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Expert Analysis: What’s next for Australian marketing in 2023 and beyond

Expert Analysis: What’s next for Australian marketing in 2023 and beyond thumbnail

As the digital world continues to evolve, so too do the strategies and tactics used by businesses to reach their customers online. One trend that has been particularly impactful in recent years is personalisation in marketing. 

This can include customising messages and offers to individual consumers based on their past behaviour and preferences and using targeted ads to reach specific market segments.

Social media has also become an increasingly important platform for businesses to connect with consumers. Platforms like Facebook, Instagram, and Twitter allow businesses to promote their products and services and engage with their customers in real time.

E-commerce has also seen significant growth in recent years, with more and more people choosing to shop online rather than in physical stores. This trend has led to the developing of new technologies and strategies designed to enhance the online shopping experience, such as virtual and augmented reality, chatbots, and advanced payment systems.

As the digital landscape continues to change, it will be important for businesses to stay up-to-date on these trends and find new ways to connect with their customers online.

Dynamic business recently spoke with Dr Mortern Boyer, an expert on consumer intelligence from the firm GfK. The discussion focused on the current and future state of online sales and marketing in Australia, specifically trends and changes that can be expected in 2023. 

During the interview, Dr Boyer addressed what has been successful in the realm of online sales and marketing, as well as any areas that may need improvement or updating. 

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The conversation also touched on potential changes and developments that businesses and marketers should be aware of in the coming year. It is likely that the focus will continue to be on personalisation, social media, and e-commerce, but it is always important to stay informed and adapt to new technologies and strategies as they arise.

Dr Boyer: “Despite the macroeconomic trends and the pessimism they generally cause, the consumer durables market in Australia is actually performing very well. There hasn’t been a drop in demand. Even more, value is up over 12 per cent, which is incredibly strong and impacted by inflation, rising costs and premiumisation.

“Interestingly, our research also indicates that Australians spend more time at home than any other country worldwide. In fact, roughly 40 per cent are working remotely. In this new hybrid landscape, we’ve found that 44 per cent of consumers say indulging or pamper themselves regularly is important.

“This sentiment has led to increased purchases across the home in areas like entertainment, health, work, study, cleaning and dining. For example, there’s been a 57 per cent increase in juicer purchases, 184 per cent air fryer purchases and a 2,680 per cent increase in Smartphones 5G purchases.

“We’re looking for convenience, and we’re buying into technology and appliances at home. And it’s not just products. Subscription video on demand also significantly increases as we spend more time at home. At the same time, radio streaming has seen more than a 122 per cent increase.”

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What is working, what is broken, and what changes should we expect?

“Premium brands have grown by 34 per cent in value versus the prior year, compared to a drop in value for entry brands. Our research shows the widespread appetite for premium brands and products has continued despite the looming economic downturn. Pockets of opportunity have emerged for brands and retailers to explore.

“To do so, however, they’ll need to use data to unpack consumer behaviours, redraw the lines between traditional customer segments and integrate greater variety into price tiers to understand exactly what consumers are willing to spend. 

“Data can be a dirty word. But the brands and retailers that change their mindset on data by getting it in the right place, receiving support from the top and putting the right systems, processes and talent in place will see game-changing results in their business.” 

What is the most difficult part about marketing and advertising?

“Practically every marketer says direct access to customer data provides them with a competitive advantage. However, according to our recent research in partnership with the CMO Council, nearly two-thirds of all marketers are only moderately confident (or worse) in their data, analytics and insights systems. 

“The ability to connect data silos and boost accessibility (55 per cent) remains a top challenge holding marketers back from unlocking the true potential of their data. In the APAC region, only 18 per cent of marketers say they can move quickly from data gathering into action.

“The three things holding them back? The budget to improve martech, systems and processes that connect data silos, and talent to move from data collection to action.”  

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