From Social Shake-Ups to Diversity Needs: 2023 New Business Predictions

Decentralized platforms, death of the cookie and predictive analytics are just a few of the major trends to dominate 2023. With serious privacy changes underway the future of B2B sales and marketing is evolving before our eyes — yet KPIs won’t change just because the industry is. If anything, leaders expect their new business teams to deliver opportunities and smartly adjust strategies to drive results. 

2023 new business predictions:

1)  Consumers will continue to prioritize diverse brands

Research from Deloitte-owned agency Heat shows that 69% of brands with the most diversity and inclusion in their in ads saw an average stock gain of 44% in a seven-quarter period. Another study found that significantly more consumers consider the topic of diversity and inclusion to be important (60%) than those who do not.

Agencies must create campaigns that focuses on diverse consumers. This starts by gathering insights on how to improve the quality of portrayals of diverse communities. Brands should be proactive when it comes to gathering inclusive data and DEI practices, and work to create content that resonates with audiences. Of course, inclusive advertising starts with having diverse people filling the seats at the decision-making table. Then, once you have diversity at the table, give them a voice and listen to them.

2)  More brands will embrace third-party partners

Sponsorship and marketing decision-makers don’t want to feel like they are being sold. The best way to get around that barrier is to have someone else tell the story for you; someone who does not have a salesperson title (or stigma) attached to them. Take your cue from major consumer-facing advertisers who use customer-generated content and influencer marketing to tell their stories.

In the B2B world of attracting corporate sponsors, that method translates into leveraging third-party storytelling. An outsider’s endorsement is extremely important to include in your outreach to potential corporate sponsors. And, if you’re like most companies, about 5%–10% of consumers write reviews, but 84% of people trust online reviews as much as recommendations from friends. Make sure these testimonials go beyond the surface, including details around actual results and ROI.

It’s human nature to be skeptical of someone who is selling you something, so the more you rely on non-biased third parties to tell your story, the more you’ll disarm your prospective partner. You may even find the tables turn to the extent that they start pitching you on why they’re the right partner.

3)  OTT growth will be slow, but steady

More than 2 billion people will be sub OTT viewers in 2023, a 5.2% increase from 2022. Although viewer growth is slowing, the aggregate figures have become enormous. Growth in 2023 will be slower versus 2022 especially during the first half because of economic uncertainty and the aftermath of third-party cookie blocking. However, ad spending will gain traction in the second half, propelled mainly by travel, F&B, entertainment, and financial services categories.

4)  Publishers will highlight quality over quantity

Everything is uncertain at the moment when it comes to ad spend. While marketers are planning the budget for the coming year, they are also taking dipping consumer sentiments into account. According to IAB’s report, overall ad spend is projected to rise by 5.9% year-over-year. However, it will be uneven across different sectors. Advertisers are trying to find a balance between their long term and short term business goals through flexible budgets.

The publishing community is vulnerable to the impact of the looming recession. Given the squeeze ahead, publishers should start improving the quality of their inventory, content, and user experience. They should also focus on taking proactive steps to fight ad fraud and focus on the supply path optimisation to maintain transparency in the system.

Ankit Oberoi, CEO & founder, AdPushUp

5)  Social media’s future impact will shake up

In 2022, we expected social media and influencer advertising to take off more than it ever had, but next year’s future remains muddled. Consumer intelligence firm Talkwalker and customer engagement platform Khoros recently released a report predicting the top 10 social media trends for 2023 and noted several key changes coming to platforms. While misinformation will continue to spread, Talkwalker found consumers are getting better at differentiating fake news from credible sources. This means brands and social networks can expect consumers to demand greater integrity and transparency standards next year.

The metaverse will also continue to drive conversations throughout 2023. Talkwalker predicts more major players competing in the metaverse in coming months, joining the likes of Publicis, Samsung, Dentsu, and Microsoft. Inevitably, certain challengers will eventually take off, while others will fizzle out. And consumers will decide which of these resonates with their real-world behaviors. And when it comes to the future of marketing, the report points to predictive analytics as a bigger disruptor next year. While this is not a new trend, Talkwalker notes that the use of big data to predict outcomes will become more integrated in social media. In particular with social listening and other artificial intelligence capabilities.

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