2023 Marketing Predictions
Interest rates are up, houses aren’t selling, and we’ve been hearing rumblings about a recession for MONTHS now. My own father in law, who works in the mortgage industry told us just this week that the market is looking eerily like it did back in 2008.
So while I’m certainly no expert in the economy or any of that stuff, I’m definitely a hope for the best, but prepare for the worst kind of person. And in this situation that means hoping that we don’t end up right back where we were in 2008, but also preparing for that to be the case.
Which is why today I want to share 4 predictions I have about what marketing will look like, and what’s going to “work”, as we move into 2023. I’m also very curious to hear your thoughts on this, so please don’t be shy about sending me an email or a DM on IG or Tiktok, and sharing what you think marketing will look like in 2023.
Links and Resources Mentioned in This Episode:
- Need help navigating the world of Content Marketing? Book a VIP day with me so we can get your strategy all mapped out quickly!
- Are you looking to improve your content without spending a ton of time and mental energy doing so? Whether you’re looking for help knowing what to talk about, setting up content systems, or improving your launch strategy, the Chasing Simple Shop has something for you. From A Year of Content Prompts broken up by type of content, to my Launch Strategy Mini-Course – the Chasing Simple Shop is the quick and simple way to take your content to the next level. And you can get 10% off any item by using the code LISTENER at checkout! Just head to amandawarfield.com/shop/ and again, that code for 10% off is LISTENER!
- This week’s action step: Get on Tiktok.
- This week’s book recommendation: The Magnolia Palace by Fiona Davis. Does such a good job weaving two separate story lines together. This one parallels two models in two very different time periods that are struggling financially and both somehow end up involved with the same mansion decades apart.
- Find me on Instagram and tell me you completed this week’s action step: @mrsamandawarfield
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Rather Read? – Here’s the Transcript!
*Just a heads up – the provided transcript is likely to not be 100% accurate.
Interest rates are up. Houses aren’t selling. There are two on our street alone that have been sitting for a while now, and we’ve been hearing rumblings about a recession for months now. My own father-in-law who works in the mortgage industry, told us just this week that the market is looking eerily like it did back in 2008.
So while I’m certainly no expert in the economy or any of that stuff, I’m definitely a hope for the best, but prepare for the worst kind of person. And in this situation, that means hoping that we don’t end up right back where we were in 2008, but also preparing for that to be the case and preparing our businesses for that to be the case.
Which is why today I want to share four predictions that I have about what marketing will look like and what’s going to quote unquote work as we move into 2023. These are things that I have just seen personally in the last month or two things that I think are gonna continue as we move. Further into what may be a recession.
But I’m also very curious to hear your thoughts on this. So please don’t be shy about sending me an email or a DM on Instagram or TikTok and sharing what you think marketing will look like in 2023. Because like I said, these are just predictions. But for now, you’re listening to episode 136 of The Chasing Simple Podcast, and I’m your host, Amanda Warfield.
Let’s dive in..
My first prediction is that everyone is going to do exactly what they should not do. And by that I mean that typically in a recession, the first thing people want to cut is marketing, which I get it. Marketing typically is a large part of your operating expenses, right? But it is the last thing that you should be cutting.
And I know you’re like Amanda, Great. You’re a marketing person, like obviously this is what you’re gonna say, but this is not just me. Okay? Think about it. When you cut your marketing and you no longer are marketing as much as you were before, what’s gonna happen to your leads? Well, that pool is gonna get smaller and what’s gonna happen to.
Your sales, If your leads pool get smaller, well your sales are also going to get smaller, right? It’s just the nature of it. Marketing is simply the attracting people to your space and nurturing them once they’re there, so that they become leads that turn into sales. If you aren’t marketing, you are not bringing those leads in like you were previously, and frankly, if we move into a recession, they’re gonna cut back naturally anyways, and so you’re really
extra. Cutting back on that. I don’t wanna say doubling cuz that I would just be pulling that number out of thin air. But not only is it gonna get cut back because people aren’t gonna be buying as much if we move into a recession, but then also you’re minimizing those leads that you had anyways. So it would be a double way me for you to cut back on your marketing.
and here’s the thing, There may be ways that you can tighten up your marketing budget. I’m not gonna give examples of that because it just wouldn’t feel fair. But there are ways you could tighten up your budget. I just want you to do it strategically, okay? pour into a strong marketing strategy and plan and cut back on other costs where you can for the upcoming year.
Do not cut yourself off doubly from potential sales and leads because marketing’s your largest expense. That is just natural, and that’s just the way businesses run a lot of times. Now, my second prediction, and this is going to be very relevant.
Now my second prediction, and this is one that I am absolutely already seen happening, is that shops and smaller items are going to be easier for people to commit to. And this is a twofold issue. Okay, so first, obviously money is gonna be an issue. If we move into a recession, people are going to be buying less and they’re only going to be buying what they feel like is absolutely necessary.
And so money is going to be an issue. Not only are people only gonna be buying what they feel like is absolutely necessary, But they’re also going to be more likely to DIY things. They’re going to be more likely to say, Okay, well, I know that they’re an expert, but I just can’t put the money down for that right now. But I could do a smaller offer that they have. So having. Digital products. If you don’t have them already, I highly urge you to start thinking about how you can turn some of your bigger offers into digital products or parts of your bigger offers into digital products so that people who are really concerned about money and really have to tighten things down as a lot of us probably will be, will be able to DIY what they need to DIY for the next year or however long.
And then when things get better and feel better. They’re gonna come back to you as the expert. Okay. The other issue, I said this issue was twofold. So there’s the money. I guess you could count the DIY thing as a second. So maybe let’s say threefold. The other issue that kind of plays into this is the fact that time is going to be a large component of this.
So I’m not saying that no high ticket items are gonna sell, that’s just not true. They will, it may be. Harder to sell them, but they will. But I predict that we are going to see people more willing to commit to a high ticket v i P day than a high ticket ongoing group coaching program or membership, or one-to-one offering.
If it’s something that has a time commitment, I. I think that we’re gonna see people less and less likely to commit to those. Again, that doesn’t mean you need to shut down all of your offers like this. I’m definitely not saying that. I’m just saying to prepare for that, and a good way to prepare for that is to start thinking about, okay, could you offer or implement a V I P day?
Could you offer and implement digital products? What are some ways that you can diversify your different revenue streams and give people other options? People are going to be very hesitant to commit to any ongoing type of commitment where they’re like, Well, I’m committed to paying X amount every single month for six months.
They’re just not going to because we’re, we’re afraid because we don’t know what the next six months are gonna hold. Right? So, I guess you could call that threefold. There’s a time issue. There’s the money issue, and there’s also the issue where people are just gonna be wanting to DIY things. So shops, smaller items, VIP days, other revenue streams.
Start thinking about those. Don’t cut back on what you’ve already got, but start thinking about other ways that you could have different revenue streams to serve people in different ways. Now, my third prediction is that you’re gonna move to TikTok . I really hope you will move to TikTok. Here’s the deal. I see every day.
I’ve been talking about TikTok for months and months and months and months and months now. Months. You can go all the way back to episodes 111 and 112, where I debrief a lot of what I was doing on TikTok way back at the beginning of the year. Okay. I’ve been talking about TikTok since February. This is airing in November.
Almost every single inquiry I’m getting at this point for my Disney business is coming from TikTok. I went viral once on my cat account over a month ago at this point. And I am daily getting just 8, 10, 12, 20 followers still a day on that account because of that one video,
and I’m not doing anything with that account. It’s literally just for fun. But it showcases the power of growth that TikTok has right now, and I’ve talked about this in the past, but every social media channel has. A life cycle. And a lot of us right now are really resistant to moving over to TikTok because Instagram feels like our place.
But I need to remind you that change is inevitable as a business owner. And we have to adapt. We have to adapt. And if you think that your people are not on TikTok and that you’re too old, you’re wrong. I promise you you’re wrong. One of the men that’s running for governor of South Carolina right now, he’s gotta be in his forties, fifties, Maybe he is racing up the poles because he’s using TikTok
racing, and let’s just say no one ever thought that he would be anywhere close Racing with the pole is because he’s using TikTok because he recognizes that that is the place to grow your platform right now.
I know that it’s uncomfortable. I know that we’re overwhelmed and we don’t wanna learn new things,
but you’re not too old. Your audience is there. I tend to see millennials, especially lurking. They’re not so much the ones making a ton of videos, although it’s becoming more and more common, but they’re lurking and they’re there, I promise you. And they’re sending talks to each other. They are sharing like crazy in their various dms behind the scenes.
As business owners, we have to change with the times, especially if we’re running online businesses and especially if content marketing is a large portion of how we get our leads, and it’s a large portion of how we market and if you wanna talk about TikTok, I’m happy to do that with you. I get it. It’s, It’s a lot.
Okay. And we all felt so comfortable on Instagram, but Instagram at this point is a great place to nurture the people you already have. It’s a great place to nurture your super fans. It is not a great place to grow, and frankly, it’s not a great place to nurture people that aren’t super fans because if they’re not actively looking for your stuff, they’re gonna have a hard time seeing it.
It’s not gonna show up as often or hardly at all.
So number three, TikTok you’re gonna move over there. I’m gonna see a lot more business owners over there. I promise. I know it’s overwhelming. Just get on there and make your own account, okay? And just spend some time on it. Check out the culture, play around on it.
See what’s getting posted, see what you enjoy, and just, just check it out. That’s all you need to do. Okay? Now the fourth. Prediction I have is that relationships are going to be more important than ever. And I feel like this is probably a no brainer. You know, if we’re thinking about business, even outside of a, a recession, obviously relationships are incredibly important.
The people in your network, the people that you lean on, all of that always so important. But it’s gonna be more important than ever during a recession if that’s what we’re moving into, because. . We trust referrals that someone gives us more than we will ever trust Any other kind of marketing. Do I buy from people that I randomly find on TikTok and Instagram?
Absolutely. Am I 100% more likely to buy if I’m already following someone and then someone I know says, Oh my gosh, Yeah, I love their stuff. Absolutely. Relationships are going to be more important than ever. Lean into the people in your circle. Lean into the people in your network and lean into the people that are already purchasers from you.
Serve them so, so well. That relationship marketing is going to be more important than ever moving into the new year. So to recap those four predictions, first and foremost, the first thing that everyone cuts is gonna be marketing. But it should be the last thing you’re cutting. So I really encourage you to really focus on your marketing strategy and plan and cut back in other ways throughout your operating expenses.
Two shops and smaller items and easily consumable. Digestible items like a V I P day are going to be a lot easier for people to commit to. Three. TikTok is going to continue to be the place where people are going to grow. as far as content marketing and social media goes, and four relationships are going to be more important than ever.
So your action step for this week is to make your TikTok account. Don’t worry about posting on it. Don’t worry about coming up with your strategy. Don’t worry about doing anything except create your TikTok account and. , see what’s on there. It’s gonna take some time. If you give it one hour and you’re like, This is stupid, you do not give it enough time.
Okay? The For You page will get scary accurate, but you have to give it time to see what it is that you’re interacting with. Okay? So get on TikTok and just interact with it. Get on there for 20 minutes a day, or 10 minutes a day, whatever feels good for you. Set that timer and get on there. And then, Let it evolve so you can get into the culture and see what happens.
But I want you to start your TikTok account. That’s your action step, and your book recommendation for this week is The Magnolia Palace by Fiona Davis. And Fiona Davis does such a good job weaving two very different and separate storylines together. And I, I’m pretty sure I’ve shared about another one of her books previously as one of the like, book recommendations of the week, but, This one is so good.
It parallels two different models in two very different time periods that are struggling financially, and the models themselves aren’t related at all, but they both somehow end up involved with the same family and mansion decades apart. And it’s just, it’s very intriguing. She does a really good job of weaving those two different parallel storylines together.
So the Magnolia Palace by Fiona Davis, I highly recommend and I will link to that in the show notes. All right, my friend, don’t forget, send me a dm, send me an email. I would love to hear your thoughts on your predictions for marketing in 2023. And until next time, I hope that you will go out and uncomplicate your life in biz.