By Ralph Tathagata

Contrary to the bout of optimism that greeted the early part of Nigeria’s election year and hopes that the headwinds of inflation encountered in 2022 would be in the rear vision mirror, the first half of 2023 didn’t end in an upbeat note.

However, Nigeria is not alone in these challenges. Amidst global challenges such as the Russia-Ukraine war, supply chain disruptions and soaring food and energy prices, global growth is forecast by the World Economic Forum to slow 2.7% in 2023. This instability has undermined real incomes, triggering a global cost-of-living crisis, particularly for vulnerable groups. Moreover, the rise in interest rates could further exacerbate an already dire situation and trigger a global recession.

Strike a conversation with a group of marketing professionals and business leaders, and the one thing just about everyone can agree on is that 2023 is a stark contrast to 2022. In almost every segment and category, market momentum has shifted and created some challenges making it necessary for Chief Marketing Officers (CMOs) and other industry practitioners to recalibrate.

Recently, results from the Gartner 2023 CMO Spend and Strategy Survey revealed and validated many of the trends that played out in the first half of this year. The survey also revealed that 71% of CMOs said they lack the budget to fully execute their strategies in in the first half of 2023.

The survey further stated that suppressed budgets, increasing costs and lower productivity are squeezing CMOs’ spending power. This means about three-quarters of CMOs are facing increased pressure to “do more with less” to deliver profitable growth in 2023. It, therefore, calls for mid-year reviews and resets of strategy, tactics and resources.

Globally, without a doubt, the business environment is in a state of flux and market dynamics are no different in 2023. Businesses that can successfully navigate these changes will be the ones that can recalibrate and thrive.

With a mid-year marketing communications plan review, business leaders can make the necessary updates to refresh their efforts for the second half of the year. But they must review marketing results for the first half of 2023 against Key Performance Indicators (KPIs) and make adjustments, see what has been accomplished and what has not been accomplished, review what’s working and what isn’t working. They should also assess and allocate resources against the most critical or profitable campaigns and initiatives.

Collaboration is also needed because the market and business environments are uncertain as never before; therefore, a single warrior cannot overcome the complexities of the problems brands are facing. The era of lone combatants has ended. It is now time to collaborate, open up and work together to find solutions, offering previously uncovered answers. Innovative business leaders who know today how to solve tomorrow’s problems need to step up and showcase solutions.

In short, now is the time for brands and businesses to regroup with their agency partners, refresh or adjust their marketing plan, and move forward in the most focused way possible to ensure that resources, priorities and measurements are aligned through the end of the year.