The biggest marketing lesson of 2023
With the start of the new year, many marketers are looking ahead and predicting marketing trends for 2024. Marketing is a lot about playing to the algorithm, so certainly those trends matter.
But, I’m also a firm believer in taking a look back, because when it comes to marketing you’ve got to know what works (and what doesn’t).
So, what’s the biggest lesson marketers learned in 2023?
Know your audience.
Last year gave us two case studies that prove how important it is to consider your audience and how easily consumers can replace products and services if the brand messaging doesn’t align with their values.
Losses for Anheuser-Busch and Target in 2023 amounted to hundreds of millions of dollars. We could talk all day about why, but the short answer is that both brands employed campaign strategies that did not align with large segments of their audience.
Whether it was an attempt to grow their current audience or add a new audience segment, both companies made divisive choices in messaging that ultimately left both sides feeling left behind.
Brand loyalty no longer exists.
When you’re ready to grow your audience or add a new segment, a long-term strategy based on research is far more beneficial than a short-term campaign based on trends. If you want to compete in any market, you have to deliver a well-crafted message to the right people at the right time and on the right platform. Otherwise, even the strongest brands risk losing their most loyal customers.
Why does audience matter?
If you don’t know your audience, you don’t have an audience.
You can’t know what to say if you don’t know who you are talking to.
If you’re trying to talk to everyone, no one will hear you.
When your messaging reflects what your audience values most they never feel left behind, and you are no longer seen as interchangeable.
Your messaging should align with your audience’s values.
Hint: these values should also align with your brand values.You can grow your audience without leaving your current audience behind.
I’ll say it again. Brand loyalty no longer exists.
What you sell or serve is a commodity, and that means you still have to compete for even your most loyal customer. A cost-effective way to compete without sacrificing sales or profits is to understand each segment of your audience and ensure your messaging resonates with them.
How you make your ideal customer, client, or buyer, feel determines whether they choose you over your competition.
I’ve put together a free audience worksheet to help you understand your audience by creating buyer personas. Whether you’re a new or existing business owner or entrepreneur, I recommend starting the year here.
If you’re looking for help with creating a strategic content marketing plan, growing your audience, or developing your brand, let me know how I can help.
Happy Marketing!
~Amanda
