify not returning service levels to normal.

Right now the bar is so low in terms of customer service (some would argue just common decency would be a start), that any company who goes out of their way to be on the customers side, and have a human touch, will win favor.

2/3 of consumers way companies need to do a better job listening to them right now. We’re talking low hanging fruit here, just to make people feel heard.

5. Hidden communities
Communities can be in real life (IRL), online (virtual) or hybrid (a bit of both).

Most communities in the past have been discoverable in some way.

The trend now is towards niche communities, and groups which are harder to find. Think of them as little islands of people out there protecting their data and identity from anyone they haven’t vetted.

While it’s the ultimate revolt against marketers, it’s also the ultimate goldmine of loyalty if you earn the right to be there.

Well there you. A taste of the future. While some of the trends are certainly tainted with challenges, there is always opportunity for those willing to see it. Join me next week when I dig deeper with examples…

MEET OUR CONTRIBUTING MEMBER MARY:

Mary Charleson, is a marketing speaker, educator and strategist. She is the author of www.fiveminutemarketing.com blog and weekly newsletter, featuring marketing tips, served up like a personable chat with a caring friend over coffee. She has authored two books: Word of Mouth Mouse & Mobile and Five-Minute Marketing. Mary is a CSP (Certified Speaking Professional), a designation through NSA (National Speakers Association) held be fewer than 12% of speakers globally. She is a member of the Canadian Association of Professional Speakers and the Global Speakers Federation. Subscribe to Mary’s Weekly Five-Minute Marketing Tips.

 

 

 

Meet Mary at the Grand Connection Speaker Event on Nov 17, 2022 for her talk – Key Marketing Trends and Their Impact on YOUR Business for 2023