What: Analysts predict that marketing chiefs will face serious challenges with growing brand value and loyalty amid the economic storm causing major trend shifts for consumers.

Why it is important: Loyalty is becoming ever more important as consumer behaviours change with the increasing inflationary pressures across socioeconomic demographics, which has been supported by Gartner’s research from September.

Gartner believes traditional methods of tracking and shoring up brand value, including brand reach, brand sentiment and perceived differentiation, are at risk because of disruptive new market entrants, higher consumer expectations and the fact that it’s easier than ever to learn about unfamiliar brands. Three-quarters of surveyed audiences have searched for information on a brand they didn’t previously know about while browsing online, while only 15% said they were loyal to a given familiar brand.

One-fifth of surveyed respondents are ditching in-store shopping for online, and one-third are trading down to store-name brands. The results line up with reports that retailers are investing more in promoting their private labels to capture increased interest, amplifying the competition.

Cross-functional collaboration is also creating worse outcomes for marketers, and disruptive market dynamics are weakening mainstay tactics for winning consumer favour. CMOs may need to make less money going further and fight for their independence considering these headwinds and as larger corporate mandates focus on preserving growth and cutting costs in the marketing department.

2023 uncertainty poses unique challenges for marketers