Marketing technology – Martech – software is used to create, execute, manage, and measure the performance of content (online and offline), campaigns and experiences. It’s an effective way to streamline customer journeys and implement omnichannel marketing campaigns.

Martech spending will keep growing

Martech spending in the U.S. will pass $20 billion in 2022 for the first time, up 15 percent year-on-year according to eMarketer. This spending is due to companies investing in technology that will enable them to gather and store data, use this data to make decisions, and implement those decisions.

Interestingly, B2B companies account for more than 30 percent of that spend, and this share is expected to grow moderately over the next couple of years to $8.5 billion in 2024.

“It’s so hard to keep up with the Martech industry. What we’re continuing to see is, we work with a platform, we learn something, we find that there’s a gap, and then the next year, or six months down the road, there’s a new technology platform that fills whatever that gap is. We know that it’s massive,” says Chris Coomer from Neil Patel Accel.

CRO will no longer be about experimenting

Every company wants to improve its conversion rates online. This means more traffic, more sales, and more revenue right? 

Up to now, many marketers have experimented with conversion rate optimization (CRO) and used many methods of testing. However, Chris Coomer believes this era of just seeing what happens is coming to an end as it’s not just about chasing the result.

“I think CRO has been viewed in a silo. It’s been how we get from A to B. I think everybody’s starting to look more holistically and clients are getting more intelligent with what they want to see,” he says. 

“(As an agency) we’ll do something, we’ll get a better conversion rate, but how does that impact the client’s bottom line? How does that impact user experience? The questions being asked are forcing us to migrate into that larger viewpoint.”

Metaverse growth is slow but brands will still play

The metaverse caused a stir in 2022 and will continue to in the coming years, but growth has been slower than expected as profits plummet and costs mount. 

Despite this, Alison Battisby believes brands will start to think about what their strategy is for this new era of immersive virtual communication world in 2023.

“One of the biggest telltale signs (of a new chapter in social technology) is Meta’s commitment to the metaverse, and how they are going full guns blazing towards building these virtual domains and existences. It’s gonna take years to change people’s behaviors and get used to this new offering but that doesn’t mean we’re not going to see some interesting innovation in the space.”

“Nike recently announced that they are going to allow people to design their own trainers, and sell those or wear them in the metaverse. I think next year we’ll see a lot of big brands make a commitment towards the metaverse,” concludes Battisby. 

Read ‘What Digital Marketing Skills Do You Need for Web 3.0 and The Metaverse?’ to find out more. 

2023 Marketing Trends Wrap-up

2023 is going to be an exciting and challenging year for marketers! External circumstances mean that brands need to think carefully about their messaging to engage their audiences and align with creators and influencers that have the same values. 

These developments show the constant evolution of marketing both in terms of technology and strategies. Check out ‘The Next Big Digital Marketing Trends in 2022’ blog to see what we predicted for this year. 

You have time to think about which trends matter to you and what ones you can take advantage of in 2023. Happy planning! 

If you need more insights into 2023 digital marketing trends, check out our fantastic webinar on 2023 Trends.

Digital Marketing Experts

Digital marketing experts consulted for this piece were:

• Ken Fitzpatrick, CEO of the Digital Marketing Institute
• Alison Battisby, Founder of Avocado Social and DMI Lecturer 
• Cathal Melinn, eCommerce Specialist and DMI Lecturer
• Kate Toon, SEO and Copywriting Consultant
• Julie Atherton, Award-winning Digital Strategist, and DMI Lecturer
• Clark Boyd, Digital Strategy Consultant, author, trainer, and DMI Lecturer
• Neal Schaffer, Social Media Leader, and author, and DMI Lecturer
• Stephen Walsh, Sales, Marketing, Learning and Technology expert
• Chris Coomer, VP of Data, Analytics and Insights at Neil Patel Accel, and DMI Lecturer

Supercharge your marketing in 2023

You will see many developments and changes in digital marketing in 2023. Boost your knowledge and skills to progress and advance your career with DMI’s industry-aligned diploma in digital marketing. The course will cover social media marketing, PPC, analytics, email marketing, SEO, and much more. Reserve your place today!