Brands must continue to build their brand and place an emphasis on the long term in order to develop Effective marketing strategies. Brands need to stay light-footed; moving, testing, and learning
Key macro changes are influencing decisions regarding Effective marketing and advertising as we approach 2023. Marketers in APAC anticipate that shoppertainment, measuring effectiveness, and the fragmentation of digital users will be at the forefront.
Consumers are becoming much more discerning in their choices as a result of the looming recession and inflation. According to Sapna Nemani, chief product and solutions officer for APAC at Publicis Groupe, consumers’ choices are fundamentally shifting and the shopping basket is becoming smaller. Value rather than the lowest price is what consumers look for in a shopping basket. Nemani stated, “Shoppertainment is at the forefront of the way people are discovering brands and simultaneously buying.” There is no actual funnel.
Vitya Vijayan, head of social and search, APAC, at M&C Saatchi Performance, is attempting to combine user journeys in a fragmented omnichannel world. Everyone was on their digital platforms during the pandemic, and that’s pretty much where you could be. However, as consumers move offline, we’re beginning to see fragmentation in the digital user journey. Experience with digital media is no longer sufficient. As a result, from an omnichannel perspective, we must begin considering our options for attracting customers’ attention.
Marketers are under a lot of pressure to demonstrate the value of their investments in light of the current economic climate. Brands must strike a balance between short-term revenue and long-term growth. Because consumers are price-sensitive and marketers need to win or protect their share, they tend to aggressively prioritize sales over brand building and shift their marketing budgets from media spending to promotion spending.
Abhinav Maheshwari, Nielsen’s vice president of Effective marketing, states, “To analyze trends in 2023, we looked at Q2 of 2020, which indicated 71% of brands were cutting their media investments by more than 25%.” Even though this might have been a quick fix, going dark has cost money in the long run. In order to achieve long-term impact, we advise brands to abandon short-termism in 2023. Instead, they should concentrate on developing better value and trust in the brand.
Pablo Gomez, Kantar’s head of creative and media, advocates balancing short-term and long-term strategies and maintaining brand equity. However, brands like TikTok can strike a balance because they engage rather than interrupt customers.
Tokopedia’s vice president of internet marketing Rajeev Bala says that promotions are a way to get people to buy more, but they won’t make more people buy that product.
He stated, “Consumers buy two when they could have bought one.” There might be an increase in sales, but it won’t last long. Instead of investing solely in performance marketing, brands ought to concentrate on building the brand.
The key to building your brand is measuring marketing effectiveness. Because there are so many different data points and metrics to look at, measuring Effective marketing effectiveness can be hard. Experts in measurement recommend focusing on a few metrics that are important to your brand rather than all of the metrics that are available.
According to AppsFlyer’s head of the agency, Samiha Alam, a vision for measurement is that “everything you measure should lead to an incremental lift in your business.” In addition, it is challenging to distinguish the “signal” from the “noise.” As a result, you end up spending a lot of money on things that won’t help your business grow incrementally.
Marketers should avoid attempting to achieve everything from awareness to conversion in a single brief campaign by setting clear campaign objectives and KPIs. Vijayan states, “We have been able to demonstrate success in organic lifts and reach new audiences.”
Alam argues that brands must have a long-term strategy for success rather than a one-month or seven-day definition of success. Brands need to zero in on mindfulness and regardless of where on the channel you will be, you have estimation apparatuses to direct the brand. Brand and performance teams should collaborate rather than operate separately.
According to a Nielsen report, sales rise by 1% for every one-percentage point increase in brand metrics like awareness and consideration. Additionally, a 1% increase in awareness and consideration can result in a 1% decrease in the short-term cost per acquisition. Advertisers are asking for two measurements and one plan.
The panelists agreed that creative measurement is one of the most underutilized key metrics. Marketers must concentrate on measuring creativity at the most granular level, where brands can examine the impact of sponsorship, creators, influencers, and new channels such as podcasts or branded content. World News Spot Live
TikTok’s head of regional business SEA, Edith Wu, stresses the significance of measuring views’ value. When a user likes a product and decides to buy it later, they may not click the ad immediately to avoid interrupting their viewing experience. Therefore, advertisers can gain a comprehensive understanding of performance by measuring views in addition to clicks.”