It’s beginning to look a lot like… well, a lot. Now that the holidays are in full swing and the end of the year is just weeks away, chances are, your to-do lists are at max capacity. Here at Sproutward, we’re all about efficiency, so we’ve narrowed down the 4 things marketers should be paying attention to now to make sure 2023 is off to a great start.
A Tightening Economy
Sorry to be a Scrooge, but when it comes to the economy over the next couple of years, the outlook isn’t particularly merry and bright. With that in mind, it will be even more important to identify pockets of opportunity for your business, and leveraging the power of data is one of the most effective and efficient ways to do so.
Rather than spending time and resources manually sifting through multiple marketing reports and confusing metrics to try to identify what’s working and what’s not, take advantage of technology to do the heavy lifting for you. As you build your marketing budget for 2023, consider which areas you can outsource rather than handle internally as well as tools that will add value—especially those that use data to optimize marketing strategy and position your company for success.
At Sproutward, in addition to traditional marketing services, we also offer a full menu of data services for companies of all sizes. Whether you’re looking for help with a one-off project or a comprehensive solution, our team of experts is committed to helping our clients grow.
What’s more, we’ve developed a proprietary e-commerce analytics tool—Polaric by Sproutward—that automatically connects, combines, and analyzes your marketing data, distilling what was once mountains of siloed information into easy-to-understand, actionable insights. Instead of relying on a team of analysts, automating your analytics allows your brand to move past basic metrics and make data-backed decisions in real time that drive performance… often at a fraction of the cost.
Your Existing Customers
While growing your customer file should always be a priority, as folks tighten up their wallets, we as marketers need to focus our attention on our tried-and-true, existing customers. It’s typically more expensive to acquire a new customer than it is to retain one, so ensuring your CRM strategy is targeted toward your loyal base and enhances the overall customer experience will be essential in 2023.
In our experience, paying extra attention to customer segmentation and automations can drive tremendous growth from your existing base. Earlier in 2022, we took a client in the footwear and apparel space from $250K in trigger-based email sales per month to over $3MM per month. Reach out to learn more about how we did it.
Wondering how you can better understand your customers and their behaviors? Polaric by Sproutward provides insight into:
- Number of active customers
- Lifetime value of a customer—and how this varies based on product purchased or source of customer
- The average number of days between purchases for customers—and how this varies by product category
- Churn rates
- Your most valuable customers
By focusing on your existing customers in 2023, you’ll be able to retain those that have proven to add to your bottom line while continuing to grow it.
A (Third-Party) Cookie-Less World
While Google has delayed the end of third-party cookies in Chrome until 2024, now is the time to start adjusting your advertising plans accordingly. Though not all cookies will be phased out (first-party cookies will still be allowed), Google’s announcement coupled with Apple’s changes to Identifiers for Advertisers (IDFAs) means that digital marketing teams are going to need to rethink how they identify and target consumers and increase brand awareness.
Our best piece of advice? Put your own data to work. In addition, realize that email and content marketing are positioned to become even more essential in a cookie-free environment, so begin to build the infrastructure you’ll need to develop and execute refined and relevant campaigns.
Universal Analytics (GA3) Sunset
ICYMI, Google will begin sunsetting Universal Analytics—aka Google Analytics 3 (GA3)—on July 1, 2023. By making a few changes now, you’ll be able to take advantage of the newest features that Google Analytics 4 (GA4) has to offer and ensure your analytics don’t miss a beat.
If you haven’t already made the switch, our team of experts can take care of the entire process for you. And once you’ve transitioned to GA4, it’s also essential to conduct a full audit to review all the changes that were made, identify missing components, and debug any issues—another service we’re happy to provide.
Ring in the New Year with Confidence
Although a New Year is full of unknowns, by paying attention to these areas, your business will be in a great position to take on all that 2023 has in store. Whether you’re already counting down to midnight or squeezing out every last ‘22 drop, now is the time to consider your 2023 marketing goals and prepare for the year ahead. Want to learn more about how Sproutward can help? We’d love to hear from you.
And from all of us at Sproutward, have a happy and healthy New Year!