Prepping for Q4: What do marketers need to be mindful of as we finish 2023
Across Marketing With Passion’s clients, we’re busy getting ready to execute plans for the final quarter of 2023, but like all plans, we need to remain flexible. The end of the year is going to feel tough, with businesses fighting for every penny in a consumers (or businesses) pocket. Despite the most recent Bank of England statement announcing that they will hold the UK interest rate (ending a run of 14 consecutive rises), the fact is that consumers are not seeing savings passed on, and for quite some time. From mortgage rate increases to rent increases to the costs of goods – in general, people have less money – and most of us reading this, will feel that in our own day to day life.
So this article looks at how we can maximise the opportunity in 2023, and see the opportunity against the economic challenge.
E-commerce Dominance:
The Challenge: The continued prevalence of e-commerce means that businesses must have a strong online presence, and for those who can only deliver in a real-life environment, online presence has to be constant, and stand out to draw people out of their homes and through their doors. Competition online is fierce, requiring savvy digital marketing strategies to stand out.
The Opportunity: Businesses can leverage online marketing channels such as great social media advertising, search engine optimization (SEO), and pay-per-click (PPC) advertising to reach consumers who prefer shopping online.
Remote Work
The Challenge: Whilst we are seeing a return to the office, its slower than businesses who rely on footfall would like.
The Opportunity: Position your business as a reliable provider of remote work solutions, a place to connect in real life with people through content marketing, email campaigns, and partnerships with relevant companies or influencers.
Health and Sustainability Focus:
The Challenge: Consumers with an emphasis on health and sustainability are discerning in their choices. Marketing efforts must communicate your business's commitment to these values authentically.
The Opportunity: Highlight eco-friendly practices, health benefits, and ethical sourcing in your marketing materials to attract consumers looking for responsible and health-conscious products or services.
Inflation and Cost of Living:
The Challenge: High inflation can make consumers more price-sensitive, affecting purchasing decisions. Businesses may need to consider pricing strategies carefully.
The Opportunity: Emphasise value and quality in your marketing messages. Where possible stimulate trial through promotions, or bundled deals to mitigate the impact of rising prices and attract budget-conscious shoppers.
Seasonal Marketing:
The Challenge: While the holiday season can boost sales, businesses face increased competition and advertising noise during this time. It's crucial to stand out.
The Opportunity: Create unique and memorable holiday marketing campaigns that resonate with your target audience. Use personalised offers and creative storytelling to capture consumer attention.
Government Policies:
The Challenge: Changes in government policies, especially tax-related ones, can directly affect consumer spending and, consequently, business revenues.
The Opportunity: Stay informed about potential policy changes and adapt your marketing strategies accordingly. Communicate any benefits or savings resulting from government policies to customers through high impact channels, and where it feels right to take a stand, take a stand – Remember how well this worked for McDonalds, when they passed on the VAT savings during the pandemic.
So, now, a few days before we enter Q4, is the time to double-check those marketing strategies for the quarter ahead.
It’s also the time, if you haven’t already, to start to think about Q1 of 2024! If you’re looking for any support for the year ahead. Get in touch.