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What threats lie in wait for marketers in 2023?

The keyword going into 2023 is “Get ready”.

If there is anything marketers have learnt over the past decade, it’s that change is constant, and technological disruptions are inevitable. 

Let’s start with 2022; taking a dejected look at some of the “unprojected” trends that ended up overturning earlier promising projections for 2022, it has become highly imperative for marketers to sit tight and brace for whatever uncertainties lie in wait for 2023. 

Amongst a myriad of positive outlooks, here are some of the existing trends expected to continue into the coming year and shape marketing outcomes in 2023.

Did we forget we are on the brink of a global recession?

The incident of the Russia-Ukraine crisis, amongst others, sits richly as one of the key factors that contributed to the current global economic downturn which in turn threw marketers into a dilemma as a result of surge in energy and commodity prices, and inflationary pressures from supply chain disruptions. 

Going into 2023, it is expected that rate hikes initiated by central banks across the globe in response to inflation will further push the world into a recession and a string of financial crises in emerging market and developing economies that would do them lasting harm, according to a comprehensive new study by the World Bank.

Investors expect central banks to raise global monetary-policy rates to almost 4 percent through 2023—an increase of more than 2 percentage points over their 2021 average.

 

What happens after 2023 elections?

Hope, or what else, as Japa syndrome becomes the new endemic in Nigeria.  This geological shift in the structure of the marketing industry will continue into 2023, maybe even worse, as pressure continues to mount for marketing and sales teams to perform and stay on top of their game amidst ever changing consumer preferences and economic uncertainties; more marketers are expected to surrender.

PwC has projected that up to 71% of the global workforce will resign in 2023; and in Nigeria, this Great Resignation will be amplified by socio-political problems mostly centered on the outcome of the 2023 elections.  Marketers are also seeking more purpose and growth opportunities, schedule flexibility, work-life balance, and overall job satisfaction. 

In India, 89% of managers are looking for a job change, and planning to resign, 85% are at executive and business operation level. Similarly, 84% of senior management personnel are planning to resign during the same timeframe. And at least 79% in the C-suite and specialist roles are planning to switch over the next two quarters.

 

Mixed economic signals and fluctuating markets worldwide 

In spite of some favorable prospects, slower spending mixed with turbulent employment trends will still make planning and budgeting in 2023 difficult to navigate, according to a Forrester study. 

From emerging trends and looming uncertainties such as quiet quitting, quiet firing, supply chain instabilities, heightened inflation, mass talent migration, and global unrest, 2023 has been branded as the year marketers need to brace for. 

 

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