It goes without saying that there are nuances to 2023 marketing planning depending on the type of business you are in – but it’s fair to say you are being impacted by the current economy. We are in a slowdown and many organizations are being faced with longer sales cycles and more selective and cost-sensitive buyers. Additionally, for marketers, there is internal pressure to optimize spend and maximize the effectiveness of current marketing programs.
It can feel a bit doom and gloom, but it doesn’t have to be. As history shows us, downturns don’t last forever. A bit of additional pressure also encourages us to make needed changes, maybe just a bit faster. The key is acting now and making the right adjustments so your team can weather the bumps. The best performing companies prepare.
If you are in the middle of 2023 marketing planning or need some help on what to consider – here are some key fundamentals to keep in mind.
Focus on your current customers.
Double-down on existing customers. Focus on providing and receiving greater value from your customer base. It typically costs 67% more to acquire a new customer than an existing one. And it’s easier to sell to existing customers with a 5x higher chance of a conversion.
Practical tips for your 2023 marketing planning:
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- Avoid easy mistakes that put customers at risk. If you have a unified view of your customers, 1) Ensure privacy is upheld and that user preferences are upheld throughout the entire journey. Make sure you have a thorough way to collect customer data (from all key sources) and that the preferences they request are respected. 2) Bring data together so the right message is delivered. For example, if a customer interacts with your call center make sure the agent has all the relevant data on hand.
Check out Event Data Framework!
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- Treat your VIPs…like VIPs Consider a VIP program for top tier customers. Whether they spend the most or are your best references, make sure you are clear on who they are and provide them with special offers or perks.
- Know when it makes sense to cross-sell or upsell. Often the signals are there, so don’t miss them! Expansion into your current customer base is a key motion that requires the right timing. And you’re helping them expand and grow their business as you grow yours.
- Spot risk early. Nothing is worse than missing signs that a customer is unhappy or not getting the value they should from a product. It’s helpful to identify signs early and then intervene.
Double down on your best bets.
Is there a vertical, partner, or type of buyer that performs best? Your 2023 business planning is a good time to focus on your top performers. With behaviors changing quickly, and resources limited, it is critical to identify and focus on the most cost-effective and best performing initiatives that drive the greatest ROI. Remember, it’s not about doing everything – it’s about doing fewer and more of the right things.
Practical tips for your 2023 marketing planning:
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- Look at focusing on a vertical or key market segment. Now might be a good time to hone in on an area that is going well. Do you have a segment that is more profitable, or has better retention? Identify one and focus resources on expanding this known segment.
- Understand which partners help your business. Partners are an incredible lever for many organizations. Is there a particular partner the team could run programs with, such as a joint event where costs could be shared? Rather than sending multiple messages into the market, combine investment and efforts.
Know where to optimize.
Optimize your spend through data and insights. Leverage and analyze past and current data from all of your online and offline touchpoints to help guide new decisions and actions. What worked yesterday may not work today.
Practical tips for your 2023 marketing planning:
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- Understand your ad spend. Focus your ad budget on what performs best, and cut what doesn’t. Now is a time to spend on the highest converting audiences. If there are audiences that are not converting, suppress ad spend there. This is a top way to improve efficiency if you have a reduced budget.
- Optimize for top performing channels. Analyze and understand the different channels you currently utilize. What channels or programs are under performing? Could dollars be moved, or could a new content offer be tested?
- Be clear on attribution. There is more scrutiny on marketing budgets right now. Make sure you have a way to track ad spend. When done right, this is one of the quickest ways to make an impact – but often dollars are cut if teams can’t show attribution.
Check out conversions API – this is one of the fastest solutions to implement that can help now.
Many of the ideas highlighted above are not novel, but they do work! The fundamental thread for all of them to be successful is having a clear understanding of customer behavior through data. It starts with having the right customer data available and ensuring it’s actionable.
According to Harvard Business Review, downturns are one the best times to invest in technology. With limited people, budget, and resources, utilizing technology that marries data to action is paramount to marketing success. Technology that connects to and enhances your existing tech stack, no matter what you use, will save your team time, improve and enhance workflows, and make your team more efficient. And there’s the upside to your 2023 marketing planning during an economic downturn.
If you’d like to discuss how Tealium can support your 2023 marketing planning, schedule a free demo today!
