Article | 30 Jan 2023

What Businesses Can Expect In 2023

Posted in Business, Learning, Client, Projects,

Most businesses have undergone some fairly significant changes over the past few years. Adopting a more agile model, implementing greater technology, supporting an increasingly flexible workforce, the list goes on.

In 2023, businesses will be facing new challenges, and surviving and thriving in economic uncertainty will require greater innovation than ever before. Fortunately, there are a wealth of opportunities for you to seize to make the most of changing tides.

So whatever your business objective this year, here are our top predictions of 2023, and how you can make the best of what could be in store.

Read more: What To Expect In 2023: Freelancer Edition

Top 6 Predictions For Businesses

Prediction #1: Business will see increased pressure towards sustainability targets

Sustainability in the workplace is going to continue to accelerate in 2023 and beyond as goals and pressures become increasingly aggressive. Avoid the temptation to treat sustainability as a passive, well-meaning ideal and get serious about specificity. Establish a baseline and the metrics you’ll use to assess how you’re meeting targets to drive accountability, and look to PR consultants with active experience in ESG for strategic direction. Being labelled a ‘greenwasher’ is still as damning as ever.

Prediction #2: Generative Artificial Intelligence use will expand

It’s likely you’ll have seen AI-created content, design and even marketing emails across your digital channels over the past several months, so it could be time for your marketing team to test the waters. There may be gaps in the tech’s capabilities we're yet to overcome, but that doesn’t mean your business can’t start experimenting. It’ll drive your teams to join the conversation, monitor generative AI’s potential, and could provide you with insights and materials to leverage this year.

Prediction #3: Driving customer loyalty will be tantamount to growth

Repeat customers spend on average 67% more than a new lead, so invest in enhancing your overall end-to-end customer experience in 2023 for greatest growth projections. Analyse your digital channels’ UX to identify where to improve and optimise the customer journey, revise your brand designs for a fresh but consistent look and feel, and dig into those friction points - if you’re regularly losing customers at a certain decision-stage or webpage, there’s a reason and a solution.

Prediction #4: Internal communications will never be so crucial

It’s no secret that the workforce is looking for more from businesses - more transparency, purpose, flexibility, you name it. Focus on consistent, intentional communications this year to create true brand advocates for your company. A two-way channel for constructive feedback will encourage employee engagement, making it more likely to retain staff long-term, and consider revisiting your internal brand. Employers with a defined company brand see a 50% cost reduction in recruitment costs, so deploying a designer and/or brand strategist could be resource-effective for your business.

Prediction #5: Expect increased freelancer prices - and increased capabilities

Prices may be rising across the board, but when it comes to the freelance market, so are skills and capabilities - particularly in marketing and design disciplines. Economise your workforce and boost your offerings by identifying your busiest season, and deploy freelancers to help optimise outputs. This could be during the summer months when many of your employees take holiday, or during a demanding Q3. You’ll be supporting full-time, permanent staff with a well-rounded suit of professionals. 

Prediction #6: User-generated content will continue to dominate the market

Younger buyers are a lucrative market segment, with some figures suggesting that Gen Z account for around 40% of consumers - and they were raised with user-generated content. If your business is driven to increase its outreach with a younger audience or consumer base, focus on UGC in 2023. Instagram is still very much a relevant platform to boost brands and sales, but TikTok and YouTube are proving to be the most successful platforms for user-generated content.

Leveraging market changes for the better

The past few years have seen seismic change for businesses around the world. A global pandemic, unpredictable political climate, technological advancements, and economic uncertainty have resulted in a rapidly shifting market - and consumer.

Keeping pace with change isn’t about businesses and leaders racing to an invisible finish line. Flexibly adapting your business model, and importantly, leveraging new trends and capabilities within the market is central to hitting your brand’s objectives in 2023, and thriving in a changeable, unpredictable landscape.

For more about trends and predictions for the year ahead, and how to adapt your business right now, read market insights from our recent webinar, Innovation: Keeping Your Brand Agile In A Rapidly Changing Market.