Top 3 predictions for 2023

They say the goal of forecasting is not to predict the future but to tell you what you need to know to take meaningful action in the present - says Professor Paul Saffo from Silicon Valley

The start of a year is a great moment to take stock of what's really important, and as marketing plans get debated in meetings rooms up & down the country, here's my TOP 3 priorities for 2023:

1. RELATIONSHIPS

It takers months or even years to find a customer, and seconds to lose one.

With customers having more reason than ever to shop around, brands will need to work a lot harder at connecting with customers & understand them better so they can build more meaningful relationships.

Connecting with customers on an emotional, personal & authentic level will be absolutely key for retention & loyalty this year.

Those brands who have already invested in getting primary data & insights on their customers will have an edge on those that haven't. Thinking about customers as individuals will help shape your CRM activity, the tone of voice in your communication, which promotions you do & so on. ?

2. GRATITUDE

"Every company's greatest assets are its customers because without customers there is no company" - Michael LeBoeuf American business author

Brands simply wont be able to take customer loyalty for granted.

More than ever people will shop around for EVERYTHING, so brands will be working harder to show appreciation.

Customers today see through gimmicky attempts to offer "special discounts" as a way of saying thanks.

The appreciation needs to be sincere.

Sometimes a heart felt "Thanks for being our customer" will do, and other times a meaningful Surprise & Delight reward will strike the right chord. This is particularly true when it comes to your loyal customer base.

Every time you take customers for granted, you're teaching them to live without you. If customers sincerely feel appreciated they will stick with you even if it comes at the expense of something else.

3. ADD VALUE

Everyone's feeling the cost of living squeeze right now and there's only so much brands can discount before they completely de-value their product or service. And besides, many brands are offering discounts so where's the differentiation? It's a race to the bottom.

Therefore, I expect brands to double down on ways to give more ADDED VALUE to customers this year.

Memorable experiences in-store, more immersive interactions, digital gamification as well as added value incentives that not only motivates purchase, but also encourages consumers to share their experiences with family & friends (and beyond on social media).

Adding value also helps bring the brand message and brand USP's to life which will also help to convert new customers & retain existing ones.?

Here's to meaningful relationships, customer appreciation & added value in 2023.