The 6 Biggest Marketing Trends Entering 2023

The 6 Biggest Marketing Trends Entering 2023

The 6 Biggest Marketing Trends Entering 2023

&Marketing, and marketing, outsourced marketing strategy

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As I speak to business owners + marketing leaders, I’m always trying to keep a pulse on trends. Broadly, there are some macro business trends around economic uncertainty (duh!), inflation, supply chain, and data.

6 Marketing Trends Entering 2023

Let’s focus on what’s happening in the marketing industry. Since the landscape is constantly evolving, the trends that I’m seeing are a mix of old and new. Marketers will need to stay ahead of the curve to remain competitive. I’ve tried to identify the top 6 trends that will be driving the industry in 2023 and beyond.

AI & ML

Artificial intelligence (AI) and Machine Learning (ML) can be used to automate many marketing tasks, such as customer segmentation, content personalization, data analysis, and predictive analytics. This will allow (force!) marketers to focus on strategic tasks, such as developing creative campaigns, optimizing customer experiences, and making better decisions to increase ROI. Are you at least exploring AI/ML’s role in your marketing?

Data & Insights

The use of data-driven marketing will only increase in importance. Data-driven marketing informs better decisions, such as which channels to use, which audiences to target, and most importantly how to beat competitors. Everyone says they use data – but are you using it to make better decisions?

Social is Evolving

Social media will continue to be a major trend in marketing. Social media platforms such as Facebook, Instagram, LinkedIn, TikTok (and what about Twitter?) are powerful for connecting with customers and building relationships. Marketers use these platforms to engage with customers, promote their products and services, and build brand awareness. It’s more than just a content distribution channel. How are you evolving your social plan?

Video

Video will continue its surge. It is an effective way to engage with customers and build relationships. Marketers can use video content to showcase their products and services, tell stories, and create an emotional connection with their audience. Are you behind because you’re not using video?

Influencers

Influencer marketing involves leveraging the influence of well-known people across industries (not just social media) to drive credibility. Influencers can help to build brand awareness and trust, as well as drive sales. This is not just a B2C phenomenon on TikTok and Instagram… it’s happening all around in B2B as well. Who influences your prospects?

Data Privacy

Data privacy will continue to be a thorny topic. Companies no longer have free reign to use data to target customers, and there will continue to be a backlash on companies that overstep ethical boundaries. Are you evolving fast enough?

These are just a few of the major trends I’m seeing. How are these impacting your business? What is missing?

About Rajat Kapur

As the Founder & CEO of &Marketing (www.and-marketing.com), Raj and his team strive to provide growing businesses unparalleled marketing strategy and execution services. Raj has more than two decades of experience in B2B and B2C marketing, sales, & strategy. He has led nearly 100 high-profile marketing strategy projects for Global 100, mid-sized clients, and SMBs, plus over a decade with General Electric and General Mills. He is a sought-after advisor and facilitator, with experience across five continents. He is known for bringing the best of ‘big company’ marketing and strategy to smaller companies without the baggage, his bias for practical implementation, and his unrelenting customer focus

About &Marketing

&Marketing provides the robust outsourced marketing department growing companies need without the high overhead costs of big agencies or full-time employees. Our variable model empowers businesses to reach their growth goals through access to the guidance and expertise of senior level strategists and a flexible execution team.

Are you facing challenges of your own in generating leads and meeting your business’ growth goals?

We’d love to learn more about your challenges and how a coordinated marketing approach might help take your organization to the next level.

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How to Calculate ROAS to Support Your Business Analytics Strategy

How to Calculate ROAS to Support Your Business Analytics Strategy

How to Calculate ROAS to Support Your Business Analytics Strategy

&Marketing, and marketing, outsourced marketing strategy

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Advertising campaigns cost money, and many companies need help understanding their Return On Investment (ROI) or Return On Ad Spend (ROAS). Most often, this is from a need for proper tracking and struggling to assign monetary values to your ads’ results (unless you are eCommerce.) Without ROAS, companies are left without insights into deciding whether or not to continue ad campaigns or optimize based on the results. Calculating ROAS is a foundational part of any organization’s business analytics strategy.

To make the best business decisions, you must understand and calculate ROAS. This blog discusses what ROAS is, how to calculate it, and what a good ROAS might look like.

What is ROAS, or Return on Ad Spend?

Return On Ad Spend measures the cost-effectiveness of your advertising campaigns. It helps businesses determine whether they are making a positive return on advertising costs or losing money due to not making enough from advertising.

A high ROAS is a positive indicator of performance, whereas a lower ROAS indicates that your campaign has an opportunity to be optimized. It’s also important to consider different marketing campaigns (such as Social Ads vs. Search Ads) and compare returns as different channels will result in different performances.

How Do You Calculate ROAS?

Revenue / Cost: The simple way to calculate ROAS to support your business analytics strategy is by dividing Revenue by Advertising Cost. The advertising cost includes:

  • The campaign budget
  • The campaign manager’s time
  • Any other outside costs that you may have for that particular campaign.

For example, if a specialty foods brand spends $10,000 on a Google ad campaign and generates $30,000 in revenue, the formula is as follows:

$30,000/$10,000 : $3 or 3:1

In this example, a 3:1 return on ad spend means that for every $1 the brand spent, it generated $3 in revenue.

What is a Good ROAS?

Every brand and industry will have its own “good” ROAS. For some companies, a 3:1 ROAS is excellent, while others would consider that to be underperforming. If your ROAS is low, then you might increase ad spend to get a better return. On the other hand, if your ROAS is high, you may consider how to keep the campaign performing well and look into ways to mimic that effort in lower ROAS campaigns.

Sources indicate that the benchmark ROAS for Google Ads campaigns is 2:1, an average return of $2 for every $1 spent. Further, focusing specifically on Google Search Network, that amount increases to $8 for every $1 spent.

The 3 Benefits of Calculating ROAS

Calculating ROAS will help you:

1) Identify Scaling Opportunities

ROAS allows companies to determine the effectiveness of individual ad campaigns. By examining each campaign, businesses can determine which type of ads are performing well and scale those ads to drive the best results. Tip: Remember that a solid business analytics strategy involves constant monitoring. ROAS may decrease when you scale your budget, so be sure to consistently track your ROAS while scaling.

2) Determine Budget Re-Allocations

Spending a lot of money on ads does not always mean you will get high sales. On the other hand, spending wisely on your best ads can drive more sales. ROAS calculation results help you identify the ad sets on which you are overspending. In these cases, you should reduce your budget to protect your business from losses.

3) Guide Better Business Decisions.

Successful marketing strategies are rooted in data, and ROAS is one of your top performance indicator metrics for digital advertising. With multiple channels such as Social, Referral, and Paid Search, ROAS will help you determine which acquisition source will help you achieve your business goals.

Take Control of Your Business Analytics Strategy Today

Optimizing your marketing campaigns and properly planning your budget becomes easier when you have a solid business analytics strategy in place, and calculating ROAS is essential to supporting that strategy. You can gain a deeper understanding of performance metrics and scaling opportunities by using our ROAS calculator.

About &Marketing

&Marketing provides the robust outsourced marketing department growing companies need without the high overhead costs of big agencies or full-time employees. Our variable model empowers businesses to reach their growth goals through access to the guidance and expertise of senior level strategists and a flexible execution team.

Are you facing challenges of your own in generating leads and meeting your business’ growth goals?

We’d love to learn more about your challenges and how a coordinated marketing approach might help take your organization to the next level.

Privacy Policy

Privacy Policy

Insights

The Power of Local: How Fractional CMOs Can Supercharge Local SMBs

For many companies, particularly small and medium-sized businesses (SMBs), a strong local presence is the lifeblood of their success. These businesses have a unique opportunity to build deep connections within their communities. Customers are more likely to trust and...

The Benefits of an Interim CMO

Imagine this scenario: A small start-up SaaS company, Aether, specializes in cloud-based data storage and analytics solutions. It has experienced rapid growth, mainly acquiring customers through its sales team and word-of-mouth referrals. However, as the competition...

Why Your Business Should Consider CMO as a Service

You know the numbers—roughly 50% of businesses don’t make it past five years and only 20% make it to 20 years. In today’s competitive business landscape, a strong brand and a clear message are crucial for success. In a business landscape where strategic marketing is a...