Sticking to the basics is likely a symptom of the current economy, according to agency executives and marketers, who are not only being asked to do more with less during tough times. , they say they have to rely on proven ones. Marketers and agency executives expect the focus on the basics, not just ROI, to continue for the foreseeable future.
“When the economy is good, we tend to ask ourselves, ‘What more can we do?'” said Ricciardi Group COO Jay DiPietro. “New programs and initiatives are developed and implemented, new tools are added to the tech stack, and further optimization activities are initiated.”
DiPietro continued: “But in times of economic slowdown or fear of a slowdown, budgets are frozen or cut, so time and budget are often tight and we have to ‘back to basics’. Remember our first principles of business and work hard to advance those fundamentals.”
Agency execs say what these bases or fundamentals are will vary from marketer to marketer, but the move is likely happening now as the forecast continues to be tough.
“In an uncertain economic environment, revenue and sub-funnels in particular are more important than ever,” said Brendan Garhan, partner and chief social officer at Mekanism. “This year, TikTok and YouTube are pushing hard to enhance their shopping capabilities. They are building features and ecosystems aimed at prioritizing physical sales.”
Mack McElvey, founder and CEO of B2B strategic marketing firm SalientMG, said that apart from the platform’s focus on shopping capabilities, marketers are “focusing on digital infrastructure, demand generation, content and customer marketing. The investment will continue through 2023.” “However, we anticipate that in the future, internal and external events, activities, travel and headcount increases will be reduced or curtailed.”
“When you see companies like Meta saying this is the year of efficiency, it shows that no technology company is immune to economic pressures,” McElvey added. A strong marketing team is focused on efficiently achieving company goals. ”
Despite the hype around new technology, “nothing newer and brighter than this is a ‘silver bullet’ in and of itself,” said TBWA Worldwide Executive Coach Rob Schwartz. “Brands need ideas. Words, visuals. Elements. Once you have that, you can connect with consumers.”
3 Questions for CP+B North America President Maggie Malek
Do you think we’re at a tipping point in influencer marketing?
It’s a circular conversation. Five years ago, we were so excited about influencers and creators. Now there are those who say it may go away. But it’s still a $100 billion industry. Influencers will fall into different spheres in a smarter way.
Why?
What I see in this industry is that everyone is being put into the influencer bucket. We’re not even thinking about Substack. It’s getting bigger and bigger. People are returning to their microcommunities. Gen Z loves to read blogs, but the focus on Instagram and TikTok has led many brands to stop blogging. I don’t think we are at a tipping point yet. We are in a world that is advancing rapidly in its digital maturity.
How will the rise of AI impact the influencer marketing space?
People will want a more authentic and authentic voice. It is also a place where creators and influencers have a big presence. We will know less and less what is true. Our view of AI is more like a briefing tool. So question it, but don’t use it as a substitute for human intelligence. It’s not really artificial intelligence. It’s an algorithm. It’s another kind of intelligence. It helped me create some shortcuts. It will be interesting to see how it gets smarter. — Kimeko McCoy
in numbers
The advent of artificial intelligence is taking the world by storm, and IZEA has released its latest research report, “Influencing AI 2023.” This report aims to analyze the adoption, use, perception and impact of AI technology on consumers’ daily lives. See key findings from the report below.
- The majority of AI users 67%says it is using AI for home and personal use.
- 56% of individuals aged 45-60 have introduced AI into the workplace 46% of people aged 18-29 are using AI for schoolwork.
- People aged 45-60 are most likely to say they use AI every day. 56%. — Julian Cannon
Quote of the week
“Apple’s presence at Cannes this year was remarkably quiet. The Apple logo is nowhere to be seen. Like last year, it wasn’t discussed during the conference. Part of that is specs. It is due to.”
— an advertising executive who only agreed to speak to Digiday on condition of anonymity when asked about Apple’s approach to Cannes and its advertising ambitions.
