{"id":10261,"date":"2023-04-21T12:26:11","date_gmt":"2023-04-21T10:26:11","guid":{"rendered":"https:\/\/www.observatoryinternational.com\/our-insights\/observatory-international-curated-newsletter-april-2023\/"},"modified":"2023-04-21T12:49:00","modified_gmt":"2023-04-21T10:49:00","slug":"observatory-international-curated-newsletter-april-2023","status":"publish","type":"post","link":"https:\/\/www.observatoryinternational.com\/en-ea\/our-insights\/observatory-international-curated-newsletter-april-2023\/","title":{"rendered":"Observatory International Curated Newsletter – April 2023"},"content":{"rendered":"
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New Financial Year New Goals<\/strong><\/h2>\n

With a new financial year kicking off for many organisations in April, that often comes with a re-establishment of goals and objectives.\u00a0 To help with goal-setting and to align focus, McKinsey have examined what are six key priorities for CEOs in 2023<\/a>.<\/p>\n

The inclusion of \u2018technology\u2019 and \u2018new business\u2019 are to be expected, but some of the more interesting priorities include \u2018resilience\u2019 in an ever-changing, fast-paced world and \u2018courage\u2019 during times of uncertainty to make bold decisions, especially when warning indicators would suggest hesitancy and caution. Decisions around change and transformation are particularly hard to make but can reap reward if managed effectively.<\/p>\n

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Effectiveness Focus<\/strong><\/h2>\n

Economic uncertainty continues to cast a shadow across the industry, with financial outlooks lacking in optimism. Such conditions usually manifest themselves in a reduction of investment in consumer spending, in client advertising investment and in industry progress.<\/p>\n

One area that is seeing investment however, and which represents somewhat of a \u2018renaissance\u2019, is Marketing Mixed Modelling<\/a> (MMM).\u00a0 Proving marketing effectiveness is once again a key focus and MMM offers the ability to measure all media channels in a privacy-focused way that aggregates data without the need for cookies or user-level data.\u00a0 Big tech companies such as Meta, Amazon and Google have all developed their own MMM offerings.<\/p>\n

Having the right measurement frameworks and technologies in place to demonstrate marketing effectiveness will be vital in 2023.<\/p>\n

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Artificial Intelligence<\/strong><\/h2>\n

There aren\u2019t many hotter topics in the industry right now than Artificial Intelligence.\u00a0 OpenAI\u2019s ChatGPT<\/em> offering is leading the hype train, and there are many that see AI technology as being the most impactful influence on marketing over the next few years. Others see the rise of machines as a threat to human skills and, ultimately, jobs.\u00a0 Forbes has produced a concise overview on how AI could impact marketing<\/a>.<\/p>\n

What should always be considered when adopting new technologies are the potential risks involved.\u00a0 In March, many leading tech experts called for a halt on AI development<\/a>, citing the \u201cprofound risks to society and humanity.\u201d\u00a0 In the UK, the\u00a0Institute of Practitioners in Advertising (IPA) have already debated AI\u2019s threat<\/a> to the ad industry.<\/p>\n

Beyond the fears of a Terminator<\/em> or Matrix<\/em>-esque future, there are also key ethical concerns<\/a>\u00a0with AI.\u00a0 The fast progression of AI development is generating many questions around copyright, IP and diversity issues, most of which remain unanswered. For brands to apply this technology they must take heed of the risks involved and the potential for backlash.<\/p>\n

Observatory International would always argue that technology is an enabler, and that for it to be truly effective it needs to be embedded within an organisational structure that has been designed to help an organisation achieve its objectives.\u00a0 Structure should follow strategy, so jumping on a new tech bandwagon purely because you can is not a recommended approach.<\/p>\n

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Meta-burst?<\/strong><\/h2>\n

While AI is the current trending topic, the opposite is currently happening with the metaverse.\u00a0 For something that only a few months ago was said to be \u201ctoo big to ignore\u201d for marketers and business leaders, there has been a stark reduction in metaverse investment and promotion.<\/p>\n

Mark Zuckerberg\u2019s distancing of Meta from the metaverse was a warning signal \u2013 his eyes have now turned towards developing AI instead \u2013 as was the fact that Meta\u2019s metaverse division, Reality Labs, lost over $10billion last year.\u00a0 User numbers continue to plummet also, highlighted by Decentraland\u2019s \u2018Metaverse Fashion Week\u2019 attendance dropping by 76%<\/a>year on year.\u00a0 NFT trading volumes are now in the $thousands where previously they were in the $millions.<\/p>\n

Some big organisations such as Coke and Nike still remain positively resolute about the metaverse, however.\u00a0 Taking a look at what opportunities still remain for brands, the DRUM asks \u2018Why are brands still investing in the metaverse?<\/a>\u2019<\/p>\n

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Global Marketer Week 2023<\/strong><\/h2>\n

We’re looking forward to attending the WFA’s Global Marketer Week 2023<\/a> in Istanbul, April 25th – 28th. \u00a0Hope to see you there. \u00a0Our Managing Partners Lucinda Peniston-Baines<\/a> and Stuart Pocock<\/a> will be hosting the Sourcing Forum on Wednesday 26th, focused on driving sustainable growth through strong and long-lasting external partnerships.<\/p>\n

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New Financial Year New Goals With a new financial year kicking off for many organisations in April, that often comes with a re-establishment of goals and objectives.\u00a0 To help with goal-setting and to align focus, McKinsey have examined what are six key priorities for CEOs in 2023. The inclusion of \u2018technology\u2019 and \u2018new business\u2019 are … Continued<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[248],"tags":[122,120],"class_list":["post-10261","post","type-post","status-publish","format-standard","hentry","category-news-en-ea","tag-marketing-trends-en-ea","tag-observations-en-ea"],"acf":[],"yoast_head":"\nCurated Marketing News - The Observatory International<\/title>\n<meta name=\"description\" content=\"Collated articles and insights to support the Marketing industry in continuing to deliver growth through turbulent times.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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