News
Marketing Compass 2023 -
3 Dimensions, 3 Trends, 3 Technologies
& 3 Marketing Components in Focus
On 2023 forecasts, Asst. Prof. Dr. Ake Pattaratanakun has prepared a summary of the Marketing Association of Thailand’s predictions. The summary not only reflects what 156 distinguished executives and academics think will be coming, but it also offers guidelines about what brands should do.
MUST-WATCH: 3 TRENDS, 3 DIMENSIONS & 3 TECHNOLOGIES
Thai economy is expected to grow by 5 percent. In the economic field, businesses will have to focus on 1) Fast-changing consumer behaviors; 2) Global economic meltdown; and 3) Evolving digital technologies.
Consumers, meanwhile, will look for 1) Quality; 2) Trialability, which means brands can experiment with various new things. After COVID-19 crisis forced consumers to do what they never did before like ordering food deliveries and making e-payments, consumers will be keen to try something new; and 3) Traceability, which shows products’ carbon footprint and put all companies in supply chains in check. Consumers will want to find out if brands they are supporting are socially and environmentally responsible.
Business owners should allocate 5 – 10 percent of their budget to marketing. Investments should go to 1) Commerce platforms; 2) Content and 3) Payment systems that are convenient and smoothly linked to selling platforms. For example, businesses should integrate popular e-Wallets.
As artificial intelligence (AI) is set to play a big role in marketing arena, companies should be able to lower their marketing costs. Internet of Things (IoT), meanwhile, will enable the storage of big data. Biotechnology also will have crucial importance. All brands thus should urgently study these three technologies and leverage them for business advantages.
BANI WORLD: NEW LESSON FOR EXECUTIVES TO LEARN & ADJUST FAST
As BANI World is materializing, all companies and their executives must prepare themselves for the followings:
B – Brittle: Business models may collapse real fast. So, entrepreneurs should not be too confident about any particular model. It is best to diversify businesses and risks.
A – Anxious: Stop wondering when anxiety will be gone. Just think that it is normal to feel anxious. You only have to learn more and accept the fact that there is no certainty in the business realm anymore.
N – Nonlinear: Companies do not need long-term plans like those for three- or five-year period these days, because they should engage in Experimenting rather than Planning. If they are interested in an idea, act on it fast at a small scale. If any problem emerges, solve it one by one. The world is now changing so fast that planning may mean you end up doing nothing.
I – Incomprehensible: Because things will be hard to fathom, you only have to be ready to make decisions and tackle things you have never experienced before. In the coming year, problem-solving skills will be.
2023 IS YEAR OF 3P MARKETING MIX
P1. Personalized Marketing – Customers have different needs even when they are in the same industry. So, it is best to appeal to them with Personalized Marketing that becomes increasingly cheaper thanks to increasingly advanced technology. By now, companies must have already familiarized themselves with CRM (Customer Relationship Management) and CEM (Customer Experience Management) systems, which can generate income just like production machines. The more one invests efficiently in these systems, the greater value one can generate for customers.
P2. Precision Marketing – In the past, Mass Marketing had been the norm with ads placed in magazines or TV. Today, Precision Marketing proves better. It is like a sniper who can efficiently reach out to a target thanks to support from Facebook & Google AI. Use such marketing to avoid paying hefty mass-marketing fees.
P3. Performance Marketing – Creating a good brand image alone is out. Technologies have already enabled brands to evaluate the efficiency of marketing budget spent based on purchases / repeated purchases. So, you should focus on performance marketing instead.
source: https://www.scgpackaging.com/th/alotNewsletter
