If they haven’t been set already, marketing strategies for 2023 are being crafted against a very difficult backdrop. The economic clouds that have been closing in are, in many ways, just the start of a complex and unpredictable storm. Alongside softening consumer demand, we are also contending with changing shopping habits, an evolving environment around privacy and measurement, and the emergence of new technology and platforms that are influencing media strategies.
The combination of these factors means that in 2023 there will be more scrutiny of marketing strategy and a greater pressure on outcomes. A daunting prospect? Or a challenge that we should relish?
The expectation is that while ad budgets are still forecast to rise this year, the rate of growth will be significantly lower than in 2022. WARC has forecast that global ad spend will increase by 2.3% – down from 8.3% in 2022. And UK ad spend is likely to grow by around 3.9% – a 0.5% downgrade on previous forecasts.
Whatever growth there is, will mostly likely find its way into digital, as scrutiny of ad investment intensifies. In a survey by ISBA, 69% of respondents “agreed” or “strongly agreed” that marketers will have to justify their investments in 2023, and against that backdrop, it’s perhaps no surprise that a focus on measurable outcomes and, most likely, digital channels will be prioritised by many. In the same survey, 33% agreed that digital is likely to benefit from increased investment at the expense of offline media.
But while the shift to digital and practices labelled ‘performance’ may seem logical in an environment where marketers will want to arm themselves with metrics to appease their CFO, there are still questions to be answered about just how your strategy is going to face these challenges.
Introducing the Reprise School of Performance
Reprise has been working with some of the world’s leading brands to guide them on digital marketing for high performance. Through these partnerships, we’ve identified key areas which are likely to present challenges if brands don’t have their strategic approach right – and see digital performance marketing as just ‘bottom of funnel’ activities – motivated by the need to prove the value of every ad penny.
To support the marketing industry through the challenging year ahead, we are introducing the Reprise School of Performance – a free event bringing together performance marketing leaders from Reprise and some of the most recognisable brands in the world, including American Express, Kimberly-Clark and Deliveroo. We will address the following key issues:
- How we can diversify media spend to drive long-term performance growth, at a time when ad platforms are becoming more expensive and less precise.
- How brands can better understand their audience’s needs, using content to deliver improved experiences across the whole of the customer journey – not just at the bottom of the funnel.
- Ways in which brands can take the guesswork out of measurement at a time when platforms, including Apple and Google Analytics 4, are taking a harder stance on data and user privacy, making marketing attribution harder.
The Reprise School of Performance will conclude with an expert panel discussion, where marketers from some of the world’s biggest brands will discuss how they are facing these challenges and approaching performance marketing in 2023.
The event will take place on Tuesday 21 February 2023 at 16 Old Bailey, London EC4M 7EG. Tickets are free and are strictly limited. Request your ticket today.
Chloe Hawking, CEO, Reprise UK & Ireland