Member Article

CEO business predictions for 2023

It’s been a turbulent last few years, and just as the world was beginning to see the light at the end of the tunnel, a looming recession started making itself known.

As we turn the leaf on yet another year and look ahead into 2023, it’s important to look at the challenges ahead.

Will inflation and the cost of living crisis continue to wreak havoc with consumer confidence and spending? Will Big Tech recover from its recent mass sackings and build back its workforce? And will Sunak’s government deliver its promises from the Autumn Budget?

We spoke five CEOs to get their thoughts and predictions on the year ahead.

Shayoni Lynn, CEO, Lynn

The clouds of a perfect storm of recession, strikes, supply chain issues and more are gathering over 2023. These are all issues which businesses must be prepared for and be ready with contingency plans. But beyond the economic factors is another ongoing threat – that of the rise of disinformation and misinformation which can do untold harm to brands. Whether your brand has been caught up in a politically charged culture war or mis and disinformation is spreading about the quality of your product, simply being responsive to the unfolding crisis leaves you one step behind. It’s essential for organisations to think about misinformation through the lens of resilience and preparedness rather than crisis – because once misinformation lands it’s incredibly hard to undo. This means:

1. understanding threats and vulnerabilities ahead of time
2. proactively undertaking strategic, reputational work with key audiences and stakeholders
3. integrating counter-narratives into content and communications to ensure that when misinformation does hit, it falls on deaf ears.

Brands must also continue to be on high alert for risk around where they place their digital advertising as seen with the recent exodus from Twitter. Advertising is the ‘primary source of revenue’ for disinformation sites, as the complexity of the digital industry often insulates those responsible for monetising hate and disinformation from reputational and financial consequences. In turn, this can often be shouldered by brands whose ads are unknowingly placed next to extreme content.

For businesses in 2023, the best approach is to make sure your ad budget isn’t monetising racism and misinformation and that you have a system for auditing your ad placements for toxic websites including a regularly updated blocklist to protect your ads at source.

Paul Kelders, CEO, jump! Innovation

The reinvention of the employer-employee value-exchange

If one of the features of 2022 was talking/writing about the future of work then the most fascinating story of 2023, will be the actual reinvention of the employer-employee value-exchange based on how and why we humans actually work.

It is clear that we work for reasons including, but also of higher order than, a paycheque and the recent drive to WFH coupled with increased focus on mental health, equality and diversity has elevated the discourse around employment and what it is to be employed.

Despite the emotionally and financially constricting effects of what the Bank of England expects to be the longest recession since records began in the 1920s, 2023 will see a greater move to action and an opportunity to reimagine and reinvent the employer-employee value-exchange.

Of greatest interest will be the spread of the 4-day workweek ‘experiment’ but look out for other opportunities and provocations:

How can these 40+ hours actually be mentally good for people; how can we keep older people (happily) in the workforce for longer; will employer/employee relationships finally become less linear and more circular (in our company we have ‘coaches’ rather than ‘managers’)… Central to this reinvention will be the development of Employee Insight and Understanding.

Akin to ‘consumer insight’, this is more than knowing about the fundamental, if surface-level issues of working conditions or work practices. It’s not an employee survey, it’s deeper.

Employee insight is about understanding your employees’ emotional needs and motivations and using this insight to deliver more motivating connections, stronger relationships, and the creation of multi-level value. It is achieved by employing consumer research and insight techniques and putting yourself in your employees’ shoes; seeing things from their perspectives - as many companies have been doing with customer closeness programs for decades. Employee-insight driven companies will be the employers of the future as they will have the most insightful and innovative employer-employee value exchanges.

Daniel Binns, Global Chief Growth Officer & CEO, Interbrand NA

There will continue to be a great deal of uncertainty through 2023, and uncertainty leads weaker companies into paralysis, and stronger companies into bold moves. Despite recent layoffs in Big Tech, which we expect there to be more of, the requirement to hire and retain the very brightest talent will continue to be a priority. Hybrid working has placed a greater value on strong, independent, and experienced people, who more than ever, drive growth and lead change. Companies therefore will continue to focus on defining and activating their purpose and values as a means to address this. This will be especially true in the technology sector, which continues to be under pressure, to demonstrate it is a benevolent force for good, and not a malevolent agent of division and globalisation.

All brands will need to reassess the value they bring to their customers. This won’t necessarily mean increased price competitiveness, but balancing costs with the benefits they provide. Driving a positive value equation, redefining what it means to be a premium player within a particular category, and truly understanding what is important to customers will be critical.

Louise Johnson, CEO, Fuse

2023 sees another huge sporting calendar, the Rugby World Cup and Women’s Football World Cup to name a couple, and the shift in sport live experiences will be even greater. From sponsorship to the metaverse, businesses and consumers will have more opportunity to engage with sport. But such a shift means businesses and marketers will need to successfully navigate and capitalise on savvier fans, booming technology and a move to more digital-focused content.

For example, VR and AR technology will only become more accessible in 2023. And, with gamification and e-sports on the rise, businesses can tap into a whole new world, where people can socialise, co-watch, party, train and work while feeling closer to their favourite stars.

TV inflation will continue well into 2023. The appeal of sport platforms will continue to be an innovative solution to these media challenges especially as 2023 kick starts a host of major sporting events over the next five years. Specifically, sport’s ability to command mass audiences, particularly on TV, is an attractive proposition for brands seeking a solution to the problem of media fragmentation. The ability to lock-in price over a multi-year period also means that brands can ride the wave of inflation over the mid to long-term

Will Brookes, CEO of Raconteur

Despite the turbulence, there will be growth opportunities for businesses in 2023 if they invest in marketing.

But businesses looking for sustainable growth in 2023 need to put in the work to understand the key decision makers, in order to use marketing effectively.

In B2B, it’s no longer enough to target the most senior person working in the department you think uses your product. Our recent survey of 1,100 UK senior business leaders revealed that in 94% of cases more than six people are involved in the decision-making process, each from different departments and varying seniorities. Businesses need to think smarter with their marketing.

Truly understanding the customer journey and then planning activity that resonates is key. So forget what you think you know and put in the work to research. Understand who you are selling to and what they need from you to push their purchase over the line.

This was posted in Bdaily's Members' News section by Business News .