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2023 Deloitte Report: Navigating Uncertainty with Marketing Opportunities

The 2023 Global Marketing Trends report from Deloitte offers guidance for business leaders and marketers facing uncertainties in the coming year. The report highlights four main topics: financial uncertainty, sustainability, creativity, and tech trends. In addition, marketers are encouraged to invest in digital technologies, improve sustainability efforts, make more room for creativity, and consider adopting metaverse or blockchain.

As economic instability remains a concern, brands are responding with an investment mindset, focusing on accelerating new digital technologies, expanding into new markets, and enhancing customer personalization. Brands also pay attention to sustainability, looking to improve internal marketing practices, promote sustainable products and services, and establish long-term sustainability commitments. Creativity is also seen as a force for growth, with high-growth brands having the mindset and processes to allow creativity to flourish. The metaverse and blockchain are two rising technologies that marketers should be aware of.

According to the report, 2023 will be a year of disruption with both obstacles and opportunities. CMOs will need to find new levers for growth while dealing with economic pressures. The report offers a comprehensive guide to help position businesses for success, informed by insights from business leaders and marketers. Brands that invest in marketing activities and creativity will capitalize on opportunities, while those that vacate the space will likely have to catch up later.

The report has some exciting takeaways

Brands Address Economic Instability through Investment: Brands have cited economic instability and inflation as their top concern in 2023. So instead of reducing costs, they are tackling the uncertainty by investing in their capabilities and capacity to be resilient in a rapidly changing economy.

Top Priorities of CMOs: The top three priorities of CMOs in the face of the potential economic downturn are:

  1. Moving to digital technologies like Metaverse, AI, social platforms, AR, and digital currencies.
  2. Expanding into new markets, segments, or geographies.
  3. Implementing systems for enhancing customer personalization.

Sustainability Efforts Drive Growth: Brands focus on their internal sustainability practices to build consumer trust as consumer concerns for sustainability grow. The top three priorities for sustainability efforts this year include the following:

  1. Improving the sustainability of internal marketing practices.
  2. Promoting more sustainable products and services.
  3. Establishing long-term sustainability commitments.

Creativity as a Growth Force: A creative gap has emerged with declining visionary leadership and skills among CMOs, 2023 presents an opportunity for brands to rise above the competition by embracing creativity. Research shows that high-growth brands are likelier to have the mindset and processes that allow creativity to flourish. CMOs can drive creativity by:

  1. Redefining creativity.
  2. Bringing the rest of the organization along.
  3. Inspiring the organization to think differently.

Rising Technologies to Watch: Marketers face decisions about adopting cutting-edge marketing practices as new technologies become top trends. The full 2023 trends include the following:

  1. Metaverse (80% of ER&I and LS&HC industry marketing executives assume within the next two years).
  2. Digital Currencies (41% of CMOs plan to support advertising strategy with blockchain in the next 12 months).

In conclusion, economic instability and inflation will continue to be a top concern for brands in 2023. However, brands are investing in new technologies instead of cutting costs, expanding into new markets, and implementing systems to enhance customer personalization. Sustainability is also a major priority, with brands focusing on improving their internal practices, promoting sustainable product offerings, and making long-term commitments to sustainability. Creativity is also seen as a force for growth, with high-growth brands more likely to have a mindset and processes to allow creativity to flourish. Marketers are also keeping an eye on emerging technologies, with the metaverse and digital currencies among the top trends to watch.

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