B2C marketers may have plans for the metaverse, and gaming may be a bigger entertainment choice than TV for youth, but neither represent the most important trends that marketing industry constituents are watching for 2023. Instead, video-based trends are what marketers and agencies will be keeping their eyes on this year, according to a recent report [download page] from Mediaocean.
Leading the way is TikTok, or more broadly, social video. Presented with 7 consumer trends and asked to cite up to 3 that they considered to be the most important to watch in 2023, 63% of respondents pointed to the ever-popular TikTok / social video.
Following TikTok / social video is CTV / streaming, as cited by more than half (54%) of respondents. With more than 130 million US households watching OTT on CTV devices, this is certainly a burgeoning market. In fact, CTV ad spend was set to grow faster than social video ad spending in 2022.
Not surprisingly given the focus on TikTok and social video, respondents are most bullish on spending growth for social platforms this year. Most also plan to increase their spending on digital display/video and connected TV, with e-commerce another area expected to experience growth as an additional consumer trend to watch.
As concerns social media, about half see an opportunity for better creative and production tools to improve execution in social channels. Other areas that could improve execution include better ad performance and resolution of social identity across platforms.
With marketers adjusting their performance and brand budget allocations due to economic woes, the Mediaocean survey finds that respondents believe performance-driven paid media (52%) to be the most critical advertising capability and media investment amid macroeconomic uncertainty. Even so, a sizable portion – more than one-third (36%) – cited brand advertising as critical in these times.
Separately, respondents’ largest area of concern in their media and marketing initiatives is lack of preparedness for a cookieless future, and other data deprecation relating to consumer privacy and walled garden behavior. As a result, the marketing technology innovation that the largest share (27%) of respondents believe will be most impactful for their advertising this year is measurement improvements centered on non-cookie methods (e.g. panels, media mix modeling, federated learning methods, better use of first-party data). The next-most impactful martech innovation is expected to be improvements in integrated media planning and execution (21%), with this having taken the top spot last year.
For more, download the report here.
About the Data: The results are based on a November 2022 survey of 621 respondents primarily representing brands and agencies, but also media companies, measurement firms, tech platforms, and other marketing industry constituents.