2023: Focus on Wasted Investment & Opportunities

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The overwhelming message of Forrester’s report into CEO’s spending plans in 2023 is their focus on waste. 

Now, the thorny issue of waste has been front of mind ever since Marketing and Advertising proper led whichever Chicago Department Store Boss to quip “I know that half of my advertising budget works, I just don’t know which half’

In 2023, Forrester predicts that the economic climate will put pressure on budgets and to achieve the above investments a focus on trimming the fat elsewhere is inevitable. The recommended reductions include:

1.      Bloated software contracts

Audit what technology you are actually using. Have you got inactive seats? When did you last negotiate the terms? How many duplicative contracts do you have?

2.      Technical debt, including the cloud

Review governance and legacy systems across the tech stack to determine any overlap. Have a look at new solutions that are cloud native and reduce effort

3.      Low quality data

Get your head around zero party data – personal information that is given to you by your customer because they believe in and understand the value exchange

4.      Underperforming markets and customers

Segmentation is critical.

Know who your best customers are and identify the lowest performing demographics. Then create marketing initiatives that have the greatest impact.

This is something we excel at!

Read about how we reactivated lapsed customers for a fast-service restaurant chain generating more than three times the value of incremental sales in just six weeks here: https://www.thethreadteam.com/in-the-news/making-hay-whilst-the-sun-shines-how-to-reactivate-customers-quickly-and-at-scale