Mark identifies four key trends for 2023 that APJ marketers should keep in mind.
Here are top four Business and Technology trends for 2023 in APJ:
- Digital product growth will continue to soar in APJ: While many parts of the world are nostalgic for a tech-free past, the people in APJ are always looking ahead. They’re excited to see what’s new. They’re eager to embrace new technologies. And they understand how digital experiences can level the playing field, whether that’s education, financial access, or food delivery. This mindset creates the ideal culture for innovation, and the impact is clear in Amplitude’s Product Report 2022. Digital product usage in Singapore grew 43%, more than any other country in the analysis. Despite economic headwinds, I expect digital product usage in APJ to continue to grow next year.
- First-party data is key to digital product advancements: Digital privacy has been a hot topic for years, but until recently, it’s been all talk and no action. 78% of brands in APJ still rely on third-party data as part of their marketing efforts. But as tech giants phase out third-party cookies and government privacy regulations evolve, I expect companies to invest more in first-party data collection and tools. First-party data might seem limiting at first glance, but it actually provides a much deeper understanding of the customer journey. You can see what product features are working, where users are getting stuck, and which actions lead to the desired outcome. And the good news is that most people are happy to share their behavioural data with a company if it will enhance their product experience. In fact, they expect it. The faster companies embrace first-party data strategies, the faster digital products will improve.
- More businesses will adopt a product-led growth strategy – but it’s not all or nothing!: Traditionally, most companies have taken a sales-led approach to growth. They have a Chief Revenue Officer who leads a sales team that is responsible for closing deals. But more recently, companies like Atlassian and Canva have proven the power of product-led growth. This bottoms-up approach makes the product the revenue centre. The idea is that the right product experiences can drive user acquisition, conversion, expansion and retention. It is a far more efficient way to grow, so with mounting economic pressures, many companies are trying to adopt a product-led approach. This is the right move, but it’s not all or nothing. The most successful companies will adopt a hybrid model. They’ll use a product-led model for small to midsize deals, and a sales-led model for large, enterprise deals that require personalization.
- Focus will shift from collecting data to using data: At a recent event in Singapore, I asked a group of 25 leaders what their biggest pain point was, and their answers all centred around data. Every business is sitting on a mountain of data they’ve collected over the years, but most of them have no idea what to do with it. This means companies are spending a lot of time and money collecting and storing data without getting a return on that investment. The expected recession in 2023 will put pressure on business leaders to see a return on every dollar spent, and that will accelerate the shift from data collection to data analysis. The companies that leverage their existing data to better understand their customers, improve their product experience, and boost retention will come out on top.