Advertising Trends to Look Out for in 2023
The days of simplicity in digital advertising are long gone. No longer will a simple post on social media or a captivating video on YouTube alone garner sales. Rather, both the consumer and digital advertising platforms continue to evolve. Digital advertising continues to be at the leading edge of brands heading into the new year and there are several trends’ marketers need to keep an eye out for in 2023.
The first trend to be mindful of is advertising through OTT and CTV. A CTV is a device which supports content streaming that is either connected to or embedded into a television. Some examples of CTV’s are Xbox, Roku, Apple TV, PlayStation, and Amazon TV. OTT is video on demand. This is streaming video content directly on the internet and connected to a computer or TV. There are many popular streaming services such as Netflix, Amazon Prime, and Hulu. Both OTT and CTV have enabled more and more consumers to do away with cable subscriptions and rely solely on the internet to stream content. Typically, streaming ads opens the opportunity to captivate a younger audience who may have disposable income. To build a much deeper connection with consumers, brands are turning to streaming in addition to their linear TV advertising. While costs are still relatively high, expect to see a greater share devoted to these platforms and hopefully prices will start declining.
The second trend is influencer marketing. This trend had been present in the advertising space for some time, but has shifted in how influencers are selected and compensated. A relatable person as a testimonial helps bring a human element brand and is viewed as genuine and authentic. TikTok is the most popular app which influencers have been utilizing to advertise brands. By using the trends which are already popular on the app, this gives the influencer a chance to “connect” with the consumers on a relatable level. While TikTok has some growing up to do regarding attribution and ROI, expect to see more in beta test this year.
The third trend is advertising in the metaverse. This is something that is being overlooked. With a down economy and an overall uncertainty on Crypto, there is still one major thing to take away from the new age of the digital world. And that is that the Metaverse is still around. There has been a tremendous slow start, but the Metaverse has a foundation to grow. There are numerous big-name companies with different sectors which have invested heavily in the metaverse. Wait and see what develops.
The fourth trend is social commerce. Social commerce is a more validating experience for users. Mobile will be the biggest driver for social commerce in 2023. Consumers are following pages from multiple commerce apps such as Pinterest, Instagram, Facebook. Consumers focus on comparing pricing on different platforms prior to “pulling the trigger” on purchases. Targeting a mobile audience first is something that brands will need to consider in their campaigns. Brands need to strive towards building trust online. A great way to execute this is by interacting with consumers and encouraging conversation. The big advantage of this is it makes a brand more appealing, trustworthy, and legitimate. The social media platforms that continue to drive social commerce are TikTok, Pinterest, Instagram, and Facebook. An uninterrupted shopping experience from viewing an ad to checking out is highly valued by consumers.
The fifth trend is gaming. Or G comm. With large swaths of people turning to gaming to calm nerves, stress and help with low moods, immersive gaming advertising is predicted to explode in 2023. Not only is it a great place to capture the Gen Z and Millennial base, but older demographics have increased use since the pandemic as well.
2023 promises new and exciting opportunities in the realm of digital advertising. From using streaming services to utilizing the Metaverse, these c trends provide additional foresight for advertisers. They are able to focus on which trends are working and which are not. The overall goal is to capture the attention of the consumer. And with current technology they have been given great opportunities to do so. With technology continuing to advance, these trends as well as future trends will be a guiding light for advertisers to share their brands in multiple facets and reach consumers where they are.