Trendspotting: February 2023

Posted on 06/02/2023 by Julie Reid

The pace of business has certainly picked up now that we’re a month into the year and, while business challenges still persist in a difficult economic climate, marketers are still doing what they do best – bringing empathy and creativity to their work, keeping the customer at the centre of their activity and staying on top of the latest trends to spot new opportunities to help them get ahead. 

To help with that, here are the latest marketing trends from our Strategy team to ensure you keep doing what you do best. 

1. How to invest in a recession and the short-term impact of brand ads

You may have heard about the 95-5 rule. Simply put, research has shown that up to 95% of a customer base will not be in-market at any given time. Marketers spend the majority of their budgets trying to convert the 5% of people ready to buy while ignoring the majority of people who come to market weeks, months or years in the future. 

However in recessions – depending on your category and price points – that number may be more like 99-1. Instead of doubling down on lead generation, we should be doubling down on memory generation – laying the groundwork for future sales. 

Download the report for more on how brand activity can drive sales and how to measure the impact of your activity. 

2. Ad spending on TikTok defies advertising slowdown

Since 2020, ad spend on TikTok has grown around 50% year on year and Statista, one of our research partners, found that 80% of marketers plan to increase spending on the platform this year. The short form video content, use of influencer marketing and integration of search, shopping and getting the news makes this a platform that has a lot of stickiness with customers. 

Is TikTok right for your brand? In classic marketing terms, ‘it depends’… Whilst deciding factors include your target audience and your resources, if you’d like to explore your options, get in touch.

3. The era of vertical video is already upon us – how to embrace it?

A few years ago, video content – especially from brands – was all landscape. Vertical was for the amateurs. But now, vertical is the format that fits more seamlessly into modern consumer lifestyles. 

With the prevalence of TikTok, Instagram reels and YouTube shorts, vertical ads are a great way to promote products and services – it’s about identifying the right channel for your objective, audience and budget. 

4. How 2022’s search data can help us prepare for another year in marketing

Google’s Year in Search recently came out and while it skews to the US market, there are some valuable insights for the UK too.

  • Consumers are looking for products and services that provide good value – through independent user reviews, advice, product comparisons and demonstrations. 
  • People are looking for opportunities to donate and get involved with issues impacting their communities. It’s an opportunity for brands to align themselves with the relevant values in their customers’ lives – provided it’s not just greenwashing. 
  • Consumers are revising their priorities around life choices, hybrid working, developing new skills and alleviating stress. 

5. Channel updates 

And finally, Russia’s search engine, Yandex, had some of their code leaked online last week. While it’s not Google, both companies are investing in state of the art tech to stay one step ahead of how we search. SEOs are taking note to see what they can learn! 

Download the report below and get in touch if you’d like to talk through what these trends might mean for your business. 

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Trendspotting: February 2023

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