CMOs Under Pressure in 2023: Forrester Research Forecasts
This is short-term marketing formed for 2023 in the context of the crisis. This is presented by Thomas Husson, a consultant of the analytical firm Forrester Research. It anticipates key marketing trends in 2023 amid impending recession. He spoke at the event organized by Alliance Digitale on 1er December
In 2023, performance marketing is preferred
He notes that in conditions of uncertainty, we often focus on short-term perspective, performance. This will have implications for hiring new marketing directors. ” More than half of CMOs to be appointed in 2023 will have performance profiles rather than brand building, customer experience or loyalty. Unfortunately, this is likely to happen. We play it safe he complains, who instead rely on investing more in customer loyalty and customer experience.
Digital advertising allows for better measurement, better targeting, more flexibility and agility.
But the selection of digital channels will change. ” Digital advertising growth will be driven by channels that increase performance. There will be less social media, less Twitter, less Meta, but more Search and Retail Media, which will grow from $29 billion in 2021 to $62 billion in 2024. » announces the consultant.
Martech spending to grow +20% in 2023
At the same time, marketers will see a +20% increase in their spending on martech, that is, marketing technologies. ” It’s a lot Thomas Husson warns. This significant increase in costs is due to the fragmentation of the solutions market, their integration cost and the expected increase in the price of software licenses.
” We will have to combine solutions with integration costs in a ‘Best of Breed’ logic”
The use of new technologies such as “Data Clean Rooms” creates the risk of paying high prices by some companies. Thomas Husson reports that two iconic brands risk suffering from the Data Clean Room because they are not sufficiently anticipating the challenges of data management and respect for privacy.
Another challenge for 2023 is that customer experience will be mastered by only a few companies. ” Companies that embrace the customer experience and its ROI and understand that it is a cross-functional business discipline will do better. They will be about 10% “says the consultant.
A lack of internal skills will degrade the customer experience
” Conversely, 1 in 5 companies risk seeing their customer experience programs disappear or merge with others, meaning less cross-functionality across the company and less accountability to the governance committee. announces. On a more global scale” Perception of customer experience expected to erode in three-quarters of industries by 2023 due to lack of in-house skills finishes
“Metaverse is a non-issue in terms of investment priority for brands”
In the end, he reminds that it will be necessary to implement the global strategy of sustainable development and decarbonization of the company through the logic of frugality and vigilance. What Forrester Research calls the “green revolution.” ” This is a business issue, a change in the economic model. Helping people consume differently is the marketer’s role Thomas Husson notes. ” We will gradually move to a circular economy, to a logic of use rather than ownership, and to trust rather than obligation. This will be difficult to do he concludes.