2023 Global marketing trends: Find opportunity in unpredictable times

Investing in marketing amid financial instability could contribute to growth in the long term.

“The combination of individual creative thought and crossfunctional collaboration can lead to the type of transformative change that drives growth.”

Today, CMOs face business challenges on multiple fronts. They must adapt and thrive in the current economic climate, meet consumer expectations for a personalised and purposeful brand experience, and incorporate new technologies into their operations. Within their organisations, they must also communicate the value of marketing to their C-suite peers and demonstrate its ability to drive accountable growth.

To understand how leaders are approaching today’s unique challenges, Deloitte surveyed 1,015 C-suite executives and interviewed two dozen marketing executives worldwide for the 2023 Global Marketing Trends report. Respondents span a range of industries and hold such roles as CMO, chief customer officer, chief revenue officer, chief digital officer, and chief growth officer. Given that CMOs are often cited as less collaborative than other C-suite leaders, these diverse voices could prove invaluable for marketing leaders who hope to gain a wider perspective on current strategies.

Below are summaries of four key strategies discussed in the report:

Answer instability with investment.

Rather than trimming spending in the face of a potential economic downturn, many brands are responding with an investment mindset to boost long-term organisational resilience. CMOs interviewed say their No. 1 priority is accelerating the shift to new digital platforms and technologies, followed by expanding into new markets and implementing systems that deliver a more personalised customer experience.

Drive growth through sustainability.

Brands surveyed are looking to make an authentic impact by improving their own sustainability practices. Not only is it the right thing to do, but it also builds trust with both internal and external audiences. Marketers should maintain a sense of long-term perspective regarding internal sustainability efforts to unify the organisation around the common goal of a shared, sustainable future.

Leverage creativity as a force for growth. Years of focus on analytical capabilities may have produced a creativity gap in C-suite leadership, but it has also created an opportunity for companies that can rise above the competition by leaning into innovation. Among their C-suite peers, CMOs may be uniquely poised to demonstrate the value of creative thinking by shaping how systems are designed, converting challenges into opportunities, and discovering untapped sources of creativity. The combination of individual creative thought and cross-functional collaboration can lead to the type of transformative change that drives growth.

Prepare for new tech. With continued advances in Web3 technologies, such as the metaverse and blockchain, brands may be feeling pressure to be first to adopt new back-end tools to create more immersive customer experiences. Marketers who fail to set a strategy and experiment early may find themselves playing catch-up for years to come. Ultimately, industries will likely need to adopt localised approaches to these technologies and related marketing strategies that carefully prioritise the needs of customers with existing resources.

Regardless of industry and role, today’s leaders are facing similar business challenges. By leveraging their unique skillset as storytellers and their connection to the customer, CMOs can demonstrate the value of marketing and help lead their organisations on a path of growth. Among other strategies, CMOs should find ways to drive their brand ahead by investing in new areas of growth, leading sustainability efforts, championing innovative thinking, and staying informed on new technologies.