In today's fast-paced digital world, keeping up with media trends is essential for businesses to stay relevant and competitive. And for CMOs, it is especially important to stay ahead and embrace new technologies and trends that can help them better connect with their customers and drive business growth.
In this article, I'll discuss the seven most vital media trends in 2023 for CMOs, including the rise of connected TV, increased focus on privacy and data regulation, the emergence of 5G technology, the growth of influencer marketing, the expansion of voice search and virtual assistants, the importance of cross-channel marketing, and the emergence of extended reality (XR).
Let's dive in.
1. The Rise of Connected TV
The increasing popularity of streaming services, such as Netflix, Hulu, and Amazon Prime, has resulted in more and more people cutting the cord and ditching traditional cable TV. An estimated 87% of US households will be using connected TV by the end of 2023.
To meet the demand, CMOs' advertising strategies need to include traditional TV commercials as well as digital ads that are optimized for connected TV platforms.
CMOs also need to work closely with their media partners to identify the most effective ad formats and placements for reaching their target audience on those platforms to address a full viewer universe.
2. Increased Focus on Privacy and Data Regulations
Data breaches and privacy scandals are becoming more common, and people are becoming more cautious about sharing their personal information online. As a result, regulators are introducing stricter data privacy laws, such as the European Union's General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), and most recently the California Privacy Rights Act (CPRA).
CMOs need to ensure that their data collection and use practices comply with such regulations. They must be transparent about how they collect and use customer data, which can help build trust with customers and avoid potential legal issues.
3. The Emergence of 5G Technology
5G is the next generation of mobile network technology. It promises faster download and upload speeds, lower latency, and more reliable connectivity.
The 5G smartphone market is projected to grow to $4167.07 billion by 2027, up from $32.21 billion in 2021. The technology will provide new opportunities for marketers to reach consumers on the go through real-time, high-quality video and interactive experiences.
CMOs should explore how 5G can enhance their advertising strategies, and they should work with their media partners to identify new opportunities for delivering engaging and personalized mobile content to customers.
4. The Growth of Influencer Marketing
Influencer marketing has been steadily gaining popularity. More and more brands are partnering with social media influencers to promote their products or services. The trend is set to continue: An estimated $6.16 billion is expected to be spent on influencer marketing in 2023.
CMOs should consider how they can use influencer marketing to reach new audiences and build brand awareness. They also need to be strategic in selecting the right influencers and measuring the effectiveness of their campaigns.
5. The Expansion of Voice Search and Virtual Assistants
The popularity of smart speakers, such as Amazon Echo and Google Home, is increasing, and more people are using voice search to find information and make purchases online.
CMOs need to optimize their websites and digital content for voice search and work with their media partners to identify new opportunities for delivering personalized content through virtual assistants. They also need to consider how they can use voice search and virtual assistants to enhance the customer experience and drive engagement.
6. The Importance of Cross-Channel Marketing
People are now using multiple devices and platforms to interact with brands, so it is essential for marketers to create a seamless and consistent customer experience across all channels.
CMOs need to focus on integrating their advertising and marketing strategies across multiple channels, such as social media, email, search, and display advertising. They also need to use customer data and analytics to better understand their customers' behavior and preferences across those channels.
7. The Emergence of Extended Reality
Extended reality, or XR, is a term that encompasses virtual reality (VR), augmented reality (AR), and mixed reality (MR). The increasing adoption of XR technology should motivate CMOs to consider how they can use those immersive experiences to engage customers and create memorable brand experiences.
CMOs need to work closely with their media partners to identify the most effective XR experiences for their brand and measure the impact of those campaigns on customer engagement and sales.
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The media landscape is continuously evolving, and CMOs need to stay ahead of the curve to succeed in today's digital world.
The seven media trends discussed in this article—the rise of connected TV, increased focus on privacy and data regulation, the emergence of 5G technology, the growth of influencer marketing, the expansion of voice search and virtual assistants, the importance of cross-channel marketing, and the emergence of extended reality—are just a few of that CMOs need to pay attention to in 2023.
By embracing those trends and adapting their advertising and marketing strategies, CMOs can create more engaging and personalized experiences for their customers and drive business growth.
More Resources on CMO and Digital Media Trends
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