Instead of debating whether a recession is in the cards, it is wise to consider how to survive and even prosper in trying economic times.
The year has been significant for bank marketers. Interest rates are rising, digitalization is changing how everyone does business, and that incident in late 2022 served as a cautionary tale for marketers. The SEC has given financial institutions the go-ahead to post customer reviews. In light of everything, 2023 should be a relatively calm year.
For marketers, each year brings a new set of opportunities and challenges. The year 2023 is quickly approaching, so now is a good time for marketers to start getting ready for some of the possible outcomes.
Instead of debating whether a recession is imminent, it is wise to consider how to survive and even prosper in trying economic times. Successful marketers find ways to modify their marketing strategies in response to shifting consumer purchasing patterns.
The marketing budget is the first item on the agenda because it is always a tempting target when the economy is in trouble.
Budget Cuts in Marketing:
For months, the economic news has been lurching up and down. Many C-Suites will reduce spending to the core revenue generators as a result of the likelihood that interest rates will remain high and the escalating talk of a recession. That could put the marketing budget at risk. Good strategy work always involves making difficult but wise choices. In this economic climate, there isn’t much room for speculation. So now is the time for products and business segments to strategically change in response to the state of the economy.
It is advised to match the marketing budget to the opportunities available and to the products and business lines that most closely match consumer needs. CMOs now have more control over those strategic choices than they once did. This could entail shifting budgets to marketing strategies that are more effective (like email marketing), switching up the product mix, or updating a product or service’s key selling points and value propositions. Although some industries are better positioned to prosper during a recession than others, virtually every industry can adapt to better meet the varying needs and preferences of its customers.
Death of Third-Party Cookies:
Another subject that has been discussed among marketers for more than five years is this one. First, the ubiquitous third-party cookie has been placed on the endangered list due to the emergence of more privacy-focused internet browsers, ad blockers, the mobile app ecosystem, and various types of security software. However, the major browsers have all recently made plans to stop supporting the placement and tracking of third-party cookies.
Does the end of third-party cookies signal the cessation of marketing tracking and targeting? Not really, but it does signal a change in the methods and tools available to marketers to deliver more relevant content to consumers. Understanding the part third-party cookies currently play in marketing campaigns is a good first step.
Conversational marketing powered by AI:
Most websites are static and lack any interesting features, so the user has to do all the work. Advisors who are people are not always the best.
People have a lot more questions than they did ten years ago, and they want answers that bank advisors may not know the answers to or may know the answers to but are tired of giving them. This is where enters the Chatbot.
Chatbots enable more of the conversations that customers want, in addition to a lot more, along with visual engagement tools, voice messaging, and texts. Conversion rates can rise by up to 10X when using conversational marketing. Although third-party cookies are disappearing, the software can still give the customer insights required for individualized, proactive marketing.
To ensure effective conversion, conversational marketing tools first need to be adapted to business outcomes. Additionally, marketing teams need to be honest about AI.
Customers have complex questions, but AI can only handle a very small set of them. It’s not a good customer experience when an AI chatbot repeatedly asks the same question. In the end, those who have the fortitude to adapt to 2023’s realities while stepping up their use of automation will benefit greatly.
In the future, content needs to be more useful and tailored to the individual. Because of this, effective content marketing, like all inbound marketing, is tailored to the user. Marketing initiatives always revolve around “how clean is the data? Sadly, despite having access to good data, content producers still frequently adopt a financial services mindset rather than a customer perspective.
Overall, the difficulty of content marketing in 2023 will be to produce useful, educational text and videos without doing any “heavy lifting.” In 2023, those who figure out the content creation conundrum will have a significant advantage over rivals. It seems that 2023 will bring many people unfamiliar changes. The best advice is to be ready for them.
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