Marketing strategy trends for 2023

As customer buying journeys evolve, so do marketing budget allocations. In Gartner’s 2022 CEO and Senior Business Executive Survey, business objectives revolved around the “back-to-basics” approach, where acquisition, customer retention and engagement were top marketing strategy priorities.

The latest research from Gartner's 2022 State of Marketing Budgets and Strategy states that there is a balance between paid, owned and earned media. Trends indicate a return to marketing’s core value proposition - to build awareness and engagement with compelling brand marketing and effective campaigns that connect with customers to deliver results.

Budgets have recovered compared to last year, increasing from 6.4% to 9.5% of company revenue across almost all industries. Financial services, hospitality, and tech companies stand out, recording budget increases at 10.4%, 8.4% and 10.1% of company revenue, respectively.

While this is a significant improvement, budgets are still behind pre-pandemic levels. This is because Inflation, cost-of-living increases and lower consumer confidence are hitting consumer goods brands hard. Hence, spending decreased slightly from 8.3% in 2021 to 8.0% in 2022.

The bottom line is that your 2023 marketing budget should be built on initiatives that have proven successful for your business. With another uncertain year on the horizon, don’t ditch your existing marketing strategies for something that seems to offer faster results.

Stick to what works, stay anchored in your goals and align your budget with the marketing initiatives that make the most sense for your brand. For more information, drop me a message at zakbassian@gmail.com and let's chat!