If you’ve ever seen a marketing trends report and thought “How in the world does that apply to small business?” 😂 I hear you. (But also, I don’t blame you if you’ve never even *looked* at a marketing trends report. You connect with people like me so you don’t have to, right?!)
So yes, I took a read of Deloitte’s 2023 Global Marketing Trends Report and while it is directed at big business (it’s based on interviews with corporate brand leaders and CMOs, afterall) there’s a lot we small business owners can take away from it. The report examines how chief marketing officers can continue to stimulate growth and impact brand success in the year ahead.
Instead of reading the 48-page report, read on for my 2-minute round up.
Here’s 4 lessons small business owners can take away from the 2023 Global Marketing Trends Report
Lesson 1: Creativity is key to growth.
“High growth brands (with annual revenue growth of 10% or more) are more likely to have the mindset and processes to allow creativity to flourish.”
→ While it can be tempting to follow your competitors or make small tweaks to marketing strategies you know to be “tried and true” methods, creative ideas are in fact essential to long-term success. Take the risk. Try something new.
Lesson 2: Data still matters… BUT
“As generating growth becomes more complex… many brands have responded by doubling down on data and analytics. While these analytical tools are now often viewed as essential for any contemporary marketer, there are indications of an imbalance.”
→ There’s a difference between being “data informed” and “data driven”. Use the data and analytics to inform your business decisions, but don’t let it be at the expense of innovation and creativity.
Lesson 3: Embrace technology
“Well-designed digital platforms can streamline and simplify the customer experience, incentivising customers to engage more deeply on digital platforms and capturing valuable customer data.”
→ Personalisation in your marketing matters. We have the data and technology to enable us to do it. Something as simple as personalising marketing emails can improve customer loyalty, satisfaction, and lifetime value.
Lesson 4: Connect with your audience
“…. combined with experimentation and a test-and-learn culture, brands can dynamically tune their marketing and messaging based on ever-changing consumer behaviour.”
→ Your audience is the most unique thing about your brand. Getting to know them really well is how you stay relevant. Speak to your audience in a way that only you can to create meaningful connections.