Forum sees growth in marketing budgets
Expected to expand by 5-10% next year
Marketing budgets in Thailand are expected to grow 5-10% next year despite global economic volatility and geopolitical conflicts, according to the Marketing Association of Thailand (MAT).
Buranin Rattanasombat, president of the MAT, said marketing is affected by various factors, such as the ongoing spread of Covid variants, international conflicts, economic volatility, social and environmental concerns, as well as technological development.
"We are in an unpredictable world, but we must strive to learn, adapt and fight on," Mr Buranin said at a marketing forum called "Thailand Marketing Day 2022: The Game Changer".
Speaking at the same event, Somchat Visitchaichan, vice-president of the MAT, said a survey by the Chief Marketing Officer Council found 48% of respondents believe the economy would grow 5% next year, with the majority of them forecasting marketing budgets to grow 5-10%.
The survey, entitled "Marketing Trends: 2023 Way Forwards", gauged the opinions of 141 respondents.
The survey also shows artificial intelligence (AI) is the top deep tech for the future, followed by Internet of Things (IoT) and biotechnology.
Mr Somchat said the top three factors affecting the marketing field are customer needs, global economy and digital technology.
Consumers now attach more importance to quality and would like to try new brands or products, which means less loyalty, he said. They also want to know the story behind products, said Mr Somchat.
Ake Pattaratanakun, another vice-president of the MAT, said marketers are investing in "commerce, content and payment" as the top three priorities.
Previously content was the top priority, but now ways to push for successful sales topped the list, said Mr Ake.
He stressed governance should be a key area brands focus on to ensure cybersecurity and privacy to ward off data leaks or compliance breaches.
Agile marketing with speedy and adaptable approaches could lead to successful marketing, said Mr Ake.
Marketers need to upskill to pursue data-driven marketing, while prioritising content marketing to support precise communication, he said.
Marketers also need to take into account sustainability marketing, presenting how their company affects the planet, said Mr Ake.
Mr Buranin said marketing is at a turning point in terms of four aspects.
The first is called "Perspective Changer" by pursuing new thinking and strategies and the second, termed "Practice Changer", focuses on taking new directions and leaving old paths behind.
The third is called "Platform Changer" with marketers required to continue to follow-up new technologies and pay attention to those which are crucial, while the final one is called "Planet Changer" with more focus on their business value by contributing to the world and society.
The MAT also sees a change in consumer perspectives typified by the "4C's".
The first is "caring", in which consumers want brands to offer good products and ideas, Mr Buranin said. The second is "community-based brands" in which brands must serve as a good friend of society.
The third is "connected experience", in which brands must provide seamless connections throughout all online and offline channels to create customer best experience.
The fourth is "competitive price and value", which means the price strategy is key to attracting consumers, he said.
- Marketing budget