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  • Alan Thorpe

Why 2022 customer insights won't work in 2023, what you can do about it.

Updated: Nov 18, 2022

2023 will see household income shifts of the like not seen for 40 years. Result? An amazing career opportunity for marketing leaders who can give their boards the updated customer & market insights required to constantly adjust strategy.

Right now, wage increases are falling to keep up with +10% inflation and households face unfavourable debt refinancing. 2 year fixed term mortgage deals are up from 2.29% to 6.47% Nov '21-22. We can anticipate increased taxation levels to pay for...who knows what...Liz Truss's payoff?

How these things impact households will vary greatly. For example, only a third of households have mortgages and not all of these will require renewal in 2023.

A more complete picture of household finances (cards, cars, subscriptions, employment changes etc) means a larger majority of us will see material changes in our financial positions. It's inevitable that our reduced disposable income levels and confidence will see us adjust our spend.

So, where is the sunshine for smart marketing leaders? Boards will be hungry for insights that can help them navigate safe passage through 2023. Marketers who can deliver these insights, constantly adjusted to weekly and monthly changes in target audience situations and behaviours, put themselves in excellent career positions.

Should you act now? Emphatically, YES. It's unrealistic to imagine marketing budgets won't be impacted. Being ready to deliver repeated rounds of 'insights 23' is required any-case if you're to keep your FD flipping funds your way.

As Prof Scott Galloway says ''The CMOs who are thriving and potentially become the next CEO are the ones who say, ‘I’m your link to the market, I understand strategy and I’m informing every piece of the supply chain. I understand where we’re getting products and services, where we can save money and lose money, I’ve got my finger on the pulse. I understand what hard decisions we need to make around product and the trade-off between feature and functionality. This is our distribution strategy.''**


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