2023 is starting off rough for marketing teams. Layoffs and budget cuts are becoming the norm, and marketing leaders are feeling the pressure to do more with less.
But, as always, there’s opportunity in adversity. And in this case, that opportunity lies in pivoting to a leaner marketing strategy.
Wynter surveyed 100 CMOs to understand the changing priorities and driving forces in the industry.
The results were insightful.
Conversion rate optimization is king
4 out of 5 companies (79% of respondents) say they’re going to invest in increasing conversion rate optimization over more paid acquisitions. And for a good reason.
Leads are getting more expensive every day. In 2022, the average cost per lead (CPL) went up for 91% of industries compared to 2021.
For the B2B tech sector, the average CPL comes in at $208. So, if you can’t funnel money into generating more leads, your best bet at growth is to convert the ones you already have.
The takeaway: CMOs are doubling down on conversion rate optimization.
Use our free calculator to set target for your conversion rate and see what impact it can have on your MRR.
Demand gen and brand positioning are top priorities
Demand generation and brand positioning are top priorities for 71% of CMOs in 2023.
When asked why demand generation takes precedence, several CMOs said it had proven ROI in the past.
Especially for early-stage startups, it was essential to prioritize demand generation over demand capture to stay afloat for funding rounds.
Marketing leaders are investing in positioning and messaging because it creates more personalized touch points in buyer journeys. Also, organic marketing and conversion rates have shown to be exponentially more powerful with the right messaging.
The takeaway: As “profitability” replaces “growth at all costs,” in 2023, leaders will spend on activities that have an immediate impact, regardless of the channel. Investing in positioning and messaging to optimize your funnel and reduce CPA is the smart strategy for 2023.
The way forward
Even though there are many ways to pivot, a successful marketing strategy for 2023 will hinge on one principle: resourcefulness.
The three pillars of lean marketing:
Improving conversion rates
Investing in messaging and positioning
Investing in demand generation
Keep tweaking all three levers till your marketing efforts yield maximum conversions at minimal costs.
2023 will be rough, but those who persevere will have built lean and antifragile businesses, ready to thrive in the next bull market.