As we’ve reached the second half of the year, the major social media platforms have all experienced significant drops. The reasons why are multi-faceted:
- Granular ad targeting has become more challenging with tightened security and privacy concerns.
- One of the most significant developments here has been Apple’s iOS advertising identifiers now requiring an opt-in. This means that users must explicitly consent to tracking on the device; otherwise, they’ll be in a grey, undifferentiated audience without any target parameters.
- Inflation has caused a wide range of effects that have pushed ad spending down on social:
- Consumer and business demand has tightened. People are less likely to spend in general, so advertising is at least perceived as less effective.
- Businesses are cutting operational costs in response to higher prices. Ad spend is an easy lever to move, so it has been pulled back.
- The operational costs of ad providers, like everyone else, have also risen. This trend has triggered waves of layoffs, hurting their capacity.
- Users seem to be migrating to new platforms.
- A significant exodus of Twitter users continues since the Elon Musk takeover (it is impossible to know how many have left because they no longer release numbers). Contender Mastodon seems to be absorbing some of this audience. But it’s a platform where advertising isn’t possible. Likewise, options like Hive Social continue to develop.
- Everyone knows TikTok is growing incredibly fast. In 2021, Cloudflare noted that it was the most popular site of the year (TikTok surpasses Google as the most popular website of the year, new data suggests (nbcnews.com). Advertisers are racing to figure out how to advertise effectively on this platform, but as with all new platforms, ad spending lags behind user growth.
All these factors are causing the stock prices of large social companies to drop significantly. As of 12/13/2022,
- META (parent company of Facebook/Instagram) has dropped 64.59% over the past year.
- Alphabet (parent of Google) likewise, dropped 31.53% over the past year.
- Amazon (a significant advertising platform even if it isn’t social) dropped by 43.97%.
What These Numbers Mean for the Future
So, what does all this mean for marketing? Well, first, this doesn’t mean it’s over. Marketing existed long before social media and will outlive it.
But how do we adapt our tactics to make the most of the current moment?
In short, it comes down to reusing and recycling content so you get the most value possible. Just like with our goals for better sustainability, the core concept for marketing in 2023 is to do more with less. Luckily, there are many ways to do that!
Want to learn with video? Check out our 2023 marketing predictions in the video above!
Here are Force 5’s big predictions for 2023 marketing trends that will work for most businesses:
Content Creation will be one of the core activities of marketing this year.
Generating strong content can create evergreen fuel that can be of use now and in the future when ad budgets go back up again. Content is perhaps one of the best cost-effective marketing investments you can make. Without it, all the other tactics fall flat. So, why not invest in clarifying and generating great content while you have some time so that it both provides immediate benefits and helps you later? To do so, spend your marketing budget on activities like:
- Copywriting on the website to boost SEO performance
- Writing blogs and other content pieces to prove your expertise to customers.
- Produce videos about what you do, how you do it, and why it matters. Make these “evergreen” and not based on just what’s happening right now.
Force 5 has experienced copywriters on staff who have worked in a broad range of industries. We also have in-house video production talent. Together, we can help you build this content and make it impactful—for years to come.
Traditional media will see a comeback.
With audiences growing weary and wary of social platforms, we think traditional advertising mediums will see increased attention this year. We’re talking about things like billboards, television, radio, and print—more tangible forms of communication with a broader audience.
There’s a real hunger for analog types of media, perhaps held over from isolation in 2020 and the oversaturation of social media. Of course, that doesn’t mean digital will disappear. But we think the math might make more sense this year to spend on traditional and get more eyeballs than digital and have less targeting effectiveness than before.
Luckily, Force 5 knows both forms of advertising and can help you get into the markets you want to reach.
SEO will have increased importance.
Everyone knows the best traffic is the traffic you don’t pay for. But to achieve that, it takes a lot of thought. We predict companies will be interested in investing in SEO this year because it has such a long-term impact (like content marketing, which it shares many characteristics with).
The trouble will be identifying services that truly understand SEO and how it has changed. Force 5 is one such company that takes SEO seriously, understands that it can take time to see results, and follows the most up-to-date practices. Once you have a partner, investments here will pay long-lasting dividends.
Now is the time to invest in brand development.
In a hot market, it’s easy to ignore brand marketing because performance-style advertising gets so many fast results. When that isn’t the case, investing in brand, again, is a smart investment for long-term success, including when the market picks back up. Defining who you are, what you do, and why you do it will help every other aspect of the business work well.
Force 5 is the only agency in the Indiana/Michigan region that has a certified brand strategist on staff who can lead organizations through a proven process to find their brand identity and communicate it to all.
Marketing leaders will invest in technology.
The slowing market also presents an opportunity to invest in technology, as there’s more time to consider competing platforms’ pros and cons. We think marketing leaders will use this time to modernize their operations, likely moving to Cloud-based technologies.
Care should be taken when selecting software. Force 5’s team includes people who have used a broad range of marketing technologies that can advise you on what works best for your specific needs. We can help you make wise investments and avoid expensive bad decisions.
Your Fuel for Marketing in 2023
As you can see, 2023 looks like an unusual year in marketing. With more efficient budgeting, a focus on evergreen deliverables and long-term value, and a return to traditional media, finding the right way will be challenging.
That’s why Force 5 is here. To be your guide through the turbulent year ahead and keep your business moving forward no matter the headwinds.
Ready to get started? Contact us today to set off on your 2023 marketing journey.
Not ready to reach out? No problem. Take a look at the many services we offer at Force 5.