As we approach the summer season, it is time to reflect on your goals for 2023. Are you on track for achieving your numbers this year? Are there other milestones that you have accomplished or are on track to achieve?
We thought we would provide you with some insights as you check in with your annual marketing plan.
According to Campo as stated in a previous issue of Forbes Magazine, there will be “a shift in spending for both consumers and companies: Campo says amid uncertain times, conscious consumers will pivot their purchasing patterns in 2023 to choices that maximize impact, utility, and convenience. In response, marketing leaders will need to adjust accordingly to meet consumers where they are—with even more pressure to deliver practical value when buyers are being more selective.”
With the onset of AI into the marketing space, Campo could not have been more correct in his assertion that we are continuing to navigate “uncertain times” and “pivoting purchasing patterns”. Building on his message, we are digging deeper into the opportunity to maximize impact, utility and convenience.
Impact Marketing
The difference your products or services make on the ideals and focus of current consumers is impact. When your marketing message clearly states how your products/services address sensitive issues, you have the opportunity to connect with your potential prospects on an emotional level. According to Accenture (in this Forbes article featuring Patagonia’s mission of 1%), 2 of 3 people want companies to stand up for issues they are passionate about.
Some examples of this include marketing that features the following topics:
- Climate
- Community
- Charity
- Health
- Safety
Another example is NAMI – during the month of May, the NAMI (National Association of Mental Illness) promotes awareness. This is a great example of Impact Marketing. But you don’t have to be a large non profit organization to benefit from impact marketing. Patagonia started their company with just a few people and a mission that included giving 1% of their profits back to the planet. Their customers connect with this impact.
How can you incorporate impact marketing into your message?
What is utility in marketing?
The total satisfaction or value that you get from consuming a particular product or service. When your marketing message clearly reflects the high utility of your products/services, you create greater value and demand in the eyes of consumers.
According to Hubspot, there are 5 types of utility services in marketing:
- Time – does your product/service when I want it?
- Place – is it easy to access?
- Possession – can I use it however I want to use it?
- Form – do I put it together or does it come already assembled?
- Information – can you answer my questions before I make the purchase?
Some of the high-utility benefits that you might consider:
- 2-day delivery guarantee
- Door-to-door service
- Concierge services
- Delivered and assembled products
How does “convenience” affect marketing?
Either the ease of purchasing your products/services or how you help to make your consumers’ lives easier. Today, every minute means even more as we scramble to get everything done. Your marketing message should clearly state how your products and services will save time & energy.
Saved time=Perceived Value!
To recap, as you revisit your goals for 2023, and the intersection of your marketing strategies with the trends of the year, take a few minutes to consider minor edits to your efforts that may result in major results.
If you would like support reviewing your results to date and strategizing your plan for the 2nd ½ of 2023, let us know. We provide a complimentary consultation and we look at the previous results as well as your goals to assess the best options for you and your business.
