5 Huge Trends That Will Change Marketing In 2023 (#77)

TL;DR

Marketing is evolving with unbundling in ads, search, and messaging.

Transcript

• What we are seeing is a shifting of the kind of sands, right? So what's really interested in paid advertising is historically you do Google and Facebook. They're the two platforms that have most of the users. And what we've seen is those kind of rates or CPMs go up a lot more, had some really good data on AdWords where I think it went up 101% ove... Read More

Key Insights

• The cost of Google AdWords has significantly increased, making it less viable for businesses reliant on paid advertising.
• The marketing landscape is shifting from large aggregators like Google and Facebook to more diversified and targeted ad networks.
• Alternative advertising platforms like Uber and DoorDash are emerging, offering more targeted ad options.
• Out-of-home advertising is becoming more trackable and cost-effective, potentially disrupting traditional digital ads.
• AI technologies like ChatGPT are challenging traditional search engines by providing more contextual answers.
• Messaging platforms like WhatsApp and iMessage are becoming crucial channels alongside email for customer communication.
• Email remains a strong communication tool but is increasingly complemented by other messaging channels.
• The evolution of marketing will require creativity and problem-solving beyond traditional methods.

Questions & Answers

Q: How are advertising costs changing?

Advertising costs on traditional platforms like Google AdWords have significantly increased, with reports of a 91% rise in cost per lead. This is making it more challenging for businesses to rely solely on these platforms for paid advertising, pushing them to explore alternative channels.

Q: What is causing the shift in marketing strategies?

The shift in marketing strategies is driven by the increasing costs of traditional advertising, the emergence of privacy and data laws, and the rise of new technologies and platforms that offer more targeted and cost-effective options for reaching audiences.

Q: What are some emerging advertising platforms?

Emerging advertising platforms include Uber and DoorDash, which have announced their own ad networks. These platforms offer advertisers the opportunity to reach engaged audiences in new and innovative ways, potentially providing more value than traditional platforms.

Q: How is AI impacting search engines?

AI technologies like ChatGPT are providing more contextual and accurate answers to user queries, challenging traditional search engines like Google. This evolution in AI technology could lead to a shift in how people search for information online.

Q: What role do messaging platforms play in marketing?

Messaging platforms like WhatsApp, iMessage, and SMS are becoming crucial channels for customer communication. They offer businesses new ways to engage with their audiences, complementing traditional email marketing and providing opportunities for personalized interactions.

Q: Is email marketing still relevant?

Email marketing remains a relevant and valuable communication tool. However, it is increasingly being complemented by other messaging channels as businesses seek to engage with their audiences through multiple touchpoints.

Q: How can businesses adapt to these marketing changes?

Businesses can adapt by diversifying their marketing strategies to include a mix of traditional and emerging channels. This involves exploring new advertising platforms, leveraging AI technologies, and incorporating multiple messaging channels to engage with their audiences effectively.

Q: What is the future outlook for marketing?

The future of marketing is expected to involve more creativity and problem-solving as businesses navigate the unbundling of traditional channels. Marketers will need to stay ahead of trends, embrace new technologies, and develop innovative strategies to reach and engage their audiences.

Summary & Key Takeaways

• Marketing is undergoing a massive transformation with the rise of new advertising and communication channels. Traditional platforms like Google and Facebook are facing challenges, leading to an unbundling of marketing strategies.

• Alternative advertising platforms such as Uber and DoorDash are gaining traction as businesses seek more targeted and cost-effective ways to reach their audiences.

• Messaging platforms are becoming increasingly important for customer engagement, complementing email and offering new opportunities for personalized communication.