With an uncertain economy in 2023, expect brands to focus on customer value to connect with consumers this year.
Inflation affects consumer behavior. Mitchell Cooper, brand manager at KitchenAid Small Appliances, Whirlpool Corporationhe says rising prices will cause consumers to cook more at home than they did last year.
“When consumers struggle with inflation, they save money by cutting back on small things like eating out,” Cooper said. “When consumers cook at home, the value of products that make the work easy / pleasant increases. For example, white-collar professionals throughout the year 2022 began to return to the office – with more time spent on travel vs. 20/21, consumers can see more value in products / accessories that increase the comfort and convenience of being in the car. Additionally, as we saw in the 2008 recession, spending on low-cost categories (alcohol, candy) will increase as consumers seek new and affordable ways to reduce stress and find happiness.”
Cory Sexson, vice president & general manager, emerging brands & leading talent at Tropicana Brands Group. they predict that the price of the buyer will be explained again. “This pandemic highlights the importance of health and wellness, the importance of our experiences, and the importance of slowing down and living with purpose,” says Sexson. “However, with the changing economy, brands must continue to meet consumers where they are, but they will need to find new ways to redefine consumer value as wallets become more and more expensive.”
Brands will look to solve financial problems by delighting consumers in interesting ways. “The entertainment from the 80s/90s/00’s continues to delight families because parents like to give their children what they loved in their childhood and show love from childhood,” he says. Michael Abata, Director Growth Partnerships, CAMP.
Brand Purpose
Consumers will continue to support brands that share their values this year.
“We will start to see colors appear differently in 2023 and the end of several influences,” he says. Rae Wang, director of treatment marketing, Dairy Queen. “The battle against (brand) experience and the growing need for authentic, value-driven brands (for consumers) will be the driving force behind major changes including ‘Customer Service as Marketing.’ I think we’re going to see brands demonstrate, and get more credit for, the 1:1 service/experience they provide to guests- in both paid and paid channels. Not only to show brand authenticity, but also to answer why consumers face difficult decisions about who to buy from. Chick-fil- a has started to use this method in their TV spots telling stories about the relationships between their employees and guests, in addition to commercials like Chewy getting the benefit of talking and increasing the love of the brand from the stories of them sending flowers to owners of lost pets.”
“My reaction/prediction for next year is that this type of goal will be more important than ever,” he says Andrea Schwenk, chief marketing officer at Egglife Foods. “With the increasing amount of information that today’s consumers have, combined with rising prices and the strength of wallets, wallets must focus more than ever on a clear and effective purpose to differentiate and connect with consumers.”
““What’s on my mind as we look forward to next year is the need for different marketing strategies,” he says. Erica Jones, Senior Manager, Cultural & Inclusive Marketing, Kellogg Company. “The number of people of different cultures is increasing in America, and it is important for brands to remember that Gen Z is multicultural. Diversity must be integrated into all of our work and start with a deep understanding of the different groups that ultimately lead to good work that is meaningful and rewarding.”
“The growth of plant-based protein in the last few years has been undeniable,” he says Eric Mills, associate director, innovation at The Kraft Heinz Company. “However, as supermarket prices rise, what will consumers do with the rising costs? Will they continue to prioritize including more plants in their diets and make tradeoffs elsewhere? Or will they be forced to manage rising prices by moving away from those foods?”
Innovation and technology
“One aspect of the marketing landscape, in addition to the ongoing shift from print to digital technology, is AI’s ability to move from narrative concepts to content delivery,” he says. KC Glaser, general manager, brand awareness, loyalty at General Mills. “More companies will use AI and machine learning to analyze the data we receive to recognize patterns and provide each user with a unique experience.”
“As budgets are cut and staffing changes, companies will look at how they can handle all aspects of production, production and reporting. I’m at risk at my current company and managing my former employer,” he says. Katie Hepler, Director, Office of CMO, Life Time Inc. “This new innovation is moving in the same way as previous years with less money and thinking about how to create work so that members are not bored. It does not stop with sales, brand and comms – these efforts will reach other businesses such as services and sales (they need us!).”
“Interest/eyes are changing faster than ever. I think we’re going to see great opportunities in streaming, as well as other social media,” he says. Drew Brinckerhoff, director of marketing for Ben’s Original, North America, Mars. “Because of the changes in the consumption of products and the number of media, we need to go through the fragmentation. The process of obtaining the presence of ideas is becoming more and more difficult.”
“My prediction for next year is that companies will start using first-party data for more than just targeted advertising,” he says. Bryce Boothby, director, global technology at McDonald’s. “Companies are looking at how to improve the customer experience by better understanding their customers and their preferences. Creating a connected end-to-end experience that is highly unique from customer to customer. “
Metaverse
“With increasing pressure on the Metaverse and Web3 from advertisers, marketers and consumers, attention and interest will return to Sports Games to drive digital communication with fans and audiences at scale,” he says. Bryan Waddell, marketing manager for Hot Pockets, Nestlé.
“2023 is about to change and move forward in the business world as we see more brands getting around the trend, we’re planning for a cookie-free future, and we’re continuing to see technology evolve,” he says. Holly Spaeth, vice president, marketing & public relations at Polaris. “Having said that, I believe that next year we will continue to see the rise of micro-influencers and the opportunity to make money for content creators. We are ready to see competition between publishing platforms for these developers to create and do this in line with their brand and content. “
“It will be very important for brands to reflect the culture of their audience, what they will think and, ultimately, the market,” he says. Erin Griffin, Vice President of Marketing & Communications, Riddell. “We are focused on being proactive in the culture to increase the value of the brand, gain access, and remain relevant to our many stakeholders. “
“As we look to 2023, I’m looking for companies that are investing in digital to create communities,” he says. Olivia Ross, head of digital marketing at El Pollo Loco. “There is a huge opportunity to use first-party data in new ways, to introduce Web 3.0 in marketing, and to create all the experiences related to awareness; I think we will see a lot of magic coming out of marketing departments in the next year and I am eager to see how brands start to bring this opportunity.”
Zach Berliner, Senior Director, Sponsorships, Lifestyle & Experiential Marketing, Constellation Brands, he hopes tcontinued evolution with the integration of IRL and augmented/digital experiences. “How will the metaverse, AR/VR, etc. affect our consumer behavior and experience? How will the impending recession affect consumer behavior in their consumption choices, who and what? What is the post-Covid Roaring 20s concept? will it help?”
