Marketing in Uncertainty: Lessons from Deloitte’s 2023 Global Marketing Trends Report

In 2022, CMOs implemented new systems and technologies, tried new trends, evaluated (and reevaluated) what worked and what didn’t, and continued to be recognized by their C-suite counterparts as drivers of accountable growth. As we transition into a period of economic uncertainty that resolve is being tested once more.

Amidst this backdrop, Deloitte's CMO Program – a team committed to connecting chief marketing officers with the tools and resources needed to succeed – along with Deloitte Digital, published its fourth annual 2023 Global Marketing Trends report. Based on insights gained from 1,015 global executives and CMOs, as well as other members of the C-suite including chief customer officers, chief digital officers, chief growth officers, and chief revenue officers, the report explores some of the biggest challenges facing their organizations and how they plan to approach the year ahead.

We asked our marketing experts for their take on the data and insights gleaned from the survey and interviews, assess what choices should be made, and provide practical advice to marketers looking to make an impact in 2023. During these volatile times of financial uncertainty, we should use our power as storytellers to keep the critical matter of sustainability at the top of our agendas— especially at a time when it could be deprioritized—and suffuse creative thought to stimulate growth throughout our companies.

2023 Global Marketing Trends aims to act as a guide for these issues at a critical point in time. It also offers meaningful considerations for propelling your brand and organization forward in the coming year and highlights the technologies we think are set to make the biggest splash. Below are summaries of the four themes explored in this year’s report.

• Prioritizing investments amidst economic instability: Navigating economic instability and inflation was the top concern for the year ahead according to brands surveyed. Rather than hedging their bets and cutting costs, brands are answering this instability with an investment mindset – growing their organization’s capabilities and capacity to endure whatever tribulations and economic downturn may bring. Read how brands should approach key investments amidst uncertainty, here.
• Driving growth through sustainability: Brands surveyed are looking to make a more authentic and long-term impact to build trust with consumers. However, budgetary issues may pressure brands to pull back on social impact efforts in favor of short-term concerns. Marketers should maintain a sense of long-term perspective regarding internal sustainability efforts to help establish an authenticity to brands’ marketing initiatives and unify the organization around a shared sustainable future. Explore how CMOs can help drive growth through internal sustainability efforts, here.
• Creativity as a force for growth: Years of extreme focus on analytical capabilities have left many organizations bereft of the creative thought needed to meet the challenges of the modern business world. As the equilibrium between creativity and performance is restored, individual brands have an opportunity to rise above their competition. Marketing leaders could realize growth by cultivating untapped sources of creativity within their organization. Look at how CMOs at high-growth brands are reimagining creativity to transform their organizations and realize growth, here.
• Rising technologies for marketers to watch: Our data shows companies are still prioritizing investments in technology platforms and capabilities to support personalization and achieve customer-centricity as a top priority. As interest in the metaverse, blockchain and other emerging technology rapidly rises, brands may feel pressured to be "first-to-market" to stay current/maintain an edge over their competitors. However, marketers that fail to set a strategy early, that focuses on prioritization, customer-centricity, and cross-functional collaboration, may find themselves playing catch-up for years to come. How should marketers identify and approach technology investments in the year ahead? Learn more here.

We may operate in different industries, we may talk to different customers, but as CMOs, we face similar business decisions. I’m fortunate enough to work at an organization that allows me to collaborate with leaders and experts from all corners of the business world. I hope that by sharing their knowledge with you, it will not only help your business grow, but help our profession flourish.

Regardless of what challenges lie ahead, it will be another year where choices will need to be made to meet the demands of a rapidly changing environment and leadership will be required of marketers to drive growth for their organizations. So, get reading and please get in touch if we can be of help to you. My colleagues and I are here to support you.

 I can’t wait to see what we build together this year!