Courtesy Mannix Marketing
By Sara Mannix
Many business leaders are predicting a recession to come our way soon, and the majority of those we have spoken with are at least preparing for an economic slowdown in 2023.
You wouldn’t think this would inspire positive vibes, right?
Not necessarily. If there is one thing that I have learned about economic downturns, it is that when they happen, those who invest in marketing are usually the ones that come out of the recession the strongest.
This is true for both of Mannix Marketing’s focuses: digital marketing and tourism marketing.
The digital marketing industry has been growing since the 1990s, and that should continue into 2023. As always, businesses will need to invest advertising and marketing dollars where their customers are – and now more than ever that’s online and on apps.
From SEO to PPC to social media marketing, industry leaders know that during economic dips they need to focus on their core business and their people. They will partner with marketing experts to handle the digital marketing. Failure to successfully market during these times can be devastating to companies for several reasons, including a) losing customers and market share during the recession and b) not being ready when the economy starts buzzing again.
An exciting trend that has been making some noise in the digital marketing world is the advancement of Artificial Intelligence (AI) and the possibilities this may bring us.
If you haven’t already heard about AI’s influence and some of the new tools out there (i.e., ChatGPT), you will in 2023. Our perspective at this point in time is that the currently available AI tools will provide a number of efficiencies to marketing professionals. This will be in the form of administrative support and simple tasks, streamlining processes, brainstorming content ideas, and more.
Some companies and marketers may try to use AI as a shortcut in developing content and making decisions. But they will be relying solely on unproven technology in its infancy, with no real idea of what is going into the decisions. Those companies will most likely stumble shortly after. It is the companies who grasp onto the real advantages of leveraging AI that will come out ahead at the end of 2023.
With inflation hitting the U.S. economy in the second half of 2022, it would be natural to think that people would be less likely to travel. That was not the case. And 2023 looks bright as well (although the global economy could greatly impact what actually happens with travel and tourism).
It seems that COVID and the initial lockdowns have left a mark on many of us when it comes to how we spend our time and our money. People are not only itching to make up for postponed and lost trips, but they are valuing experiences more than ever. Even with the current inflation levels, they are telling us that it is worth traveling and going on vacation, whether to new locations or old family getaways.
Research is showing that lodging guests would prefer to make their reservations directly with the accommodation.
This means that travel and tourism businesses can’t rely solely on travel website aggregators and other third party sites to generate brand awareness and sales. They need to make sure that their own website is being seen, and that guests can easily make a reservation once there.
So while we do see the need to be aware of what the overall economic environment has in store for 2023, when it comes to digital marketing and tourism marketing, businesses that want to be best positioned when the rebound happens will continue to invest strongly in these areas.